Bazaarvoice APAC Managing Director Kate Musgrove details five commerce trends worth adopting to future-proof your business in an ever-changing digital environment.
As economic uncertainty continues and commerce trends and behaviors change rapidly, it is important for marketers and business leaders to remain vigilant and continually reassess where to focus their efforts. .
For example, our recent Shopper Experience Index shows that the current cost of living crisis is changing spending habits, with shoppers rapidly reducing the amount they spend on non-essential items. This indicates that many companies need to find new marketing approaches to remain relevant and successful in today's competitive environment.
Based on the latest consumer research and insights gleaned from global marketing thought leaders, we challenge brand managers and business leaders to rethink their marketing priorities in alignment with five key trends currently dominating the market. We recommend that you do so.
1. Elevate the voice of the customer as your best sales tool
Harnessing the power of user-generated content (UGC) and social proof is no longer an option, but a strategic imperative. Customer feedback, good or bad, through reviews and ratings can be your greatest asset, increasing customer loyalty and overall sales.
Our data shows how important customer feedback is, with more than half (55%) of shoppers unlikely to make a final purchase without a product review or rating. An astonishing 78% are confident in their purchase only through other reviews and ratings. Shopper content.
The key is to prioritize platforms that amplify authentic customer experiences to build trust and drive sales.
2. Social media: the new search frontier
In the era of digital discovery, social media platforms have become the go-to search engine for product discovery. Shoppers are now searching for real-time visual insights and guidance on their next purchase on platforms like Instagram and TikTok.
Companies should consider and optimize their social media presence across different channels, leveraging these platforms as dynamic vehicles for product visibility and engagement. The more visually appealing and appealing it is to the consumer, the better.
3. Embrace the value-seeking shopper
With the rising cost of living and brand loyalty no longer guaranteed, the importance of great shopping deals has increased dramatically. Our recent research shows that almost three-quarters of shoppers are open to trying alternative brands. This is very unusual for Australian consumers.
To alleviate this, retailers can focus on communicating their value proposition through shopper content and ensure price and quality transparency. It's also a time for brands to acquire new customers.
4. AI: A tool for the future of business
Artificial intelligence (AI) is more than just a trend; it's a transformative force. Successful brands are already leveraging AI to better manage time and improve user experience.
You can also take it a step further and improve your UGC. Our research shows that almost three-quarters of shoppers avoided leaving at least one review because they didn't know what to say. But AI-powered coaching tools can further help shoppers voice their opinions on purchases, ultimately leading to increased sales.
5. The rise of the creator economy
We're entering the age of creator marketing, where big brands use the voices of content creators as trusted spokespeople to increase brand credibility. Unlike the direct marketing strategies used previously, shoppers now trust and actively seek out influencer opinions to inform potential purchases.
While partnerships with content creators have been seamlessly integrated into marketing strategies, today's new challenge lies in the growing number of individuals who identify themselves as creators. More than half (53%) of shoppers now believe they are also influencers. Companies have to sift through the masses to find the right content creators who can accurately convey their brand's messaging and ethos to their desired audience.
In a landscape defined by change, marketing and business leaders must adopt a forward-looking approach and adapt. By prioritizing the voice of the customer, embracing social media dynamics, catering to value-hungry shoppers, implementing AI, and leveraging the creator economy, companies can position themselves as leaders in the dynamic digital space of 2024. can be established.
Kate Musgrove is APAC Managing Director at Bazaarvoice.
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