Snapchat adds new ad features for retailers
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On the back of a tie-up with Amazon, which saw Snapchat commence the testing of visual search shopping, the U.S. social media firm has now debuted three advertising routes for retailers to use.
The first, coming out of its initial test phase, is called Shoppable Snap ads, which are made available through Snapchat’s self-service ad-buying platform. Previously known as Collection ads, advertisers can now create shoppable collections of products.
That leads to the second new function, where brands can import their product catalogs and instantly create ads from assets already available.
Brands can also use their imported product catalog feed to create Story Ads and Snap Ads as well. It is designed much like the shopping links already used by Instagram and Facebook, allowing users to tap on a product image and view more information about it.
Thirdly, Snapchat pixel is designed to hone in on Snapchat users who visit a site, allowing brands to see what types of pages the users visit.
Looking forward, Snapchat will team up with more than 40 new partners with digital ad experience, to help advertisers create ads with e-commerce, direct response and data-driven capabilities.
The news comes as Snapchat continues to garner a strong following, especially among younger consumers.
A report by research firm eMarketer said Snapchat is expected to add 1.2 million new teen users by 2022.
In comparison, rival social media firm Facebook, is expected to lose 2.2 million users, said the report.
For the recently ended second quarter, Snapchat’s global revenues grew 44 percent reaching $262 million. Snapchat predicts current third-quarter revenues to fall between $265 million to $290 million, up 27 percent to 39 percent from a year earlier.
Questions & Answers
Q.What new advertising features has Snapchat introduced for retailers?
What new advertising features has Snapchat introduced for retailers?
Snapchat has launched Shoppable Snap ads, allowing retailers to create product collections from imported catalogs. They've also introduced Snapchat pixel, which helps brands track user behaviour on their websites after visiting Snapchat.
Q.How do these new ad features compare to those on rival platforms?
How do these new ad features compare to those on rival platforms?
The new ad functionalities, such as tapping on a product image for more information, are designed to work much like the shopping links already used by Instagram and Facebook. This aims to provide a familiar e-commerce experience.
Q.What financial performance did Snapchat report recently?
What financial performance did Snapchat report recently?
For the recently ended second quarter, Snapchat's global revenues increased by 44 percent, reaching $262 million. They predict third-quarter revenues to be between $265 million and $290 million, a 27 to 39 percent rise.
Q.What is Snapchat's expected user growth compared to its rivals?
What is Snapchat's expected user growth compared to its rivals?
Snapchat is projected to add 1.2 million new teen users by 2022, according to eMarketer. In contrast, Facebook is expected to lose 2.2 million users over the same period, particularly among younger demographics.