AI Influencing Online Shoppers

Plus, 🎯 Weekly Ad Auction and Consumer Spending Update

August 21, 2024


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SHOPPING TRENDS

🛍️ Consumer Insights on AI Tools and Boomer Behavior
Insights from Chain Storage

Recent studies reveal notable shifts in consumer behavior, with AI tools transforming online shopping habits and Baby Boomers exhibiting distinct preferences and behaviors. These insights highlight the need for brands to adapt their strategies to cater to these evolving trends.

The Scoop:

  1. AI in Online Shopping: A Storyblok survey of 200 businesses and 200 online consumers reveals that 40% of consumers regularly use AI tools like ChatGPT for product research. AI has become the top source of information for 17% of consumers, trailing only Google (45%) and marketplaces like Amazon (26%).

    Nearly half (47%) of brands believe AI and large language models will significantly redefine their SEO strategies, with 20% anticipating a complete overhaul. Additionally, 38% of brands are investing in AI technology, while 43% monitor trends to integrate these tools effectively into their marketing strategies.

  2. Boomer Consumer Behavior: A study by Sooth reveals that Boomers are 50% less likely than average to follow a brand and 35% less likely to read sponsored posts, showing a strong reliance on friends and family recommendations. Boomers are 32% more likely to prioritize personalized customer service and 2.2 times more likely to choose organic brands compared to Gen Z.

    Environmentally conscious, Boomers are three times more likely to recycle and 39% more likely to donate to environmental causes. Additionally, Boomer travel habits are evolving, with a 30% increase in trips inspired by social media over the past 18 months.

As AI tools revolutionize online shopping and Boomers demonstrate unique consumer behaviors, brands must strategically adapt to these trends. Embracing AI for enhanced personalization and understanding generational preferences are essential for maintaining relevance and driving success in today’s market.

TOGETHER WITH RELAY

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MEDIA BUYER INDEX

🎯 Weekly Ad Auction and Consumer Spending Update
Insights from Northbeam

As we approach Black Friday and Cyber Monday (BFCM), ad auction costs are on the rise, impacting all metrics. However, consumer spending is showing resilience, setting up for a potentially strong Q4.


The Scoop:

  • Political Ad Spend: Expect higher ad costs leading up to Election Day in November, with a sharp drop afterward, creating an opportunity for lower-cost conversions.

  • Consumer Spending: Despite concerns, Q2 2024 saw the best spending levels since 2021, especially during post-election years, setting the stage for increased Q4 activity.

  • Ad Performance: Screen time is expected to rise, lowering CPMs and increasing CTRs, but top-of-funnel campaigns may feel more expensive until November 8, when bottom-of-funnel conversions become more cost-effective.

Q4 2024 is shaping up to be strong for marketers who stay focused, especially with strategic timing around political ad spending and BFCM campaigns.

QUICK SCOOP

💰 Struggling with cash flow? We understand. Delayed payments, irregular expenses, and seasonal income can wreak havoc on your financial plans. But what if you could turn that chaos into confidence? Relay recently hosted a webinar on Business Budgeting Strategies to Unlock Cash Flow Clarity, with Certified Profit First Professional James Masotti. Watch the recording today!

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❌ X is introducing an enhanced dashboard for Verified Organizations, designed to streamline management of ads, job listings, affiliate accounts, and analytics in one place. Available to subscribers of the $1,000/month plan, it includes advanced search functions for tracking mentions.

👩🏻‍💻YouTube is introducing QR codes to all channels, expanding a feature previously tested with select users. These QR codes allow for easy promotion and sharing of channel content by scanning and following.


That’s all for today! While we curate another Viral Scoop for tomorrow, let us know how you felt about today! And share this with someone who’d love it.🥰