2023 saw trends such as the rise of AI and creator-led commerce. Consumer behavior also faced some shifts such as weakening spending intentions and increasing concerns regarding privacy. So what does this mean as we step into 2024?
While trends come and go and customer behavior remains dynamic, we took a look at the fundamentals or inevitable changes, and put together some immediate actionables (aka resolutions) to help you ace 2024.
- I will use my tech stack better
With the advent of AI, there are more tools than ever that are available for your marketing and ecommerce teams. But Gartner’s 2023 Marketing Technology Survey shows that martech utilization has plummeted to 33% from 58% over the last 2 years. By simply utilizing your current tech stack better, you can arrest the wastage of money.
For example, Swym merchants have been able to see ROI as high as 20x just by using all of Swym’s capabilities. Not only that, they’ve also been able to use our tech with their existing stack through seamless integrations. Book a call with our success managers if you need help with using Wishlist Plus, or Swym Back in Stock alerts better.
- I will not spam my customers
The new anti-spam rules are coming into effect in February 2024, you need to be highly targeted and relevant with your outreach. For context, even if 3 out of 1000 are marked as spam, you may lose access to your customer’s inbox. What this means is that it is time for highly-personalized nudges based on customer preference data.
You can use Swym to automate effective, and high converting communications personalized based on customer interactions with your product, inventory, and pricing. Easily set up powerful email triggers such as price drop, low stock, back in stock alerts and wishlist reminders.
We, at Swym, also primed for this change by preparing our infrastructure to be compliant of these anti-spam measures and ensure that your messages are reaching your customers.
- I will retain, not just acquire
Klaviyo’s aftermath report showed that nearly half (47%) of all purchases during BFCM were made by repeat purchasers.
Give your customers a reason to return (and repeat) with a wishlist. Even Yotpo agrees.
- I will utilize data to drive ROI
Did you know that businesses that used data-driven personalization delivered 5-8X the ROI on marketing spend? But at the same time, 87% marketers consider data their organization’s most underutilized asset.
This year you can use Swym reports to uncover a goldmine of customer preference data. You can use this data with any of your marketing tools through our integrations.
If you’re not using any integrations, you can download data from the following Swym Reports and use it to personalize your outreach and increase your ROI:
With these basics in place, you will be off to a great start to navigate the marketing uncertainties of the year to come!
