Staying at the forefront of the ever-evolving e-commerce landscape requires constant adaptation and strategic insights. The Fospha State of eCommerce Report for Q1 2024 brings valuable data to the forefront and gives marketers, advertisers, business owners and agencies in the eCommerce industry guidance on where to direct their efforts to achieve maximum return on investment.
The report shows significant underinvestment in paid social channels, with advertisers using only 59% of their potential, suggesting an opportunity to nearly double spend for profitable returns.
Here are some key takeaways from the report:
- Meta And Tick tock are establishing themselves as the frontrunners in paid social success, with Meta boasting the highest relative return on ad spend (ROAS). In particular, TikTok excels at acquiring new customers and outperforms other channels in driving new conversions.
- Snapchats The major update has catapulted it into a growth channel worth watching, with a remarkable 504% year-over-year increase in ROAS.
- The report highlights a widespread problem in the industry: the underrepresentation of impression-based channels by Google Analytics and advertising platforms’ own attribution models. This discrepancy highlights the need for standardized measurement methods to accurately report performance.
Now is the time to reevaluate your paid social investments, explore the potential of new channels like Snapchat, and adopt reliable measurement methods to effectively navigate the complex digital marketing landscape.
To dive deeper into these insights and use them to inform your digital strategy, download the full version Fospha State of eCommerce Report Q1 2024. Use data-driven insights to refine your approach, optimize spend across platforms, and lead your eCommerce brand to profitable growth.
