Digital advertising set to eclipse traditional media for the first time
This year’s digital advertising on platforms such as Google and Facebook is set to overtake spending on traditional media advertising for the first time.
According to GroupM’s annual Mid-Year Forecast, online ads are predicted to account for more than half of the £425 billion global advertising industry in 2020, a historic shift that has been accelerated by the COVID-19 pandemic.
Since the lockdown began, more companies have tried to reduce costs and move over to online marketing that is more targeted towards driving purchase rather than promoting brands. While there are early signs of stabilisation, a recent survey of marketing professionals showed that almost 40 per cent of multinationals were still planning to delay campaigns for around six months.
Stores launch virtual shopping experiences
Shops might be reopening, but for those not ready to venture out, several stores have launched virtual shopping experiences.
Retailers including Dunelm and Currys PC World are now offering customers the chance to indulge in retail therapy without leaving the comfort of their homes. People can book an appointment online with a sales representative and will be able to browse the store and receive expert tips and advice through a video call.
This comes one week after the government eased restriction on high street retailers, which brought a slight rebound in UK footfall, despite it being more than 50 per cent lower than last year.
TikTok moves into the education market
The booming social media platform TikTok is to commission hundreds of educational content pieces from experts and institutions.
Universities and charities will be paid to produce short informative pieces of content, to offer its primarily young audience opportunities for learning.
TikTok plans to pump £11.7 million into the project, indicating it thinks it can break ground in the online education market, and offer alternative means for learning as schools and universities around the world look to be some of the last organisations to reopen.
Two-thirds of brands not confident in pitching remotely
A report from CreativeBrief has revealed two-thirds (67 per cent) of major brands do not feel confident running a fully remote pitch process, citing difficulty in building rapport without physical contact.
The report included respondents from some of the top 50 brands in the UK, including Ikea, John Lewis and Virgin.
The report also revealed that 80 per cent of respondents said that they are keen to create a more efficient way of pitching as the result of remote working during the lockdown.
YouTube test new shoppable video ads
YouTube is adding a new type of video ad that’s designed to help marketers optimise their campaigns to drive purchase.
The format will display a product listing underneath a video ad both when it appears within the user’s feed and underneath the video when it appears as an advert with another video.
With both video consumption and online spending on the rise during the pandemic, many marketers will hope to capitalise on this with shoppable adverts across multiple platforms.