In a market more saturated than ever before, consumers are inundated with products each promising to be the next “must have.” The question becomes, how do you stand out? Brands today are addressing this problem through the adoption of technology to create the future of the industry.
Augmented Reality
Augmented reality is projected to become the next ‘it’ technology, slowly overtaking virtual reality in the market. Augmented reality allows computer generated imaging to overlay the real world. Marketing is using this feature of the future to allow consumers to virtually try out products. Popular brands like Ray-Ban allow customers to virtually try on glasses through the use of a webcam. Sherwin-Williams allows customers to view new paint colors on their wall with the use of their phone camera. Sephora is now letting consumers virtually try on new makeup through their smartphone. Augmented reality takes the guess work out of online shopping and removes the unknown, putting consumers at ease in spending their money.
Social Media Shopping
Social media is changing the way we shop. As of January 2020, there were 3.5 billion social media users worldwide. According to Absolunet, 87 percent of online shoppers believed that social media influenced their purchasing decision. With the ability to link products directly to social posts, 30 percent of customers have made purchases directly through social media. Platforms such as Instagram, Facebook, and Pinterest are beginning to replace the traditional brick and mortar stores for some consumers. These statistics highlight the importance of a brand having a strong online presence to remain competitive.
Video Marketing
Culturally, consumers are reading less and watching more. This might explain why the Wyzowl State of Video Marketing Survey 2020 found that 92 percent of marketers believe video is an important part of their marketing. Many companies believe video receives a more welcome response from customers and serves to better inform the public. Companies have seen such a return on their investment that 95 percent plan to increase or at least maintain their video spend. These statistics indicate that an online presence is not enough; it must be strategically optimized through engaging content. This trend is also creating more of a demand for these creative skillsets among professionals and graduates.
This evolving field creates ample opportunities for students, which is why EKU is now offering a 100% online bachelor of business degree in marketing. Designed with working professionals in mind, classes are on an accelerated 8-week term with multiple start dates per year.
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