One of the best ways to stay on top of sales trends for the next year is to study what has come before. With some insight into the year behind, you can estimate what might happen in 2024. Keeping up with technological changes and shifting consumer buying patterns requires research and understanding of what drives your customer base. Here are the sales trends to watch and how you can make the most of them.
What Is Likely to Impact Sales in 2024
Near the end of 2022, ChatGPT entered the scene and greatly impacted small businesses. Suddenly, automation was at the fingertips of even low-budget firms, allowing the little guy to compete alongside big corporations.
In February 2023, Reuters reported ChatGPT reached 100 million active users two months after launching, outpacing any social media platforms and other apps on the internet. The shifting tide to utilizing artificial intelligence (AI) in everything from monitoring for product loss to chatting with customers will change sales trends for years to come.
How can you ensure you stay ahead of sales trends as 2024 arrives? You must keep up with traditional marketing methods that stand the test of time and as well as budding innovations to keep money rolling in. Here are some strategies and tips to stay ahead of competitors when it comes to AI and many other factors.
1. Focus on Essentials
Generation Z has come into adulthood and their spending habits could impact industries across the board. However, inflation has changed the way they spend. Nine in 10 say they will cook at home for the foreseeable future, and 70% plan to reduce clothes spending and buy only essential groceries.
Rising wages are not keeping pace with escalating prices, so look for ways to add essential elements to what you offer. If you sell something people tend to cut when their budgets are tight, what can you add that they see as a necessity? People might reduce spending on non-essential items, but if you offer something reusable and vital, they will likely re-order from you and tell others.
2. Personalize Interactions
Of all the sales trends, personalization remains popular. Sites such as Amazon and Target use past browsing and buyer behavior to recommend products. They also greet the person by name and save the shopping cart.
Think about how you can best personalize any interaction you have with clients. You might segment your audience into groups and send emails based on a buyer persona. Analyze what your target audience enjoys and stock new products based on data.
Utilize machines to sort through internal information and come up with a list of offers that enticed users to buy in the past. Does a 10% sale fall flat, but a 20% discount brings more sales? Try different tactics and stick with the ones that work best for your customers.
3. Refine Processes
One of the best things you can do is look at current trends and determine which ones work best for your brand. Then, invest in the tools and techniques that make the most sense for you. One of the crucial sales tools is brand presentation, so utilize software such as AI to improve your marketing messages and brainstorm new ways to get the word out about your product.
Tap into software that tracks inventory and ensures fast shipping speeds. The more you can improve the customer experience, the more people will trust you for their future buying needs.
4. Utilize New Technology
The worldwide market for AI is approximately $200 million, with projected growth to $1.8 billion by 2030. As machine learning improves and computers take on more menial tasks, expect sales trends to follow.
Anything you can do to tap into current technology can spur sales. For example, add a chatbot to your website to answer customer questions. Technologies such as augmented reality may help increase sales, too — think about brands such as IKEA that utilize it to show people how a furniture piece might look in their home. If you sell a physical product, you may be able to create a similar experience. Those who offer software as a service can create an engaging digital experience to draw new customers.
5. Increase Value
Offer something extra to encourage people to buy from you rather than competitors. Your sales funnel management strategies can increase conversion rates, so know your customers well enough to understand what you can use as a lead magnet to draw them to buy from you. If the average person is coming to your site to build awareness of your product, you may want to offer free information, a webinar or an ebook.
On the other hand, if they are likely to buy while there because they are already at the decision stage, go ahead and make your best offer. One example is to give them free shipping if they spend a certain amount. You could also offer 10% off if they share their contact information, allowing you to market to them in the future. Limited-time offers can drive them to buy today rather than wait.
6. Reach the Right Audience
Companies that truly know their customers are much more likely to develop buyer personas and market to the right people. The demographics and behaviors you target with your advertising can make a difference in your sales figures.
Start with your internal data to create buyer personas and lay out specifications for those most likely to buy what you offer. Study your competitors and who they seem to target with their ads. Use split testing to see which markets perform best and convert users into customers.
7. Master Social Selling
As more brands market on social media and sell directly on various platforms, marketers see the benefits of targeting their followers. Around one-third of people find out about new brands via ads on social media. They also learn from posts, sponsored posts and endorsements.
Selling on social platforms is a bit different than email marketing, since you will need to engage the user and have conversations with people. Add videos and images showcasing the product and the features your target audience is most likely to care about.
Stay Ahead of 2024 Sales Trends
Getting ahead of sales trends for the year means you must understand what has gone before and what is likely to happen in the next 12 months. Take the time to read widely in technology and business publications, and pay attention to the things most likely to impact your industry directly.
You should also dig into your past sales figures, and see what helped increase sales or brand recognition. With a bit of planning, you can improve your revenue steadily and reach new customers.