Consumers are feeling the pressure from rising borrowing prices and inflation, and they are more pessimistic about the start of 2024, according to a Confederation of British Industry study released on Thursday.
According to Reuters, the CBI’s monthly retail sales balance, which measures sales from January to December, fell to -32 from -11 in November.
Expected sales for the upcoming month decreased drastically from -6 to -41, the lowest since a record low of -62 in March 2021.
“Strained household finances and higher interest rates continue to take a toll on consumer spending, suggesting that retailers will have to navigate a tough demand environment in the months to come,” Martin Sartorius, principal economist at the CBI, reported Reuters.
According to the study, shops reported sales volumes lower than typical for this time of year, and stock levels were deemed excessively high for expected sales in December. Orders to suppliers declined at the fastest rate since May 2020.
72% of adults in North America use their smartphone to research price comparisons while shopping in-store, making it the No. 1 sort of research done on mobile devices in-store, according to August 2023 1WorldSync statistics.
Other popular in-store smartphone research activities, according to Insider Intelligence/eMarketer, include reading customer reviews (69%), obtaining thorough product descriptions (52%), and comparing prices (52%).
Consumers frequently combine digital and physical channels while purchasing; according to a January 2023 Coveo poll, 37% of US and UK adults research products on a retailer’s website and buy in-store.
According to the report, retailers can use their mobile apps to deliver additional product information to in-store shoppers while increasing brand discoverability.
33% of US Gen Z customers purchased a product from an influencer-founded firm in the previous year, followed by millennials (29%), according to Morning Consult.
Influencers are no longer simply brand ambassadors. They have evolved into independent media outlets, diversifying their platforms and financial streams, reported Insider Intelligence/eMarketer.
“If you look at the influencers that have done particularly well in this space, their products not only have to be aligned with their own brand, but they have to be authentic,” said Insider Intelligence/eMarketer analyst Blake Droesch on an edition of “Behind the Numbers: Reimagining Retail” podcast.
According to Piper Sandler, the top influencers among US youth in fall 2023 were Alix Earle and MrBeast. MrBeast already sells his own goods, while Earle is on her way to launching her own brand.
Social media ad spending growth has slowed compared to influencer marketing since the pandemic.
According to Insider Intelligence/eMarketer, social ad spending and influencer marketing spending growth spiked in 2021 and then dropped, though influencer marketing has proven to be more resilient.
Social ad spending represents US social network spending and gross YouTube ad revenues. Influencer marketing includes paying influencers, including non-cash payments such as free products and trips.
How To Create Stunning Video Ads For Your Dropshipping Products In 2024
If you’re looking to start an online business and looking to make a living from it, then Dropshipping might be your best choice because of its many advantages over other businesses.
Unlike most businesses out there, Dropshipping doesn’t require you to have a space where you have to pay rent or buy large quantities of stocks before even making your first sale.
All you need to have is a functional online store and a way to drive traffic to it in order to get sales. Once you lock in the sale, you simply buy the product from your supplier and ship it to your customer’s address.
By now you probably understand that in order to be successful with Dropshipping and make actual sales, your main worry should be the “traffic driving” aspect of the business which is called Marketing.
And if you’re successful there, then you will get traffic to your store which will eventually convert into actual sales.
So in this article, I am going to help you with one of the most important parts of the marketing aspect which is the Dropshipping video ad creation.
This is where the magic happens – If your Dropshipping video ad is appealing then your target audience is going to click on it and make their way to your online store.
And from there convert into actual paying customers!
So buckle up and get ready to discover the best methods to create stunning product video ads for your Dropshipping products including some awesome tips that will maximize your marketing results.
The DIY Video Ad Creation Method
Ecomhunt Video Mastery Course
The first Dropshipping video ad creation method is by doing Do It Yourself way where you create the whole video from scratch by yourselves.
This is a good method if you’re short on cash to pay video editors and if you want to learn a new skill that can possibly transcend into a real full-time job.
Now I must warn you… This method will take some time but it’s totally worth it because you’ll be learning a new and super valuable skill that can have a big impact on your life.
First you’ll have to learn how to edit videos
The basics and a few advanced techniques as you progress, and of course get an app (for free or for a 1-time payment) that will help you create those video ads.
There are many free & paid sources where you can learn how to edit videos so there’s no issue here. I personally recommend paying once for an app like Camtasia and learn how to use it.
Even if you choose to not create any video ads, it’s still nice to know how to do some basic video edits to save money in the future. It’s a smart investment no matter what.
You can choose to learn video editing for free on Youtube, buy a quick course on Udemy, or there’s always the option to learn it from us by applying to Ecomhunt’s Video Mastery course.
The advantage of the Video Mastery course is that you learn exactly how to create a winning video ad using Camtasia and the skills you need to make it happen.
Now you may find it a bit scary at first but you don’t have to be a professional video editor to make video ads that convert. The secret is to follow a winning video ad structure and simply copy it with your own product(which is what we show you in the Video Mastery course).
Copy winning video ads structure
The best way to make sales is by copying what already works for others. Don’t try to reinvent the wheel, especially when you have no real experience with creating winning video ads.
Find a winning video ad with good performance of Facebook/TikTok and replicate it with your own product. Use the same fonts, the same transitions, etc. There’s nothing wrong with taking a winning concept and copying it.
