Brands count on tech in 2024 as consumer journey evolves.

TLDR:

Key Points:

• The consumer buying journey has evolved due to social media, DTC e-commerce, and omnichannel strategies in the beauty industry.
• Brands are leveraging technology, focusing on TikTok, and working with content creators to stay relevant.

All brands will heavily rely on technology in 2024, as the consumer journey continues to evolve. The rise of product discovery on social media, changes in the direct-to-consumer e-commerce landscape, and the beauty industry’s emphasis on omnichannel strategies have disrupted the traditional shopping journey. At a recent LTK Beautiful event, industry leaders discussed the challenges posed by this evolving consumer journey and how brands are adapting:

Key excerpts from the conversation include:

Strategizing around TikTok:

• Brands are leveraging TikTok for product efficacy, research, and as a search engine.
• TikTok and Instagram are top priority channels for brands with different objectives.

Leveraging content creators:

• Content creators play a crucial role in the marketing funnel, from awareness drivers to community influencers.
• Brands are focusing on using technology to empower both creators and brands for mutual benefit.

Expectations for the influencer economy:

• The future will pair authenticity with authority, focusing on professionals recommending and educating about products.
• Brands are looking to capitalize on social commerce and engage nano- or micro-influencers for a more targeted approach.

Overall, the conversation highlighted the growing importance of technology, strategic partnerships with content creators, and the evolving influencer economy in shaping brand strategies in 2024.