Video: Bidnamic explained with Dr Ingvar Kraatz - COO & Co-Founder
Updated on August 15, 2022
| 2 minute read
Resources > Video: Bidnamic explained with Dr Ingvar Kraatz - COO & Co-Founder
In this video Bidnamic COO, Dr Ingvar Kraatz will be presenting Bidnamic’s two minute pitch, explaining how Bidnamic came to be, how our technology works and our growth story.
Rollback to 2014, my co-founder, Liam Patterson, and I set up an online marketplace for independent artists. We turned artwork into popular merchandise items, and we were faced with a challenge and frustration of trying to advertise tens of millions of products in a profitable way.
Hi, my name is Ingvar, I'm the COO and Co-Founder of Bidnamic.
Rollback to 2014 - my co-founder Liam Patterson and I set up an online marketplace for independent artists. We turned artwork into popular merchandise items and we were faced with a challenge and frustration of trying to advertise tens of millions of products in a profitable way.
We saw early on that Google Shopping was a critical channel. To scale our ecommerce business and out of this need Bidnamic was born. More than six out of ten clicks go on the first position of the Google Shopping Carousel, making it critical for a retailer to appear in the top spot. The technology we built allowed us to get an edge over competitors by applying machine learning to profile every single product and predict its optimal bid value for every search term.
For our clients today, we back us up with human expertise and business insights and weekly calls. It wasn't long until our investors, one of which is Marijn Muyser who is a co-founder of Booking.com, realised the potential of our technology and asked us to try it out on their portfolio of companies. Our first and still current client Stitch and Story, we saw an extraordinary 503% revenue increase and turned Google Shopping into a profitable channel for the first time.
Fast forward to today, and we have grown organically to a company of more than 100 staff and hundreds of clients, including three of the top ten fastest growing retailers in the UK.
If you'd like to learn more about Google Shopping or hear how Bidnamic can help you to scale your ecommerce business. Then please don't hesitate to reach out and get in contact with one of our Google Shopping specialists.