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The Most Crucial Shopping Moment

Do marketers, especially e-marketers, focus on the most pivotal moment in the shopping journey? Sure, it’s important to target consumers during search and on social media. But one marketer thinks that those are not the best channels and that the most vital step in every customer’s journey and experience with a brand is the purchase.

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NYCU: YouTube Addresses Misinformation

YouTube has provided a new overview of its evolving efforts to combat the spread of misinformation via YouTube clips, which sheds some light on the challenges that the platform faces, and how it’s considering its options in managing these concerns.
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How Bad Is a Bad Product Review?

  • MSI

Ever wonder what the impact of one negative review is on a product? Researchers in this MSI award-winning working paper were able to quantify this recently, from a retailer’s “newest first” review display policy. In technology and home and garden products, a single critical opinion had a detrimental impact that was two-fold, the study found. It increased the probability of continuing to search and to competitors while decreasing the purchase probability.

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NYCU: 3 Things to Know About the Metaverse

eMarketer offers a quick primer on the latest buzz word. The “new” world: The metaverse has the potential to disrupt everything from business travel and the future of work to gaming, health and fitness, entertainment, marketing and education. Some companies see the metaverse as the evolution of the internet or smartphones, but instead of interacting with keyboards or touchscreens, users are immersed in interactive environments, making them captive and active participants in cyberspace. What the metaverse means for retail today, and what's in store for tomorrow: Though the metaverse remains a fuzzy concept, a growing number of brands and retailers are jumping on the bandwagon. While the promise of the metaverse for retail holds great appeal (shopping experiences integrated seamlessly throughout immersive digital worlds), the development of the technology to support it is still in the very early stages. Insider Intelligence Editors recently took  a look at the factors driving the surge of interest, key opportunities and challenges for brands and retailers presented by the metaverse, and what actions can be taken now to prepare. At National Retail Federation’s Big Show, all eyes were on the metaverse. Retailers are getting excited about the metaverse, seeing it as an opportunity to deepen customer relationships. Emma Chiu, Global Director at Wunderman Thompson Intelligence, held a session discussing why the metaverse shows so much potential: 85% of consumers feel that for brands to be successful in the future, digital presences will be “essential.”

  • The takeaway: Despite not quite existing yet, the metaverse may already be too big to fail.
Source: Insider Intelligence Editors. (2022, January 27). 3 things to know about the metaverse. INSIDER INTELLIENGE,  eMarketer.    

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NYCU: Worldwide Ad Market on a Tear

Three new industry reports predict a remarkably strong advertising market heading into 2022, built on an already better-than-expected pandemic rebound. Magna Global recorded the highest growth rate ever for the international advertising market, with all forms of media spending up 22% year-on-year, to reach a record $710 billion. Global digital ad sales spanning search, social, video, banners and audio increased 31% YoY to hit $442 billion globally, per Magna Global. Those formats now account for 62% of total worldwide ad sales. The U.S. ad market grew 25% YoY to $284 billion, with pure-play digital ad sales up 37%. In 2022, the U.S. will reach a total market value of $320 billion, supported by 18% growth in pure-play digital. GroupM, the media investment arm of WPP, posted similarly rosy findings, with global advertising up 22.5% -- when stripping out U.S. political advertising and digital accounting for 64.4% of revenue in 2021. Zenith found that the pace of digital transformation has been "higher than expected," helping bolster a global market it foresees commanding $705 billion this year. The uniformly positive outlooks suggest near-term supply chain disruptions will not slow momentum for ad spending. Source: Adams, P. (2021, December 6). Ad market's growth exceeds broader economic recovery, fueled by digital. Dive Brief, MarketingDive.  

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The Price of Privacy May Depend on the Method of Payment

  • MSI

Is offering “free” goods, such as useful search results or access to content, in exchange for personal data a good deal for the consumer? We have norms for the monetary value of labor, but when it comes to the value of private, digital data, the value is less clear. In this study, researchers wanted to assess consumer expectations for compensation in exchange for personal data. Would they equate monetary compensation at the same value as bartered “goods”?

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NYCU: How the Commercial Internet Supports Jobs and GDP Growth

The U.S. has reached a tipping point in its shift from the industrial economy—one that relied on the buildout of hardware—to an information economy that relies on the transfer, storage and implementation of data, according to a new report.

A new IAB study argues that a shift towards a data and information-based economy has allowed more businesses to establish themselves and scale quickly and at a very low cost. As such, the number of jobs created by the commercial internet has more than tripled since 2012. "The adoption of the internet both by firms as producers and by consumers as users is now broad enough that America's economic future will depend more on its competitiveness in information gathering and use than on its manufacturing and materials processing edge," said John Deighton, a Harvard Business School professor and co-author of a new report detailing the trend. This report, which is published every four years by the Interactive Advertising Bureau (IAB) and written in conjunction with researchers, finds that the internet-supported economy over the past decade has shifted from jobs that related mostly to technical internet functions, like coding, to jobs that help deliver information and facilitate communication through data. The number of people employed in news and information-related publishing tripled between 2008 and 2020 to more than 142,000. The digital entertainment sector grew revenues and jobs by 13 times and four times, respectively, compared to 2008. Newer industries like podcasting, streaming and digital gaming have seen the most growth. Gaming revenue has grown tenfold, while employment has only grown by three times. More than half of all U.S. advertising and media employment now comes from the internet, per the report. Professor Deighton notes that in recent years, there's been a proliferation of content-based business models on the internet beyond advertising, like creator payments and in-app transactions. Overall, the internet-supported economy now accounts for 12% of U.S. gross domestic product, up from 2% in 2008. It has grown seven times faster than the total U.S. economy in the past four years. There are now more than 17 million internet-supported jobs in the U.S, up from 3 million in 2008, per the report.

Source: Fischer, S. (2021, October 19). "No-Code" Miracle For StartupsAxios.

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NYCU: Audio and Visual Messages Work Well Together

A study assessed the impact of seeing audio messages on attention to and engagement with visual messages. It found that radio ads had a positive impact on the same ads on TV or as a website banner.

The research paper is called, "The Theater of the Mind: The Effect of Radio Exposure on TV Advertising," and is by Vincenzo Russo, Riccardo Valesi, Anna Gallo, Rita Laureanti and Margherita Zito, at the Università IULM, Milan, Italy. It confirms key findings of the ARF's "How Advertising Works" project. Campaigns using more than one medium are likely to be more effective than those using only one. This study, utilizing neuroscience-based methods, found that participants who had been exposed to radio ads spent a longer time looking at the brand and had a higher engagement when watching the same advertisements on television or as website banners. The authors conclude that exposure to a radio advertisement enhances the effectiveness of the same advertisement via TV or web.

Source: Social Sciences (2020, July 15). "The Theater Of The Mind": The Effect Of Radio Exposure On TV Advertising. MPDI.

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