The 2024 holiday season is gearing up to be the hottest we’ve ever seen. With a record-breaking $1 trillion expected from consumer spending, now’s the time to enrich customer experiences through the latest transformations and shifts in the market.
Here are five of those shifts, taken from Rokt’s “The Hottest Holiday Season Ever” report, that can help you take advantage of the enormous opportunities this holiday season offers:
1. Seamless payment options are driving more flexibility. One of the most significant trends this holiday season is the evolution of payment options. With the rise of buy now, pay later (BNPL) services and alternative currencies, shopping has never been more frictionless. These innovations make it easier for consumers to purchase what they need when they need it, enhancing the overall shopping experience.
2. AI-driven personalization. Advanced artificial intelligence analyzes consumer behavior and preferences, delivering highly targeted holiday shopping offers. This ensures that the deals shoppers see are tailored to individual tastes and shopping habits, making holiday shopping more relevant and enjoyable.
3. The emergence of “Black Fall.” Traditionally synonymous with post-Thanksgiving sales, Black Friday is expanding into a season unto itself—“Black Fall.” Advertisers are now starting their promotions weeks and even months in advance of Thanksgiving to reach customers looking for the best deals.
4. Online shopping goes offsite. As shoppers engage with nontraditional channels both online and offsite, the smartest businesses will unite their experiences through relevant touchpoints. Through first-party data and AI, customers can receive tailored offers in real time, accessing offers that meet their unique interests and needs, no matter where they are.
5. Giving is the new gifting. More consumers are prioritizing charitable contributions as part of their holiday spending. E-commerce brands that seamlessly integrate charities into the shopping experience can gain incremental revenue while giving customers the chance to support worthy causes.
There are a number of other considerations that marketers should keep in mind, in order to take advantage of these market transformations this holiday season:
Personalization versus relevance
For decades, marketers have been seeking to get the right ad to the right person at the right time. But brands want to deliver the best ad to the best person at the best time. The difference between right and best is also the difference between personalization and relevance.
Overcoming the paradox of choice
In today’s digital age, the abundance of data and technology has led to an overload of choices for consumers, resulting in the paradox of choice. Marketers can mitigate this by prioritizing relevance, ensuring that every interaction in the customer journey is purposeful and streamlined.
The moment that matters most
The moment customers hit “buy” is one of the happiest moments of the customer journey. That’s why our core focus here at Rokt is engaging with customers during this transaction moment to maximize the experience for the customer, e-commerce partner and premium advertisers.
Measuring success
There’s nothing more valuable for advertisers than being able to measure outcomes. Historically, traditional metrics such as return on ad spend (ROAS) and cost per thousand impressions (CPM) have been used to show success.
Because Rokt understands that advertisers want to know the value of their efforts, we close the loop and focus on metrics like cost per click (CPC) and cost per acquisition (CPA). This allows advertisers to directly link campaign investments to tangible business results and more efficiently optimize their campaigns.
Balancing AI and creativity
While AI and machine learning play crucial roles in enhancing customer interactions, creativity remains essential. Rokt emphasizes the power of simplicity and sophistication in marketing approaches; we believe that minimalist strategies can often yield the most impactful results.
To learn more about getting ahead of 2024’s holiday surge, visit our holiday resource page.
