Welcome to The eCommerce Marketer! We're so happy you're here 😁
Happy Holidays! We're excited to bring you our final newsletter of 2023. You can look forward to the following updates:
A round-up of the top insights of the industry this year
Agencies are adopting Gen AI to boost engagement and predict trends
The trends that will drive eCom in 2024 - hint, measurement is a huge one
Influencer marketing is already a huge focus moving into the new year
Read on for more!
Here's All You Need to Know About Marketing in 2023 💥
Q1:
Fospha's Q1 2023 Report uncovered the trend of falling CPMs in Meta, that's carried through to today. We also noticed PMAX as an emerging strong performer, at the time >5% of brands' spend.
After a slowdown in eCom post-COVID, a report released in March forecasted an impending boom - the industry is to grow steadily for the next 5 years.
Q2:
Fospha'sQ22023 Report traced the ongoing rise of Paid Social, particularly TikTok - an 'indie' channel for advertisers at time - reporting a higher relative ROAS than Meta.
In Q2, advertisers starting removing branded activity from PMAX, revealing a more realistic view of channel performance.
Regulations over data tracking tightened throughout the course of the year, meaning marketers were forced to transition away from simple click measurement.
Fospha's UpperFunnelReportrevealed that spending in Brand Awareness is worth the wait. After 10 months, brands spending in TOF see massive improvements in CAC, CPP & ROAS.
Ad platforms started rolling out AI-powered tools, with the largest platforms citing AI as their biggest focus moving into 2024, during earnings calls.
Brands geared up for a huge Black Friday, with Fospha'sBFCMReport revealing exactly when, where and how to spend.
In November, TikTok started to overtake Google as a news-sharing platform for particular key words, especially related to apparel and cosmetics.
In November, new research found that your eCom platform has a substantial impact on how you acquire customers.
🤖 Generative AI will continue to influence the advertising industry, affecting content transparency, regulatory landscape, consumer trends, and social media commerce.
📊 Generative AI enables cost-effective prediction of consumer reactions, creating simulated groups.
🚀 Predictive personalization is expected to improve, anticipating people's needs before they express them, building brand loyalty.
⏩Anticipation, driven by AI, will replace personalization, enabling agencies to anticipate future needs based on forward-leading indicators.
Barbie's $1.4 billion success prompts marketers to seek their "Barbie moment". Marketers should break the mold, collaborating creatively, investing time & budget, leveraging multi-generational appeal, and aligning their ads with their values to produce impactful brand-inspired content. Read more.
👍Top 10 Affiliate Marketing Platforms for eCommerce Brands
Affiliate marketing is a low-risk, scalable digital marketing strategy. When choosing a platform, businesses should consider their budget, goals, and intended use. It's also possible to use multiple platforms simultaneously, but pricing terms should be considered to avoid unnecessary costs. Read more.
33% of US Gen Z consumers have purchased a product from an influencer-founded brand in the past year. Top influencers among US teens include Alix Earle and MrBeast, with both having their own products or brands. Read more
📈 Advertisers Will Ramp Up Spend On Creators in 2024, IAB Forecasts:
Advertisers are expected to increase their spending on content creators in 2024, with a projected average increase of 25%. Ads around creator content have been found to have a significant impact on consumer behavior, with 92% of advertisers considering it a premium channel.Read more.
🔮12+ Predictions for the Tech Marketing World in 2024
Predictions include increased personalization through machine learning and AI, the dominance of video content, the importance of interactive content, performance-led marketing driven by data analytics, and the growth of influencer collaborations. Read more.
Here's what marketers are asking Santa for this year:
One Platform for Ad Management: Marketers seek a unified platform amid the proliferation of diverse ad channels and platforms. Managing and measuring across various channels poses challenges in attribution and data extraction.
Data Standardization & Openness Across Platforms: This is a big need, especially across walled gardens like Meta, Amazon, and Google. Inconsistent data across platforms hinders accurate measurement & reporting.
Creativity Amid Budget Scrutiny: Pressure for ROI often sidelines creativity; marketers wish for a balance between performance metrics and engaging content.
So what should marketers do in 2024?
Explore platforms that offer unified solutions for ad management to streamline operations and improve data standardization.
Stay informed about the evolution of AI capabilities, seeking practical applications for campaign analysis and efficiency.
Balance the focus on performance metrics with a renewed emphasis on creative and engaging content to maximize ad impact.
Forbes outline the trends that will shape eCommerce in 2024, predicting a growing focus on attribution as a key driver. Brands that want to nail marketing can no longer ignore the limitations that come with last-click measurement. This has prompted a shift towards sophisticated measurement, a move that’s been a long time coming.
Other trends:
AI Domination: AI adoption surges with a $16.8B market forecast by 2030. D2C marketers must leverage AI-powered personalization and search engines for competitive advantage.
Compliance Focus: Growing regulations demand e-commerce compliance. D2C businesses should prioritize governance, risk, and compliance (GRC).
Retail Media Networks: Rise of retail media networks signals a shift post third-party cookie era. D2C marketers should embrace these channels for targeted, data-driven advertising.
🚀 Unlocking the Power of Short-form Vertical Videos! 📸
Are you a reader or a watcher? Stats reveal people spend 17 hours a week watching videos—36 days a year! 🌐 In 2024, focus on short-form vertical video strategies for explosive growth on TikTok, IG Reels, and YouTube Shorts
Our friends over at Soar With Us had a look at why short-form vertical video might just be the strategy to focus on in 2024!
🌐 Easy to Consume: Videos convey value, emotion, and stories effectively.
👀 Attention-grabbing: Quick, snappy content captivates short attention spans.
🔁 Repurpose-ability: One video, multiple platforms—reach audiences across TikTok, Instagram, Facebook, and YouTube Shorts.
💡Versatility: Adapt to storytelling, product showcase, and brand personality effortlessly.
Short-form vertical video isn't just a trend; it's a strategic masterstroke for brands in 2024. Capture attention, ensure consistency, unlock versatility, and ride the algorithmic wave. Why wouldn't you?
