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One of the key features of a successful e-commerce website is the capability to bring back regular customers to the site. While running an e-commerce website, one must remember that not every customer is an ideal customer and if you don't want to lose your customer then better find ways to make them stick to your brand. While there are few customers who evaluate the website for a short duration and move on to other website, others add products to their final cart but don't buy it later.
In a chat with the Entrepreneur India, Avinash Tharani Vice President - Sales At Sociomantic, spoke about how his company is helping the e-commerce companies drive sales by showing relevant ads on the website. Sociomantic is a DSP platform (demand side platform) that provide advertisers the ability to seamlessly reach customers with individually personalized and optimized marketing.
Our Objective is to Get New Customers for Advertisers & Retain Existing Ones
According to Avinash, mobile has today become one of the key factors in the whole digital ad sales world but earlier it wasn’t.
"Earlier, People would at best know how to push SMS. Yes, the digital ad sales evolved from there and I have been always on a evangelizer role. In the ecosystem of Programmatic, there are demand-side players, supply side players and exchangers. So the objective of demand side platform is to create demand for inventory by reaching out to advertisers, the SSP is a platform that helps publishers automate selling of advertising space enabling supply for DSPs. The exchange is a marketplace for trade of digital inventories," he said.
He further explained that they bring back customers to a brand and also add new customers who are likely potentials customers for that particular brand.
We Find Out Which User is More Profitable
The CPM bidding is higher for a more profitable user vis a vis an user less likely to convert. Avinash believes his company algorithms work in such a way that they initially find out which user is more profitable
"A potential user A who has not converted and the algorithms feels that user A would convert. So my company will bid for you across the SSP to get you converted. A customer that could have potentially got lost, my companies role is to escort the customer back to the website to purchase that product. In a simple term, it's called retargeting," Tharani explained.
He stressed that the company not only ensures that the user is not getting lost for the clients but also works to make sure that the users don't go to the competitor.
The Loyalty of The User Stays More With the Offers
For Tharani, whether you are any big brand like Amazon or Myntra, you would understand that the loyalty of the user stays more with the offers.There comes the role of his company to know about the user’s movement to get it back to the website.
In the developed markets Sociomantic is able to combine shopper’s offline data and online data. This becomes very rich data and is thus available for advertisers to display ads using such targeting.
With respect to India, the infrastructure still has to come to that level where I am able to bring this sort of data for my clients. However I have created the similar model with few of the online market places like Nykaa, Grofers eBay etc.
(Interview by Aashika Jain)