Ep 590: What Is Going On In E-commerce In 2024? with Raul Galera, Referral Candy

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We're uncovering vital trends impacting your business decisions—from the rise in marketing budgets to the power of agencies in shaping strategies. We'll explore consumer behavior shifts, particularly within millennial families, and delve into how seasonal trends like back-to-school shopping can influence your bottom line.

In this episode, Jordan West with guest Raul Galera, discusses the significant shifts in social commerce, with TikTok Shop coming to the forefront, and live shopping's potential to drive engagement and sales. Plus, Jordan West will provide expert tips on agency fee structures to ensure your partnership aligns with profitability and growth strategies.

Listen and learn in this episode!

Key takeaways from this episode:

• Increase in Marketing Budgets: Brands are now spending more on marketing despite initial hesitations. This reflects growing confidence in marketing investments, particularly noticeable after the seasonal summer lull.
• Value of Agencies: Agencies provide a broader view of industry trends because of their access to data from multiple brands, as opposed to brands relying solely on their own data points. This makes agencies valuable for insights and strategic decisions.
• App Spending: Brands focus app spending on potential ROI rather than having a fixed budget, making it part of the marketing investment rather than a hard cost.
• Reactive Financial Practices in E-commerce: Many e-commerce business owners lack formal business education and tend to be more reactive in financial decision-making.
• Fractional CFOs: They can sometimes scrutinize agency value without understanding the significance of the services provided, leading to potential misjudgments in strategic decisions.
• Agency Relationships: Good communication and overcoming pride are important to maintain beneficial relationships between brands and agencies.
• Social Commerce Trends: Platforms like TikTok and live shopping are becoming essential for modern brand visibility and engagement strategies.
• Shift in Ecommerce Sentiment: There is an optimistic shift in sentiment for 2024 compared to a challenging 2023, with brands feeling more prepared for events like Black Friday and Cyber Monday.
• Agency vs. In-house Staffing: Agencies are preferred over in-house hires due to their shared industry knowledge and expertise, though brands are becoming more selective about agency fees.

Today’s Guest: 

Raul Galera, who is connected with Referral Candy, a platform specializing in enhancing referral marketing strategies for e-commerce brands. As an expert in the e-commerce landscape, Raul Galera shares insightful perspectives on marketing trends, the evolving role of agencies, and consumer behaviors, particularly focusing on how agencies can provide comprehensive industry insights. 

Recommended Apps/Tools:

Referral Candy: https://www.referralcandy.com/ 

Growth Plan: www.upgrowthcommerce.com/grow

Million Dollar Offers: www.upgrowthcommerce.com/grow