How to harness ‘commerce intelligence’ to fuel sustainable digital advertising growth
Looking to drive profitable growth in digital marketing? This report has all the trends, insights, and best practices multichannel brands need to succeed.
Inflation and Commerce Marketing Report 2024: How to Reduce Costs and Drive Profitability
Inflation and the shift in buying power continue to impact consumers, a trend expected to persist in the upcoming years. Brands are also facing challenges in driving business growth. With supply chain disruptions and the high cost of materials and fuel, it’s more expensive than ever to bring a product to market, keep it on the shelf, and market it to consumers.
As a solution to margin compression, brands experimented with price hikes in 2022-2023, but consumers are now pushing back. The MikMak Shopping Index indicates a decline in online basket sizes over the past year and a shift in buying preferences. While consumers continue to spend, in many categories, there’s a growing trend toward ‘smart’ shopping and deal hunting.
A study from Profitero also reveals that a significant percentage of shoppers in the US and UK actively compare deals and prices online before making in-store purchases. These signs underscore the importance of strategic omnichannel marketing efforts to capture cautious consumers in an increasingly competitive market.
In addition to optimizing their pricing strategy, brands need to start questioning how to leverage their marketing investments better: how to make every dollar or penny spent work harder and smarter, from ideation and insights to content, media, shopping experiences, and measurement.
Carefully targeted marketing and advertising strategies are essential to maintaining and gaining market share. This requires a deep understanding of consumer behavior and a seamless connection between online and offline shopping journeys. In turn, consumer data and sales conversion analytics are increasingly important to allow brands to identify and target the most profitable sales channels in the most strategic way possible.
How well is your brand adapting its digital marketing strategies to meet the evolving consumer and market dynamics in 2024, and to drive profitable commerce growth?
The Inflation and Commerce Marketing Report 2024: How to Reduce Costs and Drive Profitability, provides insights into inflation's profound impact on global and sector-specific markets and shopping trends. Download the report to explore:
- How inflation shapes consumer behavior in the US and Europe
- Key commerce developments spanning various sectors, including consumer electronics, grocery, alcohol, beauty & personal care, toy, and pet care
- Marketing best practices for harnessing ‘Commerce Intelligence’ to fuel sustainable growth.
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MikMak
MikMak is a global software company that provides the leading e-commerce enablement and analytics platform for multichannel brands, helping them to better convert...
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