As a consumer-to-consumer portal, the brand strives to give both buyers and sellers a great experience by helping each achieve their objectives. In terms of online marketing, the OLX mission is twofold: to provide a high volume and variety of relevant offers to buyers, and to ensure each ad posted by a seller gets the appropriate visibility in order to find the right buyer.
- THE GOALS
- Ensure maximum relevance and variety of offers for potential buyers
- Produce at least one lead for each ad posted by a seller
- THE APPROACH
- Tested Google’s dynamic remarketing for all verticals solution, with the custom use case
- Increased bids to ensure high visibility on mobile devices
- THE RESULTS
- More than 100 million offers presented to buyers via multi-product dynamic remarketing banners, with approximately 20% via mobile
- 24% more sellers were contacted by an interested buyer compared to control group, with 27% of these contacts coming via mobile at 17% lower CPA than desktop
A potential buyer looking at one seller’s offer on the OLX.ro website is a qualified lead for all similar offers from other sellers. Exposing the potential buyer to other offers helps sellers close more deals faster, and helps buyers make more informed decisions about available offers.
With 4.1 million offers on the site at any given time, OLX needed a way to scale this concept, so the company decided to test Google’s dynamic remarketing for all verticals solution, with the custom use case. The algorithm takes buyer intent signals and clearly identifies segments ranging from those who are just browsing to in-the-market purchasers, thus enabling an informed, customised and efficient marketing approach.
Ad creatives are fully automated, dynamically showing the most relevant offers to each buyer and ensuring visibility of multiple products per creative to more qualified audiences. Meanwhile, the feed composition can be changed to match current business requirements at any time, such as prioritising a specific type of offer to maximise exposure for sellers or showing all offers to give buyers more choice. OLX also increases bids according to device to ensure high visibility on mobile.
The entire targeting and creative process is fully automated while remaining entirely transparent and actionable: OLX can see and influence any detail of campaign settings and performance – from costs to ad placements – while still using all of Google’s programmatic power.
"Dynamic remarketing helps to give our sellers more chances in being contacted by potential buyers."
- OLX Marketing Executive Razvan Acsente
“Encouraging offer visibility and buyer choice is very important to us as a platform that cares for all its users. Giving dynamic remarketing from Google a try for a selected set of offers enabled 24% more sellers to get contacted by an interested buyer. We were able to do this by identifying the most valuable buyers and showing them highly customised ads.”
In all, more than 100 million offers were presented to buyers via multi-product dynamic remarketing banners during the test period, with approximately 20% of these occurring on mobile. Of the contacts from interested buyers, 27% came via mobile at 17% lower cost per acquisition (CPA) than desktop. “The test was definitely a success,” Razvan says, “and so we have decided to scale the solution to promote all our offers.”