According to Statista, revenue in the eCommerce Market is projected to reach US$1,469.00bn in 2024. This year is set to be pivotal for brands, driven by technological advancements and changing consumer habits. Marketers looking to make a mark in this dynamic environment must adapt to emerging trends and leverage new platforms effectively.
Image Credit: STATISTA
Growth of Social Commerce
Leading social platforms like WeChat, Xiaohongshu (XHS / The Red), and Douyin enables the audience to purchase instantly within the app after viewing the content, in a simple click to product page and payment gateway.
Image Credit: CHOZAN
Integration of New Technologies
AR and VR enable brands to “digitize” products for trying-on that offer immersive shopping experience. For example, they can try on clothing with their pictures or place a virtual piece of furniture directly in the environment by taking an instant picture of house interior.
Image Credit: Theindustry. fashion
Rise of Live-stream Shopping
The format has evolved from simple talk-shows or product presentations to interactive experiences. Influences and brands use live-streams to engage with viewers in real-time, such as offering exclusive deals available within the live-stream, live product demonstrations, and answer questions from the audience.
Image Credit: GMA
Effective Influencer Marketing
To stand out from competition, marketers have to re-think the collaborations with influencers, driving effective sales cost-efficiently. Adhere to the content style and audience of KOLs, brands should engaging and authentic content native to particular influencers instead of once-and-for-all KOL placement. Make content as entertaining as possible, and also seamlessly integrates product promotion and selling features. Short videos, live streaming, and interactive posts that allow users to make purchases directly with strong call-to-action (CTA) will be essential for driving conversions on social platforms especially on Douyin and XHS.
Embracing Douyin Collective Shop
Collective Shop is the new black for brands which are new to China market. It allows multiple, non-competitive merchants to ‘share’ on a single storefront, creating a super-market-kind-of shopping experience for users. Brands can take advantage of joining forces with complementary brands to ‘share’ advertising effort and even create bundle offers to specific target audience.
Optimizing for Personalization and Localization
Personalization and localization will continue to be key strategies for brand promotion. Brands should focus on tailoring their marketing efforts to match the preferences and behaviors of different consumer segments, as well as adapting their campaigns to local cultural nuances and trends.
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