In the ever-evolving landscape of eCommerce, staying ahead requires constant adaptation and strategic insights. The Fospha State of eCommerce Report for Q1 2024 brings valuable data to the forefront, guiding marketers, advertisers, business owners, and agencies in the eCommerce industry on where to channel their efforts for maximum return.
The report reveals a significant underinvestment in paid social channels, with advertisers reaching 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 TikTok emerge as leaders in paid social success, with Meta boasting the highest relative Return On Ad Spend (ROAS). Notably, TikTok stands out for new customer acquisition, outpacing other channels in driving new conversions.
- Snapchat’s major update has catapulted it as a growth channel worth watching, with a remarkable 504% increase in ROAS year-over-year.
- The report highlights a widespread issue in the industry: the underrepresentation of impressions-led channels by Google Analytics and ad platforms’ own attribution models. This discrepancy emphasizes the need for standardized measurement methods to accurately report performance.
Now is the time to reassess your investment in paid social, explore the potential of emerging channels like Snapchat, and adopt reliable measurement methods to navigate the complex digital marketing landscape effectively.
For a deep dive into these insights and to leverage them for your digital strategy, download the full Fospha State of eCommerce Report Q1 2024. Embrace the data-driven insights to refine your approach, optimize spend across platforms, and drive your eCommerce brand towards profitable growth.
