Twitter also revealed that it is currently creating new tools to let companies run ads to find customers who are more likely to make in-app purchases.
Twitter Inc (NYSE: TWRT), has introduced new features and an updated algorithm to its platform in an effort to capture a piece of the ever-growing eCommerce market. The new updated algorithm will decide which ads users can see which according to the San Francisco-based company, will lay the basis for future eCommerce functionality.
The social media giant is reportedly looking to expand its performance advertising business and its new feature rollout will help the company achieve that feat. Twitter’s performance advertising business only accounted for 15% of the company’s revenue last year but seems to be a strategy that can quickly generate sales as Twitter aims to double its annual revenue by 2023.
Group product manager at Twitter, Kamara Benjamin speaking to reporters stated by first enhancing its capacity to display consumers relevant advertising and raising the possibility of users clicking the ad, the San Francisco-based business will position itself to allow brands and advertisers to sell things through the service. “Performance ads are a very large opportunity that’s relatively untapped for us,” Kamara Benjamin, stated, adding that this is ultimately going to lead to people installing apps, visiting websites, and finding products that meet their needs.
Benjamin revealed that Twitter has also improved its advertising algorithm by presenting the ads to a larger pool of users at the beginning of the campaign to better evaluate user interest. The new algorithm according to the company, led to a 36% rise in ad campaigns that achieved at least five downloads during the period that the ad ran on their platform.
Twitter stated that Ads promoting downloads of mobile games and other apps, which are a major sort of promotion on social networking sites, will now allow users to start the download without leaving the Twitter app. Users previously had to leave the Twitter app to download other apps. The social networking site also revealed that it is currently creating new tools to let companies run ads to find customers who are more likely to make in-app purchases.
Slideshow ads that feature multiple products can now direct users to different websites when they click the ad, whereas previously brands could only choose one. The new feature according to the company, has raised the number of clicks on ad campaigns with the purpose of increasing website visits by 25%.
Twitter is arguably one of the largest social media platforms in the world. Publicly launched in July 2006, the real-time microblogging platform has now amassed over 300 million monthly active users globally.
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