Google Think Retail NYC: Tinuiti’s Key Insights & Takeaways
At the end of August, Google hosted its Think Retail 2024, an event that is focused on helping retailers navigate the evolving digital landscape as they head into Q4. Here’s a quick look at the valuable insights we gathered and how we intend to apply these learnings to benefit our own clients.
During the event, Jyotika Prasad, Google’s Director of Retail Ads, stressed the importance of adjusting strategies this year to enhance consumer confidence, as the holiday shopping period has developed beyond Black Friday and Cyber Monday.
Given the shorter-than-usual shopping period this year, there is an increased emphasis on winning consumer confidence. In fact, it was noted at the event that “63% of US consumers believe that making the right purchase decisions now requires more effort than before, and 60% have abandoned a purchase due to being overwhelmed by too many options or excessive information.”
To address this, the team emphasized that relevance is crucial for building confidence between the brand and consumers. Purchase confidence peaks when shoppers have strong category knowledge, receive relevant information, and maintain a relationship with the brand.
In response to this trend, the Google team offered retailers insights and strategies for successfully navigating this holiday season, with a focus on leveraging AI and introducing new features across its platform.
Google Think Retail Top Takeaways
Our experts identified a few top takeaways that emerged from from Google Think Retail 2024:
- Consumer Spending and Value: From a macroeconomic perspective, consumers have the ability to spend this year but are seeking more value rather than just good deals.
- Strategy: Emphasize quality in your messaging by incorporating positive customer reviews, and highlighting free or fast shipping. Additionally, focus on product variety and “limited supply” messaging to create a sense of urgency.
- Weekend Sales Recovery: Weekend sales are rebounding post-COVID.
- Strategy: Omni-channel advertisers should focus on weekday e-commerce efforts and develop strategies for weekend in-store promotions.
- App Installations: Encouraging new app installs before the holiday season can enhance both pre and post-holiday shopping readiness.
- Strategy: Omni-channel advertisers should consider launching App campaigns to complement their traditional Search and Shopping efforts, especially for the popular “self gifting” period following Christmas when shoppers turn to apps to spend their gift cards.
Looking for additional tips that will help you get ready for Q4 and holiday prep? Contact us today for deeper insights and check out our on-demand webinar covering the 2024 Playbook for Q4 and Holiday Success.
