Name: 2024 in Review with Triple Whale
Uploaded: 2025-03-19T18:16:07.434Z
Duration: 17 min 4 s
Description: 2024 in Review with Triple Whale

Transcript for "2024 in Review with Triple Whale": Alright. Hello, everyone. I'm excited to introduce our next speaker. We have Themina from Triple Whale. She's a tech partner manager, and she's here to present her session of twenty twenty four in review. Make sure to stay active in the chat. We're giving away a $50 Visa gift card after her session. So I will pass it over to you. Awesome. Hey, everyone. So oop. Let me just go back to my first slide. Sorry about that. So once again, I am Tamanabala. I am, one of the tech partner managers here at Triple Whale. I'm super excited to be here today, because I'm I'm really thrilled to just dive into this record breaking year that we just had. I'm sure all of you can probably agree 2024 was, quite the whirlwind of year. So before we dive in, I'm just gonna, explain a little bit about what Triple Whale actually is for those that don't know. So Triple Whale is a game changer for ecommerce businesses. At its core, it's a comprehensive analytics platform that consolidates the most critical metrics and attribution data into one easy to use dashboard. So instead of balancing between tools or struggling to piece together fragmented data, Triple Whale serves as the ultimate source of truth, giving you the clarity and confidence you need to make better business decisions. And Triple Whale seamlessly integrates with the platforms that you're already using to pull in data that actually matters to your business. On top of that, we leverage ecommerce specific AI to not just provide insights but also uncover actionable opportunities to optimize your performance. So whether it's discovering your top performing channels, better understanding customer behavior, or even improving your ROAS, which is your return on ad spend, Triple Whale ensures you're looking at the data points that truly impact your bottom line. And, you know, we have an active chat going, so I just wanna know if you are one of those people who basically go into each platform, have a hundred million different tabs open. I wanna know how frustrating that is in the chat because I'm sure you're not the only one. Triple Whale solves this problem. Alright. So I would say, you know, we're really proud to just be the the source of truth for over 30,000 Shopify and Shopify Plus brands ranging from small businesses to large scale enterprises, We also We also have started working with shops on BigCommerce and WooCommerce, so that just happened in the last few months. And brands like Milk Bar, Dole Lashes, Ovi, and Portland Leather Goods are just a few of the examples of the companies that we are currently working with. And if you wanna learn more about their success or explore other brands that have actually used trip whale, we actually have a full section of case studies on our website, so feel free to check that out. Alright. The ecommerce community has been on a bit of a roller coaster over the past few years with plenty of highs and lows. From the pandemic driving a record breaking surge in online shopping to breakdown in supply chains to inflation, rising costs, and shifts in cut in, in consumer behavior, brands owners I'm so sorry. Brand owners, have needed to stay agile and adaptable to be successful. And, I mean, there's probably, you know, other issues that we've all dealt with in the last few years. If I'm missing anything, I wanna hear about it in the chat as well. Now global ecommerce sales continue to grow with total retail ecommerce sales expected to surpass 8,000,000,000,000 by 2027, and that's trillion with a t. As the revenue climbs for e commerce, so does the funds devoted to ad spend. Twenty twenty four had a surge in digital advertising spend and surpassed 1,000,000,000,000 globally for the first time, which represented a 9.5% increase compared to 2023. Now in this webinar, I'm gonna break down some ad performance metrics for triple wheel brands in 2024, including average order value, AOV, spend by ad channel, cost per acquisition by industry, and overall ad performance metrics by channel. So let's talk about understanding AOV by industry and how it varies by industry. To start, let's look at the industries with the highest AOV, and these include computers, home and garden, health and beauty, and office products. Now, these industries tend to see a higher order value just because customers are making larger or more expensive purchases in these categories. And then next, we have industries with a middle range AOV, such as fashion accessories and pet supplies. Now these industries typically see moderate order values as they involve repeat purchases and vary and varying price points. Now these industries benefit from upselling and cross selling to increase the average order value. And finally, the industries with the lowest AOV