From the explosion of AI to the exploits of X, it’s been an exciting year for social media, e-commerce, and digital marketing in general.
There are countless trends to watch and predictions to make for next year. Here are just a few of the things I’m thinking about as I look to the year ahead.
Cookies are Being Deprecated
Third-party cookies for ad targeting and measurement are going away. This is huge.
According to eMarketer, more than $123 billion in programmatic advertising is transacted via real-time bidding on the open internet—much of that being guided by the use of cookies today.
As a result, brands, agencies, publishers, and ad tech companies, all have to rethink their media strategies in 2024. The entire advertising industry will shift to new targeting and measurement technologies in the year ahead, if they haven’t already.
Immersive In-person Shopping Experiences
During the pandemic, we loved browsing our favorite products from the comfort of our own homes. However, shopping behavior during this past year indicates something truly shocking, at least to me: brick-and-mortar isn’t going away.
In-store sales have rebounded post-pandemic, and most businesses are confident that physical stores will continue to play a large role in the purchase journey.
As such, brands need to invest in enhancing the customer’s in-store shopping experience to stand out from the competition. This is especially important when put into the context of an omnichannel landscape, where shopping can happen anytime, anywhere.
The journey to the store is no longer just transactional, either. Enjoying the in-store experience is the main reason 35% of consumers shop in-store, and another 24% want to interact with products before buying.
Perhaps the biggest opportunities will be in bridging the online and offline gap, which might include options for: buy online, pickup in-store (BOPIS); buy in-store, ship to home; buy online, return in-store. These will all be important to savvy shoppers in 2024.
More Selling with Video
Video had a huge impact on the shopping journey this past year, with 54% percent of consumers demanding more video content from brands.
Video will continue to have a massive influence, helping shoppers decide which product or brand to buy, as well as enhance the in-store experience. That’s also why online retailers are introducing more video advertising units and live streams within their platforms.
Brands will likely embrace more video across social media, where selling via live videos on Instagram, Facebook, TikTok, and others, is likely to grow. That’s apparent in the continued shopping capabilities that are being added to social media platforms.
Of course, B2C brands are doubling down on short-form video and UGC content for good reason. The ROI on short-form videos is there, and that’s expected to continue next year.
All Eyes are on YouTube
YouTube always amazes me. I’ve seen success on the platform from my own campaigns and content initiatives. In 2024, it’ll continue to be ripe with opportunities for brands and marketers.
According to eMarketer, YouTube accounts for more than 20% of ad revenues and time spent with CTV in the U.S. That’s staggering, and it shows that the platform is building a following, even on the big screen.
YouTube also caters to a wide audience, with Gen Zers and millennials accounting for the majority of viewers. YouTube’s influence is also expanding, fueled by a younger demographic deeply engaged with the platform. While TikTok and Instagram get all the buzz, Pew Research reports that 19% of teens use YouTube “almost constantly.”
YouTube Shorts specifically shouldn’t be ignored in 2024. While daily views are still eclipsed by Meta’s Reels, YouTube Short generates more than 50 billion daily views and it’s growing rapidly.
eMarketer predicts that YouTube’s growth will reach double digits in 2024 and 2025 and will exceed Hulu by 2025. That is just incredible and reveals the impact that YouTube still has on audiences.
A Shift to Nano-influencers
Influencer marketing seems to have taken hold this past year, as brands become more savvy and embrace the fact that people follow people on social media.
But what exactly is an influencer? That’s the question brands will grapple with in the year ahead.
While macro influencers will continue to drive broader reach and brand recognition, there will likely be more opportunities for nano-influencers, or those with anywhere from 1,000 to 10,000 followers.
For brands, these influencers offer two advantages: lower cost and higher engagement.
Consumers are on a Quest for Quality
The cost-of-living crisis hit hard consumers hard this year. Inflation, among other economic trends, are making consumers reevaluate their spending habits and prioritize long-lasting, premium items.
This was a BFCM 2023 trend where shoppers did hold out during big shopping moments earlier in the year to spend during Holiday.
Beyond promotional cadence, brands should enhance their premium product offerings to cater to this rising demand. If you have a unique product story that emphasizes quality and longevity, tell it loudly and proudly.
Shoppers are also looking for other qualities in their decision-making. Specifically, sustainability isn’t just a buzzword anymore. There should be messaging that speaks to what brands are doing to address it, either in their product, the packaging, or through other corporate programs, to appeal to the modern, socially conscious consumer.
That too feeds into the shoppers’ quest for quality, where consumers say they’re willing to pay a premium for sustainably sourced items. Sustainability is also factoring into brand loyalty, especially among Gen Z.
Rise of Retail Media Networks (RMNs)
Retailers are still investing heavily to create omni-channel digital experiences both in-store and online. The innovation here is really being led by Amazon, Walmart, and Instacart.
Stores will become more like their online counterparts, leveraging technology like self-service scanners and cashierless checkout, to produce more seamless shopping experiences.
Online, retail media networks will get even better with new targeting capabilities, cross-selling and upselling opportunities, and provide easy access to retailer first-party data—critical in this new cookie-less world we live in.
These retail media networks will grow by an estimated $10 billion this year, fueled by their ability to capture omnichannel sales attribution, tie online experiences to offline sales, and extend access to shopper data to exciting new digital ad formats such as social media, streaming video, and other offsite media.
Closing Thought
By no means is this an exhaustive list. However, these are just a few trends and tactics I’ll be taking into consideration as prep for 2024 gets underway. What are you excited to lean into? Send me an email with some of your marketing predictions for this year.