Ep 590: What Is Going On In E-commerce In 2024? with Raul Galera, Referral Candy
We're uncovering vital trends impacting your business decisions—from the rise in marketing budgets to the power of agencies in shaping strategies. We'll explore consumer behavior shifts, particularly within millennial families, and delve into how seasonal trends like back-to-school shopping can influence your bottom line.
In this episode, Jordan West with guest Raul Galera, discusses the significant shifts in social commerce, with TikTok Shop coming to the forefront, and live shopping's potential to drive engagement and sales. Plus, Jordan West will provide expert tips on agency fee structures to ensure your partnership aligns with profitability and growth strategies.
Listen and learn in this episode!
Key takeaways from this episode:
Increase in Marketing Budgets: Brands are now spending more on marketing despite initial hesitations. This reflects growing confidence in marketing investments, particularly noticeable after the seasonal summer lull.
Value of Agencies: Agencies provide a broader view of industry trends because of their access to data from multiple brands, as opposed to brands relying solely on their own data points. This makes agencies valuable for insights and strategic decisions.
Consumer Behavior Insights: Understanding consumer behavior, especially within millennial families and seasonal patterns like the back-to-school period, is crucial for effective marketing strategies.
App Spending: Brands focus app spending on potential ROI rather than having a fixed budget, making it part of the marketing investment rather than a hard cost.
Reactive Financial Practices in E-commerce: Many e-commerce business owners lack formal business education and tend to be more reactive in financial decision-making.
Fractional CFOs: They can sometimes scrutinize agency value without understanding the significance of the services provided, leading to potential misjudgments in strategic decisions.
Agency Relationships: Good communication and overcoming pride are important to maintain beneficial relationships between brands and agencies.
Long-term Strategy Focus: Emphasizing long-term strategies over short-term gains can aid in sustainable business scaling.
Social Commerce Trends: Platforms like TikTok and live shopping are becoming essential for modern brand visibility and engagement strategies.
Shift in Ecommerce Sentiment: There is an optimistic shift in sentiment for 2024 compared to a challenging 2023, with brands feeling more prepared for events like Black Friday and Cyber Monday.
Agency vs. In-house Staffing: Agencies are preferred over in-house hires due to their shared industry knowledge and expertise, though brands are becoming more selective about agency fees.
Agency Pricing Models: There’s a trend towards fixed-fee pricing models, considering costs, profit margins, and value to clients, rather than performance-based models.
Today’s Guest:
Raul Galera, who is connected with Referral Candy, a platform specializing in enhancing referral marketing strategies for e-commerce brands. As an expert in the e-commerce landscape, Raul Galera shares insightful perspectives on marketing trends, the evolving role of agencies, and consumer behaviors, particularly focusing on how agencies can provide comprehensive industry insights.
Recommended Apps/Tools:
Referral Candy: https://www.referralcandy.com/
Growth Plan: www.upgrowthcommerce.com/grow
Million Dollar Offers: www.upgrowthcommerce.com/grow
In this episode's sponsor is Omnisend - is a comprehensive marketing automation platform designed to help eCommerce businesses enhance their customer engagement and boost sales. It offers tools for email marketing, SMS campaigns, and various forms of automation, allowing businesses to create targeted and personalized marketing strategies. With features like segmentation, A/B testing, and advanced analytics, Omnisend helps brands streamline their marketing efforts and achieve better results.
Learn more here: Omnisend
Get 5 Offers for 2 Products (10 in total) along with 10 highly engaging tried and true creatives, 30 captivating headlines, descriptions, and ad texts sent to you for only $99. Go to https://www.upgrowthcommerce.com/offer and order now - this offer is only available for a limited time.
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