Google has added new features in the merchant center to optimize your product feed in a better way.
Product feedback contributes 70% to making your shopping ads successful so make sure you’re using these features precisely to make your shopping campaign profitable.
In this article, we will talk about the Market Insights features. How it works and how you can take advantage of this most valuable feature.
Market Insights data is extremely helpful to build a powerful business strategy. This data includes best-selling products and the most competitive product price points for your industry.
How can you find this feature in Google Merchant Center?
When you enter your Google Merchant Center account then click on the Growth option then click on Manage Program and then you will be able to see Market Insights.
Who’s eligible for Marketing Insight:
This feature is not available for all countries. Only selected countries can pursue with the advantage of the same. Please check the suitable Merchant Center Terms of Service based on the country to use this feature.
Benefits
- Google provides benchmarks to better recognize and evaluate your position.
- Use market insights to help inform your business decisions, such as your products and pricing strategy
- Identify and sell products that already display a competitive advantage.
How it works
You need to enable Market Insights under the Growth and Manage Program. Then you will be able to see two new reports appear in Growth, including the price competitiveness and best sellers report.
Price Competitiveness Report:
The price competitiveness report explains how other competitors have the same price products that you sell. You will see an average price for each product, which can help you understand the price at which other advertisers are successfully attracting clicks.
Best Sellers Report:
Available to retailers who use Shopping ads or Shopping Actions, the best sellers report shows you the most popular brands and products used in Shopping ads. In addition to the same, it shows you whether you currently use them in your feed or not.
This popularity data is grouped by Google product category and country to help you decide which new products and brands to stock. It also helps you to recognize the products and brands that would be of an advantage from an enhanced budget or bids.
Conclusion:
Hope this article helped you to understand Google Merchant Center Market Insights’ new feature.
It’s really helpful to optimize your feed and gather information about the products which you are selling. By helping with this new feature you can carry your products better than competitors that help to increase sales and profit.
Furthermore, read the full 2020 shopping ads guide to make your shopping ads more and more profitable.
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