Netcore Cloud, a global MarTech and customer experience company, unveils its inaugural State of Martech Report for 2024, offering insights into the dynamics of consumer behavior and its implications for marketing strategies.
The report extensively covers key areas, including shifts in consumer behavior, the impact of generative AI, the rise of personalised marketing, and the changing role of technology in customer engagement. Notably, the report highlights a growing preference among consumers for short-form video content and a rising demand for convenient and instant transactions. In response, marketers are urged to reevaluate their strategies to effectively engage consumers across various platforms.
One of the key findings indicates a significant inclination towards hyper-personalisation, with 7 in 10 global consumers actively seeking personalised experiences. The retail landscape is transforming hyper-personalisation, emphasising the need for marketers to precisely target individuals, moving towards a ‘segment of one.’
Video content’s influence on consumer decisions takes center stage, with 90% of consumers acknowledging the impact of videos on their product decisions. This has led to a surge in influencer marketing and a focus on short video formats by industry leaders. Unconventional platforms like TikTok, WhatsApp, and email are emerging as new storefronts for brands.
Short-form videos are identified as a powerful tool, being 2.5 times more engaging than longer counterparts. An overwhelming 89% of consumers reveal that viewing a video significantly influences their decisions regarding a product or service.
Looking at e-commerce trends, the report predicts global retail e-commerce sales to reach $8.1 trillion by 2026. Consumers are becoming more discerning, well-informed, and mindful of their expenditures, seeking outstanding and seamless shopping experiences.
“The State of Martech 2024 is not just a report; it’s a vital roadmap for marketers navigating the dynamic digital world. It highlights the transformative power of Martech and the necessity of integrating innovative strategies to deliver exceptional customer experiences. As we step into a future dominated by AI and automation, understanding these trends is crucial for any marketer looking to make a substantial impact,” Mahesh Narayanan, chief marketing growth officer, Netcore Cloud, said.
The significance of omnichannel engagement is underlined, with companies embracing robust strategies witnessing a substantial 9.5% annual revenue surge. Consistent brand experiences across platforms are deemed crucial for both widening reach and encouraging customers to complete their journey.
Simplifying transactions across channels is identified as a key factor, as users increasingly expect convenience and swift transactions. The report suggests a move away from the traditional map-to-store routine, urging marketers to enable users to search, browse, add to cart, and checkout from any channel they prefer.
AI-powered hyper-personalisation emerges as a critical trend, with nearly 73% of global consumers seeking more personalised encounters. Marketers are leveraging AI and ML to carve out laser-focused user segments, predict preferences, and craft immersive, personalised experiences.
In conclusion, the report emphasises the need for marketers to adapt to the evolving consumer landscape, employing data-driven strategies, personalised experiences, and streamlined transactions across channels to succeed in the dynamic marketing environment.