are digital products and books. Now these items, they're often purchased they're often priced lower leading to a smaller AOV, and these industries should focus on ways to increase average order values by either pushing loyalty programs, and bundling to obtain more revenue per purchase. So understanding this data is really essential for optimizing pricing strategies, bundling products, and overall just increasing revenue. And I'd love to hear from you guys. Let's all learn from each other here. What strategies have you guys used to increase your AOV, and what industry are you currently in? Alright. Now let's talk about ad spend, where brands are putting their money and what that means for ecommerce success. So first up, we have Facebook ads. And with over $7,000,000,000 spent, Facebook, which includes Instagram, continues to dominate. So brands are prioritizing social media for for brand awareness, making Facebook the most scalable and effective platform. Next, we have Google Ads, but with a bit of a twist. So while still significant at 2,800,000,000.0, Google Ads has seen a notable decrease. Since brands are using social media to drive awareness, fewer dollars are actually flowing into search based intent marketing. And then we have the up and comers. So Amazon ads at 421,000,000, which is crucial for direct product purchases, and TikTok at 393,000,000, which is a growing force for discovery driven commerce. And finally, niche and emerging platforms round out the list, offering moderate but strategic opportunities for brands targeting specific markets. And now the key takeaways here, while social media dominates, search is shifting, and now new players are rising. A massive amount of ad spend was devoted to Facebook ads in the clothing industry with 1,230,000,000.00 representing the very large majority of ad spend. This suggests that social media and especially visual based platforms like Facebook and Instagram are ideal platforms for selling clothes. Clothing brands spent $451,000,000 on Google Ads, which was less than half the amount spent on Facebook Ads. So while search ads work great for customers with high purchase intent, the massive differential between Facebook ads and Google ads suggests that discovery based shopping, you know, while scrolling on social media, is more effective than search based shopping for clothing. TikTok emerged as a key player for clothing ads with 74,000,000 spent on the platform in 2024. So even though the platform's ad spend is far lower than Facebook and Google, TikTok has an influence on fashion trends and viral content, and it's clear that brands are increasingly testing and scaling their budgets on TikTok. So similar to clothing, the highest spend by ad platform belong to Facebook Ads followed by Google Ads. Since fashion accessories tend to be highly visual products, it's not really surprising that Facebook and Instagram are some of the best platforms for discovery and conversion. TikTok ads are gaining ground for fashion accessories with 24,000,000 spent on the platform. And TikTok's ability to drive viral trends and impulse shopping, effective for lower cost items like fashion accessories, really impacts ad spend for this platform. Health and beauty spent the most on Facebook ads at $1,680,000,000, and in second place was Google Ads with 548,000,000 spent on the platform. So in a switch from the above two industries, Amazon overtook TikTok as the third place platform. Amazon's success indicates that health and beauty brands succeed with marketplace driven sales and discovery on Amazon's on Amazon's platform. TikTok is still contributing with the tend with the trend driven influencer led marketing campaign for health and beauty brands. Alright. So the industry with the highest cost per acquisition, known as CPA, is computers, which is $21.25, followed by electronics, which makes sense as computers and electronics are high are higher ticketed items, and consume consumers often take longer to make purchasing decisions in these categories. Since higher priced products allow for more expensive customer acquisition costs, a high CPA is totally justified here. Now let's think about cell phone access cell phone accessories. They have a relatively high CPA compared to the price point of the product, and this really suggests that high this suggests that there is a lot of high competition in this category and that brands really need to work hard to stand out in a crowded marketplace. Books have the lowest CPA, which indicates that consumers are more likely to buy a book without much hesitation since it's a lower cost item. So there may be there may also be a lot less competition among advertising brands here. Now in 2024, both Amazon and Google Ads were the most efficient ad platforms. They had the highest ROAS, strong conversion rates, and high AOV, which made them both a great platform for revenue driven strategies. Facebook and TikTok