August 29, 2022
Moloco, a machine learning company, today announced that technology platform Bucketplace is utilizing Moloco Retail Media Platform to drive the evolution of its oHouse marketplace through enhanced user experiences and by enabling merchants to make their products discoverable.
oHouse is an e-commerce and lifestyle app where shoppers easily source and purchase home goods from thousands of merchants on a single platform. Throughout its growth, oHouse has focused on upholding its core value of customer experience while helping more and more merchants grow their gross merchandise value (GMV) through sales of interior décor, furniture, and appliances. To sustain the marketplace’s ambitions for revenue growth while staying true to its core value, oHouse needed a way to monetize its platform while ensuring the experience was beneficial for their shoppers and merchants.
The oHouse team considered building its own sponsored ads solution but quickly realized how challenging it would be to parse and deeply understand behavioral data and use that data to consistently and accurately provide the right ad content in the right place and at the right time. Such an effort would take years of R&D, data science, product, and design investment.
By partnering with Moloco, oHouse is taking advantage of Moloco’s years of machine learning expertise, unlocking the power of complex deep neural networks as a service. The Moloco Retail Media Platform technology enables e-commerce platforms to serve the most relevant ads based on the marketplace’s own real-time and historic first-party data. As such, merchants can run optimized sponsored ad campaigns that target audiences most likely to convert and deliver the maximum return on ad spend (ROAS) while e-commerce platforms can maintain their user experience by showing shoppers only the most relevant sponsored products.
Implementing an intelligent and well-trained retail media solution typically takes quarters, even years. But Moloco partnered directly with oHouse from scoping and design to implementation, using its Retail Media Platform APIs to meet the aggressive goal of launching the solution within three months. As a result, 15% of oHouse’s total merchants were onboarded to the self-serve campaign interface within the first quarter of deployment.
“Moloco Retail Media Platform was key in helping us provide strategic value and strengthen satisfaction among our merchants, which was really rewarding,” said Scott Lee, Head of CEO Office, Bucketplace. “We want to be the platform that provides the best customer experience in the lifestyle category with machine learning-based optimization, and we want Moloco as our partner on this journey,” he added.
Results of A/B tests showed that shoppers exposed to product ads based on the oHouse marketplace’s own first-party data purchased 2.2% more than shoppers who weren’t shown ads. Some merchants even doubled their GMV after running ads or tripled their return on ad spend when compared to advertising on other marketplaces.
“Built with powerful, deep neural network machine learning, Moloco’s Retail Media Platform leverages first-party data including user searches, product views, and purchase history to engage shoppers with only the most relevant ads and offers for a highly personalized buyer journey,” said Ikkjin Ahn, co-founder and CEO, Moloco. “Our solution provides a robust performance ad platform to help e-commerce companies of all sizes reinvent their marketplaces, create new revenue streams for their merchants, and help them reach their target shoppers.”