Warning: You’re Losing Huge Traffic by Not Using Product Boost on Wish Marketplace
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In September 2010, a marketplace came into life called “Wish,” which has almost every unique, weird, and exciting thing to offer. In nearly less than a decade, what made Wish marketplace, one of the favorite places to shop, is product variability, low price, and an aura of the Chinese market.
Where products from Wish are generally no-name merchandise that is shipped directly from china to your home, you can sell your products on Wish marketplace in no time following a general form and business verification.
In 2018, Wish App became the topmost downloaded shopping app on Google Play Store and was among the Top 5 shopping app on the IOS App Store.
What is Product Boost Wish Ads?
As soon as you put up your store on Wish, the next concern is how you can enable wish ads to be found among the million other products. Product Boost feature allows you to use the analytics-driven ad ecosystem that pushes your products to buyers who are more likely to purchase.
Product Boost is the native advertising platform of popular Wish Marketplace. Here you can run targeted campaigns on your products from Wish, to maximize your conversions and generate higher revenue.
As wish generates data for campaigns by recording their past behavior; therefore, Wish gets better in identifying potential customers when several buyers purchase multiple units of an item.
The Relevance of Product Boost Ads:
Meanwhile, you need not undergo much pain to sell your products on Wish Marketplace, but what is challenging is to grab more sales. The Product Boost campaign shows ads on Website, app, search results, related tabs, and other placements
The usage of Product Boost has been effective if you sell your products on Wish. In a survey, Wish gave 30000 merchants access to its product boost wish ads, and of that, 13% used it. On average, Products from Wish marketplace with Product Boost Ads drove 39% more sales for merchants.
Also, wish merchants saw their income rise by $7.68 for every $1 they spent, and in some weeks, the sales increased up to $11.13.
Some Facts about Product Boost:
- Merchants can promote up to 200 products.
- The deadline to submit a campaign, for a week, is Friday 11:59 PM PT, which, if approved, starts from 12:00 AM Monday, the next week.
- Merchants can start their campaign any day and can run campaigns for four weeks. The campaigns get approved before one day from the start.
- The budget gets affected by several factors:- Duration of the campaigns, upcoming holidays [Christmas & Valentine Week], and special events (Back to School & Halloween).
How to Create a Product Boost Campaign on Wish Marketplace?
To create a campaign,
- Click on the Product Boost Section from Merchants account, the following page appears:
Here merchants need to enter the following information:
- Campaign Names (You can give any name to your current campaign to quickly identify it)
- Campaign Duration (Specify the Start and End Time for the campaign)
- Keywords (Assign the high performing and most relevant keywords to your campaign)
- Bid Value (Allocate the Bidding value for your campaign)
- Budget (Determine how much you are willing to pay for the campaign)
Things to Consider!
Here two things are essential to understand: Keywords and Bid Value.
After you’re done from entering a campaign name, selecting products, and setting campaign, you need to sit down for keyword research.
Take Keywords first.
Consider you’re selling a baseball bat here, then possible keywords can be following. They’re categorized into three categories (and they’re not the only ones).
|Depending on Material||Depending on Pricing||Innovative Keyword ideas|
|baseball bats wood||cheap wooden baseball bats for crafts||wood bats youth|
|baseball bat metal||baseball bat for sale||youth bbcor bats|
|Composite baseball bat||cheap baseball bats||USA baseball bats|
|Composite baseball bat||cheap wooden baseball bats||youth baseball bats|
|custom wood baseball bats||aluminum baseball bats for sale||Louisville Slugger bat|
|custom wood baseball bats||baseball bat red hot deals||wooden baseball bats for crafts|
|a plain wooden baseball bat||–||custom baseball bats|
Now you need to put all these options into the keyword box, also, if you need help from Wish, you can get it using Keyword tool:
Once you enter the keyword in the dialog box and hit enter, the estimates for the potential reach, competition, and bids for that keyword are available for you.
Your bid can be greater than or equal to the suggested bid.
Take Bid Value Now
Since the Wish Marketplace shows suggested bid, so how to determine which products to market and which bid value to choose as they vary as per keywords.
To understand it better, first, you need to understand CPM (Cost per mille), i.e. the cost you’re willing to pay wish to get 1000 impressions for an item.
Wish suggests a formula to calculate CPM which is: C.P.M. <= Gross Profit Margin * Conversion Rate * CTR * 1000
So let’s understand all the terminologies:
Gross Profit Margin: The Profit you earn on a single unit
Conversion Rate: Ratio of buyers to visitors (*) 100
CTR: Ratio of clicks to impressions (*)
So let’s consider your gross profit margin is $30. The conversion rate for the product is 3%, and the CTR is 1%. Which means for every 1000 impressions you sell, 0.3 units of the item.
Therefore, for 10,000 impressions, you get to sell three units.
Then, CPM <= 30*.03*.01*1000,
C.P.M <= $9
Now that CPM for 1000 is $9.
Now that you know about the CPM figure out if the suggested bid is within the range of CPM.
If suggested Bid > CPM, then you don’t need to bid at all since it will eat into your profits.
Now, Allocate the Budget for the campaign, Wish also provide recommendations for the budget with details (as shown in the figure)
Allocate the budget and Run the campaign, once you’ve started the campaign, start reviewing your campaigns after the items have received at least 10000 impressions.
It will be easy to analyze if you can sell your product on Wish more efficiently or if you need to strategize accordingly.
Product Boost is beneficial if you have a high converting product with a significant margin. As wish understands its buyers, its native ad system suggests items to customers based on their previous purchases, so the conversion rate is always higher.
Wish App has been among the Top 10 most popular e-commerce apps in the U.S. 2019, by reach. Utilizing Wish Ads to your products from Wish shopping platform is cost-effective decision. In case you need any help, drop your comments below!