Speqta separates its newly developed AI engine, as a standalone SaaS platform under the domain bidbrain.com
Speqta (tick: SPEQT) continues to drive innovation to help e-retailers become more profitable, by generating more traffic that leads to purchases. The new Bidbrain™ service is now released as a closed beta version. Later, the service will be launched as a SaaS platform aimed at a global market, under the new domain bidbrain.com. During the fall, tests at e-retailers have shown very positive results.
Speqta has developed the next generation AI-based bidding for Google Shopping Ads, named Bidbrain™. The service is a further development and repackaging of the company's previous AI engine, Shopello Bidbrain. The three biggest improvements are total transparency, that the service will be packaged as a SaaS service and an improved way of sharing the incentives with e-retailers.
Total transparency
The new Bidbrain™ inserts AI technology directly into the customer's Google Ads account, which means that e-retailers, themselves, can follow the course of events transparently and in real time when the AI engine daily places different bids on the products. This leads to a much more detailed and efficient bidding than can be achieved on your own or through Google's built-in bidding strategy Target-ROAS.
SaaS service for a global market
Since the BidBrain™ AI service places bids within the customer's account, it is not dependent on Shopello's CSS status within the EU and is therefore separated as a standalone service, which can be used globally. Before the AI platform is launched as a full-scale SaaS, e-retailers can register an interest in "early access", on the new domain bidbrain.com. Google Shopping is the fastest growing advertising channel, accounting for the majority of e-retailer’s sales. Today, Google Shopping accounts for 65%1 of all clicks on Google search ads. Today, Google's search ads have a market share of more than 70%2 in a growing market, which today has a turnover of 150 billion US dollars3.
Shared incentives and results
During the autumn, BidBrain™ was tested on a number of e-retailers in various industries, such as appliances, home furnishings and sporting goods. The tests showed very positive results, in the form of a clear increase in sales and with reduced or maintained CoS (Cost of Sale). The AI technology and the business model have been completely adapted, according to the wishes of large e-retailers and will be controlled, based on the same incentives as the e-retailers have. It is possible to maximize sales to a set CoS (Cost of sale) or vice versa, to minimize CoS to a predetermined level of sales. It is also possible to make combinations of the two variants. Customers who choose to manage their Google advertising through Speqta's service pay a license fee to use the SaaS platform and, in addition, a percentage fee on ad spending, i.e. advertising costs.
Speqta's CEO Fredrik Lindros comments:
"We are convinced that AI is the future, when one bids for advertising on Google. By releasing a closed beta version, of our newly repackaged AI service Bidbrain™, as a SaaS solution, we are taking a step to a higher level. Because the technology is pushed into the customer's own Google Ads account, almost no installation is required, while the bidding is transparent and as little as possible "black box". Therefore, we have chosen to separate it as a global service and introduce bidbrain.com, where e-retailers can register their interest in gaining early access to the service. The potential for Bidbrain™ is great and it will be exciting to see how our service performs in a global market, where the competition is fierce”.
Bidbrain™ will later be launched as a SaaS platform, where e-retailers will have access to AI-designed bidding. Read more and register interest in "early access" at https://bidbrain.com. The platform is part of Speqta's business area AdTech. The new SaaS platform expects to generate revenue in 2021 at the earliest.
Shopello is a premium CSS partner of Google and has thousands of affiliate e-commerce stores, in 17 countries in Europe. In January this year, Speqta's former AI engine Shopello BidBrain CPO was launched, which has now been renamed "Shopello CPO - powered by Bidbrain™". Read more here https://shopello.net/
1. https://www.merkleinc.com/thought-leadership/white-papers/digital-marketing-report-q1-2019
2. https://www.emarketer.com/content/google-maintains-wide-lead-in-net-us-search-ad-revenues
3. https://www.statista.com/outlook/219/100/search-advertising/worldwide
For further information, please contact:
Fredrik Lindros
CEO Speqta AB (plc)
fredrik.lindros@speqta.com
+46 723 10 66 66
About Speqta
Speqta offers the best performance-based lead generating platforms using data and AI and to grow organically as well as through acquisitions in new and existing markets. Speqta has two business areas Speqta AdTech and Speqta Content & Comparison. The company is listed on Nasdaq First North Premier Growth Market in Stockholm under the ticker “speqt”. The company’s Certified adviser is Västra Hamnen Corporate Finance AB, telephone number: +46 40 20 02 50, e-mail: ca@vhcorp.se
