The online apparel retailer’s filing for Chapter 11 bankruptcy protection has drawn several potential suitors, including rapper West and music executive Damon Dash, Karmaloop ...
MyBuys has long delivered personalized product recommendations on e-retail sites. Now it’s looking to deliver personalized ads across the web, taking advantage of its acquisition this week of ad platfrom Veruta.
MyBuys has long delivered personalized product recommendations on e-retail sites. Now it’s looking to deliver personalized ads across the web, taking advantage of its acquisition this week of Veruta, which operates an ad platform that helps companies retarget consumers with personalized display ads. The purchase price was not revealed.
"MyBuys is unmatched in understanding consumer preferences and connecting individuals with the right products that they want to buy," says Robert Cell, CEO of MyBuys. "Veruta brings proven remarketing technology, access to scores of networks, and optimized inventory bidding to ensure brands reach consumers in the most effective manner.”
MyBuys is not wasting any time in using the technology it gained from Veruta. It’s already launched a new predictive remarketing display ad service. Remarketing is the process of showing consumers who previously visited a retail site a targeted ad based on the items they viewed, products they placed in their cart, the way they navigated a web site, purchase history and other information.
Fragrance retailer Scentiments.com has been using personalized product recommendations and e-mail alerts from MyBuys on its site since mid-2008 and recently started using MyBuys for its online advertising efforts, says CEO Howard Wyner.
With MyBuys, Scentiments.com so far has achieved click-through rates at least twice as high as it did with its former remarketing service. It also has achieved a 623% return on ad spend from the MyBuys Predictive Remarketing service.
Paul Rosenblum, vice president of products and strategy for MyBuys, says his company’s new product is unique in that it lands shoppers right on the product page of the item displayed in an ad. It also enables retailers to display many products in one ad—the MyBuys system will look at user data and behavior to display the most potentially profitable products first, the second next, and so on. It does not cost more to feature additional items in an ad, Rosenblum says.
Rosenblum also says the program is able to look at exactly what a user did on a retail site and use that data in re-targeting. For example, if consumers abandoned a cart, an ad might show that exact item, but if she left after viewing a product page, it might show similar items, Rosenblum says.
MyBuys is one of a growing number of companies offering online ad retargeting. Retargeting firm Criteo launched in May 2008 and until recently was headquartered in Paris, mainly targeting advertisers in the U.K., Germany and Italy. Last year, it relocated to Silicon Valley to concentrate on the U.S. market, and just this month announced $7 million in funding. Another new re-targeting player, TellApart, is pitching a service that identifies an online retailer`s best customers, then invests heavily in targeting them with web display ads.