72% of Marketing Leaders are Ready to Incorporate GenAI Tech in 2024, According to a Google Cloud Survey

72%    

Retailers express optimism about generative AI (genAI) adoption, with 72% of decision-makers prepared to integrate genAI technologies in 2024, as revealed by a Google Cloud survey. At NRF 2024, industry leaders like Walmart, Canadian Tire, and Target discussed leveraging genAI to elevate customer experience and improve employee productivity and satisfaction. 

42%  

42% of global retail executives highlight the crucial role of physical retail in the evolving omnichannel landscape, aiming to enhance the in-person component of customer experience, as per April 2023 data from Bain and Aptos. To stay competitive against ecommerce giants like Amazon, analysts suggest that brick-and-mortar retailers will increasingly invest in creative strategies, such as events and influencer collaborations, to attract customers and foster brand loyalty. Despite a slight decline from 2023, physical stores are expected to account for 83.4% of overall US retail sales in 2024, based on a November 2023 forecast. 

67%       

Pew Research Center survey revealed that 67% of US adults prioritize privacy by turning off cookies or website tracking. This trend gains significance as third-party cookies, starting their phase-out in 2024, pose challenges for advertisers who must explore alternative strategies, such as incentivizing users to share first-party data, to connect with audiences without causing online privacy concerns. 

$402B  

Data.ai's State of Mobile 2024 report anticipates an 11% increase in global mobile ad spending, projecting it to reach $402 billion in 2024, up from $362 billion in 2023. The report highlights a surge in generative AI, driven by innovations like AI chatbots and art generators, influencing embedded features across diverse mobile sectors. 

74%   

According to an Adobe study, TikTok is transforming into a multifaceted platform, serving as a search engine for information, recipes, music, and more. Notably, nearly 10% of Gen Z users prefer TikTok over established search engines like Google, highlighting its growing trust and usability as a reliable information source. This shift is significant for businesses targeting younger demographics, as 74% of Gen Z internet users rely on TikTok for search, emphasizing the platform's diverse content appeal and the need for engaging video tutorials, reviews, and personal anecdotes. Despite challenges, over 53% of businesses plan to increase their investment in TikTok marketing, recognizing its effectiveness. 

75%   

Bazaarvoice's latest study, based on a survey of over 8,000 global shoppers and 400 brands, highlights widespread concerns about fake user-generated content (UGC), with 75% worried about fake reviews. Shoppers emphasize the need for brands to address this issue for them to trust the online content they consume. While 94% of brands prioritize online content authenticity, consumers actively engage in various methods, such as using trusted platforms and researching brands, to verify the legitimacy of online stores. 

50%    

The surge in short-form videos, pioneered by TikTok and adopted by platforms like YouTube Shorts and Instagram Reels, has transformed the social media landscape, offering marketers an engaging way to connect with younger audiences. Predicted to grow at a 50% CAGR, global ad spending on short-form videos is projected to surpass $145 billion by 2028, showcasing its continued dominance in digital advertising.