E-commerce sales are set to reach almost $4 trillion by the end of this year, indicating the extent to which cutting-edge technologies are vital for brands wishing to rise victorious over competitors. Some of the most important technologies ruling marketing and branding are artificial intelligence (AI), the use of multi-touch attribution models, and virtual reality marketing. How are these technologies changing marketing strategies, and how can you leverage their power to take your brand to the next level?
Companies across a wide array of industries are honing their digital marketing strategies through AI, Customer Relationship Management (CRM), and big data technology. Dedicated software programs collect user information, gaining vital insights regarding customers’ product preferences, the type of content they wish to consume, their page preferences, and more. The data gleaned enables marketers to target content to specific customer groups, make key brand changes to their text and visual content, and address their audience in their preferred medium – be it video, blogs, podcasts, or other modes of communication.
Virtual reality tools enable marketing teams to present their brand to customers in a more impactful way. The statistics show that investment in this technology pays off, since 62% of consumers surveyed said they would feel more engaged with brands that sponsor VR experiences. VR can be used to do so much more than show off an array of products or services. It can also help companies show target customers that they understand and share the same values.
In current times, for instance, e-brands that promote diversity are connecting closely to millennial and Gen-Z customers, who expect the brands they support to be purpose-driven. Cutting-edge marketing firms can rely on VR tech to publish content and images of people from various minority and diverse groups in an organic yet impactful way. Fighting bias and creating inclusivity are two areas in which e-commerce can play a leading role, and new technologies can help do so in an entertaining, dynamic fashion.
Multi-touch attribution is a marketing effectiveness measurement technique that studies all the touchpoints a customer hits on their journey, attaching fractional value to each touchpoint so that teams can identify the extent to which each channel has influenced a sale. For instance, if a consumer is buying a dress, they may first see a display ad, which they ignore. They may then see a native advertisement on their Facebook feed that captures their attention and drives them to the brand’s website.
They may not make the sale, however, until they receive an email offering them a discount for the relevant item or website. The marketing team behind the brand can use this information to see that the display ad was of no use to the sale, while the targeted email was highly effective. By analyzing various sales, they can plan their strategy and continue to measure and analyze the effectiveness of each channel.
AI, VR, and multi-touch attribution are just three technologies which are enabling marketing teams to make wiser branding choices. Relying on technology makes sense considering the major growth of e-commerce, which is only expected to become stronger in coming years. Marketing and branding spend is no longer a guessing game, thanks to technologies which are capable of analyzing millions of pieces of data, and of delivering accurately measured results in real time.