Leveraging data and brand power: e-Comas's eCommerce predictions for 2024
Merry Christmas one and all!
Celebratory times for the e-Comets
It’s been a big year for e-Comas. We’ve celebrated our 10th anniversary, gained more and more recognition from the likes of Amazon and LinkedIn, trained all our team in data literacy in a bid to become the most data-centric agency in the world, and rearranged our business and our website to promote our three pillars: Global Expansion, Retail Media and Technology.
On top of those achievements, we’ve been part of the Amazon buzz at major shows in Cannes, Las Vegas, New York and London, built our retail media profile, built our US business and our standing as a global boutique agency, and continued to win and support dozens of happy clients.
So much for e-Comas in 2023. What about eCommerce in 2024?
We asked our team of ‘e-Comets’ for their predictions for the new year.
A tough year ahead?
Our founder Jérôme wonders if 2024 will be as tough as 2023, as market stability globally still hasn’t recovered.
He says: “We predict another tight year, where efficiencies of investment budgets will be key.
“Decision makers will have to familiarise themselves with modern tools of measurement (I am thinking of Amazon Marketing Cloud (AMC)) and technology for advertising (such as Pacvue, Quartile, Perpetua, M19, Adbrew) as well as content management and syndication (Salsify, for instance).”
Data is the key
The whole team agrees that technology and data will continue to get more important for sellers in 2024 and beyond. (That’s why we’re striving to become the most data-centric eCommerce agency in the world!).
Our Head of Analytics Claudiu predicts: “Increased focus for brands in retail media networks, and a switch of advertising budget in this direction.”
Jérôme says: “Leveraging technology and insights will divide the world in two. Those who do, will earn a competitive advantage difficult for the others to reach if they don’t get on top of it. We will strive to support our partners and brands to acquire this advantage and win the digital shelf competition.”
Our Head of Consulting Nazli adds: “I am hoping to see technology used not just as a tool, but as a force for good. From AI-driven customer support that understands emotions, to intuitive interfaces designed with empathy, the tech landscape will prioritise positive user experiences.
“I also hope to witness a surge in support for small businesses. Platforms will invest in features that empower local entrepreneurs, helping them thrive in the digital marketplace.”
Ads Specialist Akash agrees on the AI aspect. He says: “AMC and DSP will be the key spaces to look for in 2024, with ChatGPT and AI making it easier to deliver the desired success and results.”
Brand focus
Our Head of Advertising Nella thinks Amazon’s focus will continue to shift from product-based to brand-based. She says: “Amazon [is now] a place for brands to create connections with shoppers. Brand Awareness is the new goal as opposed to ACOS, and I’m all for it!”
She adds: “Now we get to have fun with complex projections for next year, that involve a variety of creatives, Ad Types, on- and off-Amazon advertising driving to PDP and stores and more.
“My favourite part is speaking with clients about this and receiving questions around the impact of Amazon Ads on other marketing activities and vice versa. It definitely facilitates the budget allocation conversation!”
Another way eCommerce is likely to prioritise brand power is in sustainability. Senior Account Manager Claire says: “In 2024, my hope is for eCommerce platforms to further prioritise sustainability and transparency. With online retail increasingly shaping our consumer behaviour each year, these platforms bear the responsibility of delivering enduring and environmentally-conscious product offerings.”