There’s no sugar coating the fact that e-commerce has become very difficult these days.
Shopify highlighted three key marketing trends and provided some advice on how to tackle them.
⭐️ RISING ACQUISITION COSTS NECESSITATE STRONGER MORE MEANINGFUL BRANDS
Increased ad competition and data challenges for the algorithm mean it is no longer a case of just using ads to reach new customers and counting your cash.
The solution they propose is to build a better brand relationship with your customers. This increases customer lifetime value and improves conversion rates.
Brands that are overly dependent on short-term performance marketing struggle most in an increasingly saturated commerce space.
⭐️ DEATH OF THIRD-PARTY COOKIES AND RISE IN DATA PRIVACY NECESSITATE STRONGER COMMUNITIES
Lack of access to data makes it more difficult than ever to track users and personalise their experiences. Paradoxically, customers want a deeper connection with the brand and expect a personal experience.
The solution to this challenge is to build a strong community around the brand.
⭐️ THE RISE OF ‘SOCIAL COMMERCE’ – ON PLATFORM SHOPPING
Social commerce is the process of selling a product directly on social media. In social commerce, the entire shopping experience, from product search and research to the checkout process, takes place directly on the social media platform.
Video is the key to unleashing the power of social commerce.
If brands see social media as just another channel for their advertising campaigns, they’ll run into the same ad spend problems and lose engagement with their audience. To cut through the noise, brands need to bring the social elements of offline shopping into the online space.