More on the Internet, but how? That is the question asked by the sector, which, although it considers that ecommerce is one of the main distribution channels after the boom of recent years, has identified some challenges to attract traffic for the coming years. Brand creation, social media fatigue or digital marketing performance are some of the main challengesaccording to a survey prepared by McKinsey and collected in 2023 from Online fashion report in Spain made by Modaes with the collaboration of Kantar.
“In 2024 it is expected that the brand marketing “be the focus again on marketing strategies focused on long-term objectives,” can be read in the consulting firm’s conclusions. The objective of fashion companies is to differentiate themselves from the rest of the companies that operate online, regardless of their size, and to achieve this 71% of managers in the sector in Spain will continue to increase their budget in this type of actions during the year.
For their part, social networks, which have been the channel par excellence to attract online commerce traffic, have been suffering in recent months. “Consumers are showing signs of fatigue towards marketing influencers after years of being bombarded with product promotions and brand advertisements,” says the consultancy, which points out that the engagement on Instagram (the most used social network counting all generations) fell by 30% in 2022 and that up to 68% of consumers feel “tired” of sponsored content.
71% of sector managers in Spain will continue to increase their budget for brand creation in 2024
All of this has caused companies to be wary of investing in digital marketing, according to McKinsey, a tool whose “performance has been declining.” “83% of top executives see marketing as an engine of growth, but only 23% of them assure that it is proving to give results”reflects the report. With these figures, the consulting firm assures that only 46% of managers advocate continuing to invest in these tools, a percentage that has also been reduced by regulations on Internet advertising.
“In this environment, sector executives must focus the agenda towards performance branding optimized, the new form of influence and personalization,” says the consultant. McKinsey considers that data is the key to understanding the consumer, with the aim of adapting to the demands of each of them, as well as the choice of influencers “more real and closer”, one of the most repeated demands among consumers.
“Generation Z places a lot of value on diversity and a singular identity; TikTok facilitates this uniqueness with videos that generally allow for greater expressiveness”, highlights the report, which encourages companies to join this platform due to a reduction in content production costs and savings in creation time.
