Coconut Lane sees conversions grow 86% YoY with Bidnamic’s machine learning technology
113% Revenue growth
Garmentory’s curated marketplace has new arrivals and designers daily. They have built a global platform where fashion curators and creators can rule online without compromise, meaning every purchase you make goes through the designer.
Their curated marketplace of indie boutiques and designers gives you direct access to the rad people, and the amazing stuff, behind the next big thing.
Like many retailers, Garmentory was overbidding on a lot of their products. They have a huge catalogue of over 400,000 SKUs and were group bidding, as they simply could not bid on a granular level with that many SKUs. They needed a high frequency, dynamic bid management solution that would ensure they were always in the sweet spot of bidding for every single SKU.
Garmentory’s unique selling point meant that in order for each designer to be seen fairly they needed a lot of visibility, resulting in overbidding on a lot of their products. Reducing bids resulted in reduced visibility, so they needed a solution that would solve the need visibility, without overspending.
We offer great prices to our customers so we needed a solution that generates a very high ROAS. Bidnamic consistently delivers this for Garmentory – often 15x or more – as well as insights from a very innovative team.
Bidnamic used our machine learning platform to leverage purchase intent across their whole SKU catalogue with the aim of decreasing costs and increasing profitability, and to use this data to dynamically adjust bids in real time for each of Garmentory’s hundreds of thousands of individual SKUs.
We work closely with Garmentory, and our customer success team has weekly calls to ensure everything is running smoothly and to offer advice on best practices.
Our unique purchase intent model, combined with machine learning, has allowed us to use Garmentory’s budget more efficiently. We have maintained the same number of clicks and revenue, but we’ve done it whilst reducing ad spend by 10% year-on-year.
The CPA has decreased by 22%, which has been achieved by increasing the CTR and conversion rate by 11% and 15% year-on-year.