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The global socialcommerce market is expected to reach $2.9 As a result, brands and retailers across categories are focused on bolstering their socialcommerce capabilities. While many companies have gone the route of traditional vendor partnerships, some brands are bringing socialcommerce tools in-house via acquisition.
Customerretention With both consumers and retailers feeling the pinch of increasing costs, customerretention will be a key theme of 2024. The competitive landscape is overflowing, making customer acquisition more expensive. Customerretention efforts are six to seven times more cost-effective.
The latest report, which was released in December 2021, found that not only are retailers selling through branded ecommerce sites ( 76% ) and stores ( 65% ), they also are using other channels including socialcommerce ( 43% ), mobile websites/apps ( 36% ) and marketplaces ( 35% ).
Planned topics include: Tangible use cases for artificial intelligence (AI); Content marketing strategies that drive awareness and build trust; The evolution of contextual commerce through connected TV (CTV), retail media and other emerging channels. They’re for people who see the world the way they do.” Read the article.
Quick commerce, socialcommerce, marketplaces, greenwashing of brands, a resurgence in physical retail and a rebalancing of ecommerce were key themes during the year. As consumer spending is squeezed, acquiring new customers will be costly and more difficult. The post 2023: The Year of CustomerRetention?
Focus on customerretention. Some retailers may view gamification initiatives as a one-off, but it is important to fully integrate it into one’s brand strategy and constantly update and create new opportunities that keep customers engaged, giving them a reason to return.
Trends that brands should keep in mind to attract new customers are supporting local communities, sustainability, digital and omni-channel transparency, convenience, socialcommerce, experiences over product and bridging the gap between the on-line and off-line journey, subscription models and autonomous delivery.
Meanwhile, Accenture expects socialcommerce to grow three times as fast as traditional commerce by 2025 , representing a $1.2billion opportunity to retailers. With retail analyst Gartner estimating that smartphone sales grew 11% globally in 2021 , mCommerce sales are anticipated to reach in excess of £92.17billion next year.
These platforms provide valuable insights into customerretention and community building. For example, some retailers now adjust their game difficulty levels based on customer interaction history, ensuring optimal engagement.
This has led to the emergence of socialcommerce , where customers can connect with brands they identify with through various platforms. Finally, there has been a significant shift towards experiential retail, with customers expecting more than just products from retailers.
This has led to the emergence of socialcommerce , where customers can connect with brands they identify with through various platforms. Finally, there has been a significant shift towards experiential retail, with customers expecting more than just products from retailers.
You know at least three and maybe four of them are all like cumulatively what I would call Commerce right like you taught you know. [25:10] 25:10] What big trends am I talking a lot with with clients about it since its creators as micro influencers its video driven Commerce its. Socialcommerce and the the sleeper is.
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