3 Marketing Trends Retailers Must Prioritize in 2024
The theme for retail marketers in 2024 is push forward when others pull back. Amid continued budget consolidation, unpredictable consumer demand, and macroeconomic factors, marketers naturally tend to conserve their resources for a brighter day. Despite industry challenges, the retail landscape is ripe with opportunities. The strong holiday season shone a light on the way forward. To capitalize on this momentum, retailers must jump on crucial marketing trends to push forward and past their competitors this year.
1. Tightened Budgets Lead to Streamlined Vendors and Value-Driven Strategies
Ironically, pushing forward starts with a step backward with the dissolution of “MadTech,” divorcing AdTech from MarTech. Blurring the lines between AdTech and MarTech has diluted their specialized functions while missing key capabilities like consent management. These gaps are limiting MadTech effectiveness in achieving specific value, including cultivating personalized experiences that meet customer expectations.
Complicating matters, marketers won’t have the luxury of robust budgets to support them. Gartner’s 2023 CMO Spend and Strategy Survey showed that most chief marketing officers are pressured to reduce their technology spending while lacking the resources to meet their goals. The new year and a challenging economy will inspire marketers to re-evaluate vendor partnerships and eliminate redundant and uneconomical tools. Retail marketers will favor expertise and collaboration over complexity — this starts with fewer specialized vendors and more value-driven strategies.
As the Vice President of Product Management at Vericast, Hans leads the digital product team, delivering omnichannel programmatic advertising solutions across various media platforms.
With over 15 years of experience in the media and advertising industry, Hans has a proven track record of successfully commercializing and scaling innovative products that drive engagement and revenue for clients and partners. Hans is passionate about guiding innovation – from building a problem-solving culture to developing market-defining solutions. By leveraging data and technology, Hans believes that exceptional experiences can be created – providing value to customers and users alike.