Bemol increases return on ad spend with Automated Bidding
PrinceOliver, market leader in the men’s fashion and footwear industry in Greece for the last 30 years, is known for the quality of its products and its ability to adapt to change. To reach new consumers and continue to grow their brand, the brand decided to go for a full-funnel, customer centric-mindset in the strategy, partnering with Criteo.
The brand is now focused on the potential of its ecommerce. They saw a 500%-600% increase in their ecommerce sales when the pandemic broke out, and their online sales currently make up 25% of their total revenue, a percentage they want to grow up to 30% during 2021.
The main goal is customer retention. “We want to ensure that together with Criteo, we can bring people back to buy again, thus driving more sales for our ecommerce site,”
the Marketing team from PrinceOliver explained. The brand tirelessly works across their product range to improve their quality and to set competitive prices, with collections
that are ever expanding according to the trends and needs of every season. “In that way, Criteo’s retargeting has always something fresh to show in order to re-engage previews shoppers and tailor their online experiences with us accordingly,” the Marketing team from PrinceOliver said.
However, the Greek brand is also working on acquiring new customers. To do so, they are leveraging Criteo’s AI technology and retrieved data, to increase the reach and generate more web traffic, with users that consider buying similar products to theirs. Their biggest challenge has been “to generate targeted traffic, convert it into paying customers and of course, retain those customers,” the Marketing team from PrinceOliver stated. “Choosing the right technology partner is of critical importance in order to overcome arising challenges, consequently we are extremely satisfied with Criteo.”
The company is well aware of the need to speak to customers with upper-funnel messaging rather than only focusing on generating conversions. “From our experience, we have seen that consumers nowadays, are putting more thought into the buying process and they definitely don’t like being sold to,” as PrinceOliver’s Marketing team agrees. Thus, they are focusing on creating engaging, buyer-centric content that can be easily consumed and provides useful information for the brand, facilitating in that way, an exchange of value between the brand and the customer.
The good results did not keep anyone waiting. Currently focused on the Similar Audience solution, PrinceOliver achieved an extremely high ROAS (over 10), which it is maintained month by month. In terms of conversion rate, the average figure for the last six months is slightly below 2.0% since it fluctuated between 1.26% and 4.05% during this period. Data showed that 81% of users had browsed at least two or more products by their third session, and users who generated a cart event and later engaged a Criteo ad showed a 211.0% uplift in purchase completion. CPV is also at a satisfactory low level (€0.04), as well as CPM. “We are really optimistic that we will be able to keep this proportion at a stable high number in the foreseeable future,” the Marketing team from PrinceOliver explained.
“Our goal is to continue increasing our sales and popularity, and at some point, enter international markets. We strongly believe that Criteo is in alignment with those goals.”
–PrinceOliver’s Marketing Team
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