A real-time price comparison platform for paid online search has been introduced by search marketing specialist and technology firm Greenlight.
The launch is part of an upgrade to the company’s ‘adapt’ inventory management platform which is designed to automate the management of complex large-scale paid search campaigns.
The price comparison algorithm ensures price-competitive items are prioritised, according to Greenlight.
The new initiative comes after a company survey found that only 28% of retail respondents put the price of products in their pay-per-click advertising copy. Of those who do, 87% manage this process manually.
Yet 60% say they view price as having the highest impact on a customer’s decision to buy.
More than half said they would change their bidding strategies if they had insight on how price-competitive they were against their competitors for the same product.
The adapt platform allows retailers to develop paid search strategies around specifics of products, pushing those with a higher price margin.
It allows users to access information on competitor prices for comparable products.
“The price comparison algorithm shows search results and price position for all a retailer’s products against other advertisers in real-time,” Greenlight said.
“This insight ensures they can build a paid search strategy focused on aggressively advertising their most competitively-priced goods as opposed to pushing ‘price war losing’ ones.
“By incorporating specific real-time pricing information into their ad copy, marketers can optimise their paid search campaigns further.”
Company co-founder Alicia Levy said: “Having all the data needed to be visible in the right place at the best price is a mammoth task for retailers.
“It requires a huge investment of time and manpower and even then, once the process has been completed, the opportunity is often already lost. The development of adapt is a natural progression in finding a solution to one of the biggest problems in search.”