had high click through rates, but they were less efficient at, driving some of those sales. So this suggests that platforms are better for brand awareness or selling lower ticketed items. And Bing and Taboola had cost effective acquisition, but had poor ROAS, which suggests that that might be better, that they might be, you know, better ad platforms for top of funnel awareness strategies. So in 2025, it's likely that brands are going to shift more of their budget towards Amazon and Google Ads for conversion while still using platforms like Facebook and TikTok for awareness. Now let's look ahead. As 2024 demonstrated, ecommerce brands continue to navigate an ever changing landscape. You're balancing shifts in consumer behavior, rising costs, and the evolving ad platform ecosystem. And with global ecommerce sales and digital ad spend both reaching new record highs, the data really reveals that key insights the key insights into how brands can optimize their strategies moving forward. High performing industries leveraging platforms like Facebook and Google efficiently, while emerging TikTok while emerging, channels like TikTok and Amazon, show strong potential for discovery and conversion. And as we head into 2025, brands that strategically allocate their ad spend focusing on high ROAS platforms for conversion and social media for brand awareness will be best positioned to thrive in this competitive market. We all know platforms like Facebook and Google are powerful, but are you actually leveraging them efficiently? At Triple Whale, we actually have a tool that we offer our customers, and it's called Sonar. So Sonar helps brands like yours make data driven decisions in real time to boost campaign performance. Sonar sends enriched first party data to your marketing platforms, improving, targeting, and maximizing your ROI. And you can actually run real time analytics to ensure your brand stays ahead. You can use live data to adjust ad spend and creative on the fly. You can also reallocate resources for maximum impact because honestly, at this point in time, choosing the right channel is everything. So if you're ever looking to scale smarter and drive better results, you you should definitely be putting some real time, analytics to work. And if there's one thing that separates successful brands from the rest, it's understanding their customers. So emerging platforms like TikTok and Amazon have become powerful tools for discovery and conversion. But how do you really use them effectively? Well, here are a few key strategies. First, meet your your first time buyers where they are. Targeting them at the right time and place is key to turning them into loyal customers. Now leverage brand recognition Sorry. Leveraging brand recognition power to boost your discovery and AOV is also a key, in in just in this landscape. So strong branding makes customers more likely to engage and convert. And lastly, stay ahead of buyer trends and behaviors. The market, as you guys know, is constantly shifting, and real time insights ensure you're always one step ahead. And lastly, I think this is something that was actually mentioned earlier, but it's also crucial to just distinguish between new and returning customers. By using new versus returning metrics, brands can refine their strategies, acquiring new customers while retaining existing ones to maximize their lifetime value. Alright. And last up, let's just talk about future proofing your marketing strategy. The brands that thrive aren't just spending more. They're actually spending smarter, and this is where we suggest Mobi. So Mobi helps with optimizing campaigns with AI powered insights that are actionable and real time. You can pinpoint successful campaign strategies by identifying what's working and then doubling down. And the best part is that Mobi learns from your data, continuously improving insights to deliver relevant and timely business intelligence. And that pretty much concludes my presentation. So if you'd like more insights or wanna see how Triple Whale can help your your brand achieve record breaking success, please visit our website. I'm also gonna add my LinkedIn and, my email in the chat. So if you have any any questions, please feel free to reach out to me. And you can also try Triple Whale for free by connecting your store to our free analytics tool called Founders Dash. This is a great way to dive into the data at no cost and get a feel for what we have to offer, and I'm also gonna share that in the chat. Thank you guys so much for having me here today. Really appreciate it. Please use me as a tool. I wish you guys nothing but success for 2025. Thanks so much, Tamina. If you again, if you guys have questions, she's gonna throw her email in the chat, so feel free to reach out to her directly. And congrats to our winner of the $50 Visa gift card. It's going to Courtney Denning. So congrats to Courtney, and thanks again.