9 Omnichannel Brand Predictions for 2024
I’ve spoken to hundreds of brands and investors across thousands of conversations in 2023.
Here are my Top 9 predictions for commerce in 2024. 👇
1️) The future of DTC is still omnichannel.
Brands need to meet their customers where they are.
Not to mention, pure DTC CAC is too expensive.
DTC brands will move into retail and marketplaces in droves.
2️) An invigorated focus on driving retail velocity.
It’s not enough to just get into retail.
Brands need to move products to stay and maintain shelf space.
That means driving retail velocity.
Rebates will be a key tool because they don’t require retailer or coupon house cooperation.
3) Brands crack the 3rd party channel black box.
Retail, marketplaces, and OOH are a new media frontier for brands.
The scale of brand impressions in those channels is on par if not more than digital.
Brands will use digital activations like product registrations, rebates, and sweepstakes to tap in.
And capture first- and zero-party data.
4) Connected Omnichannel experiences will be king.
Brands who win will deliver a consistent brand experience across channels.
With a focus on education and user experience to deepen customer relationships.
Helping buyers extract maximum value from products and providing thoughtful touchpoints with effortless UX.
5️) Digital activation in physical channels will surge.
The QR code will be a key tool for brands to engage customers at any stage in their journey.
And connect the physical and digital to drive more business via incremental acquisition, retention, and brand awareness.
6️) Shoppable Ads
The Amazon Black Friday NFL game showed the advertising industry what shoppable TV ads can do.
Not to mention major shoppable ad moves from Netflix, Shopify, and Roku.
We will see more ability to “click” these connected TV ads.
Check back on this one during the Superbowl ;)
7️) TikTok shops will be the next Amazon.
Tiktok’s growth has been astronomical in the last 5 years.
The average adult TikTok user spends 56 minutes per day there.
TikTok shops are going to blow up.
8️) Profitable brands will win.
Economic models suggest a 52% chance of a recession within 12 months.
Investor capital has all but disappeared for brands.
Gone are the days of VC funded customer acquisition.
The brands that will continue to survive are the ones that grow profitably.
9) Retention will become a greater focus.
As brands focus on profitability, they will shift focus from acquisition to retaining their best customers.
Why? Because acquiring a new customer is 5x more expensive than a returning customer.
Brands will continue to seek recurring revenue from existing customers through subscriptions