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A new year is upon us, and so are some new trends in the digital marketing space. Our guest author sheds light on some of them.
Each year brings something new and exciting for consumers and marketers in a world of rapidly evolving digital trends. 2022 saw many of these phenomena, from voice and video ads to technologies like his Metaverse and Web 3.0 used in games aimed at target audiences. These trends have revolutionized the way we function in our daily lives, accelerating the pace of digital transformation in the market beyond what experts expected.
Given digitization, the evolution of technology, and its use in consumer lives, in 2023, businesses and marketers will have to strategically execute their operational and revenue plans. You also need to decide how to best use your data to evaluate the opportunities of these new technologies.
As such, we believe these upcoming trends will dominate the digital marketing space in 2023.
Commerce media as the fourth wave of advertising
The world has evolved into a realm of constant commerce, and every minute you spend online can become a shopping moment. Marketers need expertise and precision to engage customers in a meaningful way in moments like this. This brings us to the role of commerce media, which is often mistaken for being the same as retail media. However, it is quite wide.
Commerce Media sits at the intersection of performance advertising and Commerce Audiences to deliver optimal buyer results. Artificial intelligence meets retailer data to deliver the long-awaited promise of personalized, relevant, and privacy-preserving advertising to the right person, at the right time, on the right device, and sharing data A place that rewards consumers who want to extend them. A helpful, relevant, non-invasive and even rewarding experience.
Commerce Media empowers marketers to reach, acquire, engage, convert, and retain consumers using first-party data activation and advanced AI. Meanwhile, it provides closed-loop campaign oversight to ensure accountability for all ad spend invested. Therefore, Commerce Media is said to be the fourth wave of advertising.
Retailers and Publishers Emerge as Partners
In the retail media conversation, a persistent misconception persists that retailers and publishers are currently in competition. But through commerce media, retailers and publishers can partner to create curated commerce experiences on publisher sites that benefit all parties. A recent study by Verint showed that less than 36% of consumers under the age of 40 prefer in-store purchases. This highlights that consumers are becoming more and more involved in online purchases, and digital her marketers need to work to make this experience more fun and interactive.
With content, commerce and first-party data converging, publishers act as points of discovery and retailers help facilitate consumer transactions. This creates a win-win scenario for retailers building media capabilities and publishers looking to drive commerce through paid platforms.
Video Advertising: The Fastest Growing Digital Trend
Video has proven to be one of the fastest growing digital trends in recent years. New technologies have paved the way for compelling video formats such as 360-degree experiences, ephemeral video, and shoppable video.
Platforms such as over-the-top (OTT) and connected TV (CTV) show the highest levels of active attention and an increase in personalized content, helping brands reach their target demographics. To better understand consumer behavior, OTT is making specific data available to track current trends with the help of AI and bots.
Similarly, CTV advertising uses advanced techniques such as automatic content recognition, geo-targeting and shoppable ads to attract advertisers. According to a recent report by GroupM, the advertiser plans to spend about $86 million on connected TV (CTV) advertising in India in 2023. Not just measuring, but planning and optimizing.
Mobile commerce is a new opportunity for marketers
Experts predicted a slowdown in the e-commerce market after the pandemic, but consumers continue to buy online. Offline footprint recovery. India’s e-commerce market is expected to be a $350 billion opportunity by 2030, according to a report by the India 2Brand Equity Foundation. With the advent of branded shopping apps, 5G wireless and social media shopping, consumers are now shopping on their mobile phones.
With mobile commerce, marketers can now target customers based on location, service provider, device type, and several other factors. Consumers are also increasingly favoring mobile her commerce as their preferred shopping method. Automating mobile commerce saves time and contributes to consumer sales, satisfaction and loyalty.
For marketers and consumers alike, the coming year is all about maximizing the value of everything they do and spend. For consumers, this includes using their purchasing power to ensure they get the most mileage out of their money spent. A marketer looks for maximum her ROI from ad activation. There are no absolutes about the future, but in 2023, with these digital trends, tech and adtech will emerge to provide marketers of digital retail and e-commerce sites with this capability, and to influence consumer behavior. It leads to more capabilities and agility to adapt. Market change.
(The author is Managing Director of Southeast Asia and India at Criteo)
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