Sameera Casmod | sameerac@radioislam.co.za
07 February 2024 | 14:31 SAST
2-min read

Image credits: Pitch

Euromonitor International released the Top Five Digital Consumer Trends in 2024 report. The rapidly evolving digital landscape of 2024 has brought forth a myriad of challenges and opportunities for businesses worldwide. With over twice as many consumers now active online and a surge in online spending, companies are facing increasing pressure to adapt to the changing expectations of digitally savvy shoppers.

Marija Milasevic, a senior consultant at Euromonitor International and one of the authors of the organisation’s annual report, explained that there is a growing demand for tailored products and personalised shopping experiences, particularly on digital channels.

Milasevic pointed out the anticipated role of generative AI (Gen AI) in shaping the consumer experience online, with its unique creative capacity poised to revolutionise targeted marketing campaigns and intelligent shopping suggestions.

“It’s a change from more transactional to more engaging, intuitive shopping. So, in 2024, generative AI is anticipated to play this critical role in shaping this consumer experience online. The unique creative capacity of Gen AI distinguishes it,” Milasevic said.

Giorno Fashion Retail, for instance, recently launched a virtual fashion assistant, indicating the innovative applications that businesses are employing to accommodate higher expectations among consumers.

Milasevic discussed the rise of short-form video platforms like TikTok and the challenges and opportunities they present for brands. While many marketing campaigns on TikTok are initiated by brands, the most successful content often emerges organically from content creators, showcasing their own take on products or services in a creative and authentic manner.

“Young people, especially those who desire authenticity, are typically pretty good at understanding if the content is being promoted by brands or not. So brands can capitalise on the power of TikTok by letting users do their work, like just trust creators. The most successful marketing strategies will be those that can effectively use the power of authentic, organically created viral trends,” Milasevic said.

In response to more frugal consumer behaviour, brands have got to navigate the digital landscape in ways that do not alienate their customers, Milasevic explains. One way to do that is to offer consistent and clear messaging regarding their products and values.

“Social media is contributing significantly here [to increasingly cautious spending habits]. Like TikTok is one of the platforms that is most responsible for the trends. So, in such short videos, content creators demonstrate budget hacks… Just one of the examples would be the rise of so-called ‘dupe culture’ when TikTok-driven trends with less-expensive replicas of famous apparel, personal accessories, and beauty brands are shared via videos,” Milasevic said.

When it comes to tracking the success of digital marketing efforts, Milasevic underscores the importance of sales as the number one key performance indicator (KPI). However, she also mentioned other metrics such as customer engagement, time spent with the brand, and number of donors, which provide valuable insights into campaign effectiveness.

Listen to the full interview on Sabaahul Muslim with Moulana Junaid Kharsany.