Essential Trends in AI-Powered E-Commerce and Advertising
While there’s no shortage of uncertainty as we countdown to 2024, the crystal ball seems to have a few things in focus for the next trip around the sun. From the long-anticipated shift from third-party cookies to first-party data to the harnessing of AI and the evolution of eCommerce, here are five key tech trends set to shape how brands connect with customers.
The race for first-party data
Brands will be turning to publishers to harness their vast contextual and enriched datasets from either registered users or gleaned from the type of content being consumed in real-time. Combinations of both publisher and advertiser data via data cleanrooms have been a topic of interest and will be interesting to see how this is picked up over the year.
The shift promises contextual interest targeting, enabling a more precisely tailored match for brands between creative and audiences. The focus on sharper targeting translates into reaching the right audience with specific intent, ultimately, leading to increased conversion rates and effectiveness.
eCommerce to continue upward trajectory
We’re witnessing the takeoff of eCommerce across the board, supercharged from the shift during lockdown as businesses of all sizes realised the value of having a direct relationship with their consumers. On top of the sale, eCommerce is allowing advertisers to own the data relating to the customer and the sale, which is a huge factor in the boom.
eCommerce will see sustained growth as brands demonstrate a willingness to invest in channels that streamline the conversion process and build that direct line to their customers. We’re seeing a take-up of in-banner transactions, shoppable video, contextual targeting and dynamic eCommerce ads already playing a pivotal role in the transformation.
Harnessing AI
AI is quickly moving from a novelty to being embedded within a multitude of platforms to increase effectiveness and revolutionising the landscape, both on the overall marketing function and the specific ways we engage with technology. This includes from a generative perspective of creating content and messaging to getting a better handle on insights and planning, particularly with the abundance of first-party data. The wealth of information from this data will serve as a fertile ground for extensive learning and the development of models tailored to audience insights.
Surge in digital outdoor and connected TV channels
In the coming year, brace for a significant expansion in alternative advertising channels, particularly digital outdoor and connected TV. We anticipate substantial growth and innovative strategies as these channels evolve to become pivotal players in the advertising landscape. We have even been seeing clients connecting their digital out-of-home and digital display campaigns with live data, meaning interactions with the digital campaign can be relayed to the digital out-of-home screens – another space to watch.
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