Retail marketers name ecommerce, TikTok, generative AI as most important trends of 2024

Key stat: Ecommerce everywhere, TikTok and social video, and generative AI are the top three trends that retail marketers worldwide are watching this year, according to a November 2023 MediaOcean survey conducted by TechValidate.

Beyond the chart:

• We forecast US ecommerce sales will reach $1.217 trillion this year, an 8.2% increase from 2023. By 2028, ecommerce sales will represent just over a fifth (20.4%) of total retail sales in the US.
• US adults will spend an average of 50 minutes a day with social video, over half (58.4%) of total time spent with social networks, per our forecast.
• The top commerce use cases for generative AI among retail professionals worldwide include generating product recommendations for store associates to use in-store (currently used by 59% of retail professionals), creating conversational digital shopping assistants (55%), and creating virtual models for product detail pages (52%), according to a June 2023 survey by Salesforce.

Use this chart:

• Illustrate retail industry trends.
• Justify investments in ecommerce, social video, and generative AI.

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• More than two-thirds of TikTokers have increased usage despite shopping content changes
• What a TikTok ban would mean for ecommerce brands
• 3 ways retailers can implement AI-powered personalization without being intrusive

Methodology: Data is from the April 2024 Mediaocean "2024 Retail Advertising Outlook Report." 117 retail marketing professionals worldwide were surveyed during November 2023 by TechValidate. The survey included insights reflecting input from Mediaocean's customers and partners, focused on key consumer and technology trends along with projected media investments.