You are reading part 3 of the 5-part retail guide. Jump to Expand omnichannel sales, Engage shoppers throughout holiday peaks, Reach cautious customers who have a new set of values, or Capture brand awareness and consideration during moments of discovery.
The global retail e-commerce growth rate for 2023 is forecast at 10.4%, marking a 0.7 percentage point increase from 2022’s growth rate.1
With global e-commerce forecasted to continue to grow this year, cutting through a crowded marketplace to drive conversions remains essential for retailers. This requires a deep understanding of customer needs, along with a plan to meet them where they are online to quickly and clearly communicate the benefits of your products.
L’Oréal Vietnam used Performance Max to achieve a 4.1X higher return on ad spend (ROAS) and a 13X higher conversion rate compared to its November Smart Shopping campaigns, reaching a 338% ROAS for the entire December campaign.
“Performance Max contributed 40% of ad traffic to our online store and helped us achieve 4X higher return on ad spend for our 12.12 campaign. We now use it as an always-on performance driver and we especially lean into it during the mega sale season,” says Linh Nguyen, marketing manager, L’Oréal Vietnam.
Fashion retailer Boohoo implemented Web to App Connect to provide a more unified user experience for its customers, achieving a 25% increase in revenue, a conversion rate 5.5X higher when driving users to the Boohoo app versus its mobile website, an 83% lower cost of conversion than web, and a 33% higher ROAS.
Your mobile app is a critical lever that can help you better connect with your customers and increase lifetime value. App campaigns help promote your app across Google’s largest properties, all from a single campaign. Share your business goals — whether they involve driving app installs or reengaging existing customers — and App campaigns will help you find and engage these customers.
Insights & reporting tools
The Insights page helps you identify trends in your market and understand your performance. Insights are integrated with recommendations and an optimization score for personalized suggestions on how to improve your campaigns. By reviewing the Product Insights column in the Products tab, you can understand which offer-level improvements you can make to get the most of the inventory you are submitting for Shopping ads and Performance Max campaigns.