According to Udit Verma, Cofounder of Trackier, this pandemic taught us the importance of the Ad-tech industry and digital consumption creates many opportunities to push limits with existing models of businesses. The last decade witnessed the massive transformation of technology as many industries get modified include digitalization to some extent. Not only industry, Consumer behavior changed a lot their expectation turns into technology-oriented to decrease the hustle of buying as low as possible but without compromising the quality. Marketers and Advertisers realized in few years the idea of unexpected panic, its prominent solution, or maybe quick adoption of technologies. A recent analysis of Digital commerce 360 reveals that consumers in the US spent $861.12 billion online in 2020, whereas this figure was $598.02 billion in 2019, an overall rise of 44% in online shopping.
Another big change noticed in these years the use of digital Ads with a combination of Artificial intelligence and machine learning. For a better understanding of the online behavior of consumers, also to become more engaging and interactive towards them.
Advertisers have been getting low responses and conversion rates in 2020, Now with the change in consumer behavior and a new way of digital ad creates a whole different situation for advertising. They use online channels like Amazon, Google, and Facebook to target a wide audience including grabbing their intention with more video content. Reels, Shorts pushes the market to create short yet confirmative content. One more reason is the decreasing attention span of consumers they will going to spend a maximum of 3 minutes on your Ad.
Data insight and automation key success tools are helping business to grow rapidly. Businesses should Track ROI (Return on investment) to conclude the most accurate information about their performance. The preferred choice for advertisers shifted towards performance-based marketing.
Google and Apple put check on their cross sites Google plan to phase out third-party cookie by 2022 from chrome. Data is the fuel of the market at the same time the most sensitive part due to privacy concerns. The consumer also becoming conscious about their data privacy, they will not be going to share it casually.
Another turning page is affiliated marketing as it increased online advertising, the focus of affiliate marketing is on volume. Brands will want to divert their funds to channels that show better ROI, so affiliate marketers to be extremely selective about the partners.
Advertisers needed to look forward to a better understanding of new-age advertising, consumer trends will keep fluctuating, and the key technology driving it. Consumer attention and devices will be flexible and there will be greater reliance on tools that go beyond universal identifiers.