Promoted announced that it has been selected by Outschool to improve the performance and profitability of its education marketplace. Promoted is a company that unifies search feeds, ads, and promotions.
To improve search conversion rates, total GMV (gross merchandise value), and profitability, Outschool sought to better match its classes with students. Outschool made the decision to partner with Promoted after balancing the costs and risks of constructing a significantly more expensive infrastructure vs collaborating with the seasoned Promoted team to set up a tested, real-time streaming data service with ML. With additional enhancements slated for H2 2022, Promoted optimised Outschool search within a quarter, increasing conversion by roughly 11%.
Kejia Zhu, Lead Product Manager, from Outschool, stated, “Promoted is able to measure and report on data in real-time on search for us and use machine learning to better match teachers and students so we can very effectively increase conversion rates and make our customers and users happy. The founders have deep experience in search optimization as ad engineers from Facebook, Pinterest and Google, and we have found the technology extends and compounds our existing engineering investments in search and discovery to directly increase profitability at a reasonable cost.”
Promoted and Marketplaces
Currently, there are different teams for marketing, merchandise, search, and recommendations at most big marketplaces. There are silos of information, and they all work in different departments. These organizations do not have a single data architecture that is tracking the performance of everything in the search feed, merchandising, and ads across the marketplace, not even with pricey tech-savvy experts.
When advertisements, listings, promotions, and search are not optimized together, conversions suffer, revenues drop, and the situation spirals out of control as more ads and promotions are displayed to make up for the decline in revenue, further alienating users. The only supplier that provides an all-inclusive cure for this issue for e-commerce apps and marketplaces is Promoted.
Promoted provides an all-in-one measurement solution embedded with a data service that measures and improves user engagement in real-time.
How it Works
In order to provide real-time reporting, Promoted first gathers and joins the data from its client’s app or marketplace. Next, it builds a complete picture of the data using AI-based data optimization so they can forecast conversion and clicks for the client’s search and feed.
Promoted develops a “unified currency” after it has a complete picture of a marketplace’s performance to optimise trade-offs between the best user experience in search and feed, the best seller experience with advertisements and promotions, and the profitability vs expansion of the marketplace.