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- FB Ads getting better?
FB Ads getting better?
Plus, 🛍️ Summer E-commerce Promotional Events: An Analysis
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📊 Automated Rules Templates and Facebook Ads Performance Analysis
Insights from Facebook
Facebook has introduced new automated rules templates to enhance ad campaign efficiency, alongside improved ROI metrics for advertisers in 2024. Here’s a quick run through of the specifics
The Scoop:
Automated Rules Templates: New templates include options to reduce audience fragmentation by automatically combining ad sets, audiences, and budgets or notifying you if fragmentation occurs. The best-performing ad set is expanded with the budgets of turned-off sets.
Additionally, the reduce auction overlap template can turn off overlapping ad sets and increase the budget of remaining ones, or notify you if ad sets compete. Non-performing competing ad sets are paused, but well-performing overlapping sets are not. Any automatic campaign changes made will be notified for your review in Ads Manager.
Improved ROI Metrics: In 2024, Facebook ads have shown improvement. The average click-through rate for lead campaigns is up to 2.53%, while the cost per click has decreased to $1.88. The conversion rate has risen to 8.78%, and the cost per lead has dropped to $21.98. With 3 billion monthly active users and an average user spending 35 minutes per day on the platform, Facebook continues to provide a stable, cost-effective advertising option.
These trends help advertisers make informed decisions about digital marketing strategies and budget allocations. Facebook ads offer a stable, cost-effective complement to search advertising.
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ECOMMERCE DATA
🛍️ Summer E-commerce Promotional Events: An Analysi
Insights from Earnest
Ecommerce companies increasingly leverage July promotional events to boost sales and reward customer loyalty during slow summer months. Major retailers like Amazon, Walmart, TikTok Shop, Target, and Wayfair held significant sales events, with Amazon Prime Day leading in sales and customer participation. This analysis examines the impact of these events on sales and customer behavior.
The Scoop:
Sales Growth: TikTok Shop experienced an 81% sales increase during its Deals for You Days, outpacing Amazon’s 10% increase on Prime Day. Target saw a 4% rise, while Walmart’s sales remained flat, and Wayfair’s sales declined by 5%.
Customer Loyalty: Amazon demonstrated the highest customer loyalty, with 19% of its customers shopping on Prime Day. TikTok Shop and Walmart had lower participation rates, with 5% and 2% of their customers shopping during their respective sales events.
Spending Patterns: Wayfair led in average spending per customer during promotional events, with customers spending $281 on average. Walmart followed with $101, Amazon with $89, Target with $76, and TikTok Shop with $53.
Annual Impact: Prime Day shoppers at Amazon spent 2.9 times more annually than non-Prime Day shoppers. Similarly, Walmart Deals shoppers spent 3.8 times more, and TikTok Shop’s Deals for You Days shoppers spent 3.4 times more than non-event shoppers.
Market Share and Dynamics: Amazon increased its share of online spending to 84% in July, up from 82% in June, while TikTok Shop continued to gain market share, reaching 1.5% of online sales. Walmart’s share decreased slightly, and Target and Wayfair maintained their smaller shares.
Summer promotional events are crucial for driving sales and customer loyalty, with Amazon’s Prime Day leading in impact. As these events become more ingrained in consumer behavior, retailers can expect to see continued growth and engagement during the summer months.
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🩼TikTok has rolled out new direct messaging features, including group chats for up to 32 participants and a variety of sticker options. Users can now share TikTok clips as video stickers and create custom sticker sets.
📹YouTube is experimenting with combining Shorts and long-form videos into a single feed to improve content discovery. This test places longer videos within the Shorts feed, aiming to increase overall viewership by utilizing the popularity of Shorts, which receives 70 billion views daily.
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.🥰