The Official 'Ins and Outs' List for Retail Marketing in 2024

As a retail marketer, you’re an inherent trend watcher, which likely means you’ve caught the wave of the viral “ins and outs” lists that took over social media at the start of the year. And as a retail marketer you’re focused on connecting with customers and driving sales online and in-store. Evolving from a personal resolutions list, friends and influencers have all chimed in with their forecasted predictions of what people want to see more of — and what we should leave behind. In that same spirit, here’s a list of “ins and outs” for retail marketing in 2024.

In

• Artificial intelligence as a transformational tool: The misconception that AI will soon replace us as marketers is quickly fading. AI tools won’t replace your job; instead, it will free marketers from mundane tasks so that they can focus on the things that will drive their businesses forward. At Meta we’re seeing marketers lean into our AI-powered tools more than ever. In fact, almost all advertisers are using one of the Meta Advantage products, our suite of AI-powered advertising tools that automate a part of or the entirety of a campaign. AI tools, like background generation, image expansion, and text variation, or Advantage+ shopping campaigns can empower your team to test and prove creative to understand what lands best. In turn, you can optimize your ad spend towards the creative that will make the most impact.
• Creative diversification: Today’s culture moves practically at the speed of light. To keep the pace and cut through the clutter, you must understand what creative concepts and formats speak to your customer — the audience you know today and the audiences you might not have thought to target. Constantly iterating advertising creative and leveraging customer insights will help maintain strong performance throughout the year. A Meta study of 2,700 advertiser tests found that creative diversification led to a 32 percent improvement in cost per action (CPA) and a 9 percent increase in incremental reach. When using tools like Advantage+ shopping campaigns that automate the targeting and delivery of ads, it's important to continue to iterate new ads to understand what performs best.
• New approaches to brand storytelling: Consumers are craving more authentic interactions with the brands that they purchase from. Shopping is no longer just a transaction. For Gen Z in particular, purchasing is a statement of individual identity and values. To better explain what their brand stands for, where products come from, and have more meaningful conversations with customers, brands are turning to creators and short-form video. And these strategies are working. Meta research shows that 79 percent of Gen Z (18-24) have purchased a product or service after viewing a Reel. By giving shoppers more content to explain your brand and its products and values, you help inspire confidence. This is critical when almost half (46.5 percent) of consumers want to shop for products on their own without help or guidance.

Out

• Overproduced content: Half of B2B marketers say it’s become harder to capture their audience’s attention, meaning no matter their age, consumers aren’t resonating with the current creative tone. Audiences no longer want to see what brands depict as the “dream life”; they want to see reality that reflects their experiences. Successful content doesn’t need a big production. Instead, it should be centered around three principles: it needs to be relatable, authentic and entertaining. The shift for marketers is changing from speaking to customers to having a conversation with them. People share Reels 3.5 billion times every day; the brands that get authentic video production right can tap into this trend to expand their reach.
• Outdated measurement strategies: Measurement is critical to understand how your marketing investments are driving results for your business as well as when you need to change your strategies. In the past marketers could use individual measurement solutions to feel confident about their performance. Now with a fragmented media landscape, privacy controls and changing consumer behaviors it's harder than ever to get a holistic view of how businesses are engaging customers. Gen Z, for example, is 2.4 times more likely to make a purchase directly from a retail advertiser’s website one day after seeing an ad, without clicking on the ad itself. To combat this trend, Meta recommends advertisers use a combination of media mix modeling, conversion lift studies, and attribution methodologies to make sure marketing investments align to business goals.
• Thinking in channels: It’s been 14 years since the term omnichannel was introduced to the retail industry and marketers are still struggling with understanding how to engage consumers across physical and digital channels. When marketers put themselves in the shoes of their shoppers it's easier to understand that browsing Instagram, watching creator videos, going to the mall or browsing are all fundamentally forms of shopping. We also recognize that ads on Facebook and Instagram can drive business outcomes even if they don’t result in an immediate sale. In a recent Meta study, advertisers globally saw a 3.47 omnichannel return on their ad spend — meaning that for every dollar they invested in Meta ads, advertisers saw a 1.76 return in-store and a 1.71 return from online sales.

In the digital age, last year’s must-have products and trends can quickly become stale as we head into Q2 this year. For retailers, the trending “ins and outs” lists are more than just a fleeting trend; they serve as a gold mine of insights, especially for driving fresh marketing strategies as customer preferences evolve.

Karin Tracy is the head of industry, retail/fashion/luxury, Meta, the social metaverse company.