Netcore Cloud, a global MarTech leader, has released its ‘State of Ecommerce and Retail Marketing 2024’ report for North America. Amid soaring customer acquisition costs and intense competition for consumer attention, this report delivers critical insights to help ecommerce and retail marketers navigate and succeed in a rapidly evolving landscape.
Pratik Bhadra, CEO of North America at Netcore Cloud and Unbxd, states, “Retailers and ecommerce marketers are operating within an increasingly complex ecosystem. Our report sheds light on the inefficiencies of current marketing spending and introduces a new paradigm of shoppable channels and inbox commerce focused on sustainable growth and robust customer engagement. Additionally, the application space from Gen AI is ripe for adoption with marketers hungry to deploy not just workflow optimization but also conversion optimization solutions related to it.”
Rajesh Jain, Founder & Group MD at Netcore Cloud, commented, “With customer acquisition costs at unprecedented levels and Return on Advertising Spend (ROAS) hitting record lows, traditional marketing strategies are no longer sufficient. Our analysis delves into the ‘leaky bucket’ phenomenon where brands continuously invest in re-acquiring the same shoppers, leading to significant ad waste.”
The report uncovers several crucial trends impacting the industry:
- 80% of retail and ecommerce marketers report that rising customer acquisition costs will significantly impact their business operations in 2024, requiring a shift in strategic planning and resource allocation.
- Email marketing accounts for nearly 30% of many North American ecommerce marketers’ overall revenue, highlighting the increased effectiveness of highly relevant, personalized email campaigns.
- Less than a third of brands surveyed utilize predictive data to fuel proactive marketing campaigns, highlighting a gap in adopting more advanced technologies.
At a time of escalating costs and diminishing returns, brands must explore innovative alternatives to traditional digital advertising channels. By adopting the advanced strategies detailed in Netcore Cloud’s ‘State of Ecommerce and Retail Marketing 2024’ report, brands can enhance their marketing efficacy, optimize spending, and regain control over their growth trajectories.