This will greatly reduce the time it takes to create a video ad because you already know what it should look like. You only need to add your own style into it, change it a bit or even upgrade it visually, and you’re ready to get a lot of clicks from your target audience.
Once you gain enough experience, then you can experiment further and invent your own video ads from scratch.
How to find winning video ads
The best way to find winning video ads is with the use of Ecomhunt where for each product you get an actual ad that is performing and making sales on Facebook.
This is different from just finding viral product videos on TikTok or Facebook… Here you get actual ads that are being paid to be promoted on the platform. This means that someone is paying actual money to show their video ad and it will be unwise to keep spending money if it doesn’t bring any sales.
Bonus: How to get fresh new footage of your product
Getting product videos and pictures isn’t an issue and we can usually find plenty of them on Aliexpress, but how can we find fresh new videos and pictures that no one else has?
You can always order the product and get your own pictures and videos but it takes time and not everyone can afford to wait…
Instead, there’s a much better way, and it’s by simply asking the Aliexpress sellers for new footage. Send a private message and simply ask for new pictures/videos and trust me that most of them will provide it with a smile.
And just like that you can have fresh new footage you can use in your video ads and get ahead of the competition.
The Fiverr Method
Fiverr is my #1 option when it comes to getting things done quickly and professionally so I can stay occupied with the most important aspects of my Dropshipping business.
When you need to test multiple products at the same time, even if you’re a professional video editor, it is going to take hell a lot of time before you are ready to launch your campaigns.
So Fiverr is the best choice when you want to speed things up and get quality work fast. We’ve even released a video on our official Ecomhunt Youtube channel where we hired 3 different Fiverr sellers and asked them to create us winning video ads for our Dropshipping product.
3 Fiverr sellers for 3 different price points, and the results were absolutely great! Sorry for spoiling a bit the video for you but I still recommend watching it as we share some cool tips that will help you with your next order.
And you can also find there the sellers we recommend working with so it’s a double-win for you because you don’t have to look for anyone else.
Don’t forget to use the code “ECOMHUNT” when ordering to get 10% OFF on your first order.
Nothing comes close to the effectiveness of UGC ads – UGC stands for User Generated Content. As the name implies, I am talking about content generated by real people which you can later display on your social pages and use them as ads.
It’s a very effective way to get the attention of your target audience because they will be seeing the live product in action with an actual person showing it.
This can be a simple review, a quick unbox, or something as simple and quick as saying a few words about the product the person just “bought”. No matter what you do, it will usually perform much better than regular video ads.
But – and there’s a bit but – the price of a UGC video will be much higher than just ordering a simple video ad. And it will also take more time for it to be ready because you still need to wait until the product arrives to the person’s/model’s home address.
So if you still plan on going for UGC ads, then here are a few tips that will help you increase your success rate with them:
Check your competitors, spy on them, and have a winning script before you order a UGC video ad from whatever service you choose to work with. A working script and a real understanding of how the ready video should look like will increase your chances of making sales compared to giving full creative control to the company/person you’re working with. Even if they portray themselves as professionals, you still want to have a say on the final result.
Choose your model wisely! Will a woman perform better than a man? Or maybe it is better to have an old regular lady to review your product and tell your product’s story? You must have a clear idea on the best type of model for your ads to succeed. (Even if you have to be a bit less politically correct)
Own your “brand” and build a story and a whole store around it. Have a one-product store instead of a general or a niche store can sometimes be the difference maker between a mildly successful campaign and a super viral one that makes you bank. If you can make your product look like a real brand, then a one-product store will bring you much more sales than just launching it on your general store. All it takes is a single winning product to make it big.
Never accept a single version and always ask for a few variations that you can later use and test in your ad campaigns. Different openings, angles, text, etc… You want to have something you can play with and test to see which version your audience likes the most.
And I’ll finish this with a personal recommendation for the newbies: It’s best to try a product and launch regular video ads before jumping to UGC ads.
If one of the products you’re currently testing is picking up and doing nicely, then you can move on and think about ordering UGC video ads and jump into the next marketing level.
But again… This is just a recommendation and an optional one in order to save you some money. Having UGC video ads for a product is a HUGE upgrade and from a product that barely makes any sales it can explode and make you a small fortune đ
To Sum It Up
Your Dropshipping video ad is your store’s visit card and this is what will determine if you’ll get any sales or not…
So if you planned on copying the Aliexpress product video and using that as an ad, then it’s good that you’re here because this article probably stopped you from making this mistake.
Dropshipping is a serious business and in order to succeed you’ll need to be serious about every aspect of your business.
So before launching your campaigns, make sure your video ads are up to standard.
Happy Selling!
Struggling to find good products to sell? Not sure whoâs your target audience? Tired of losing money on products you were sure were âwinnersâ?
Then Ecomhunt is what you need! Find hot winning products that are added daily, spy on their ads & stores and import them into your store in 1 click and Start Selling Today!
Etsy shares fell on Wednesday after the e-commerce platform announced it would lay off 11% of its personnel in order to decrease expenses in the face of diminishing demand for handcrafted goods.
Etsy will lay off 225 employees, or roughly 11% of its total workforce, and will incur financial charges of $25 million to $30 million for severance payments, employee benefits, and related costs, according to regulatory documents released on Wednesday, reported Reuters.
After the statement, the company’s shares, down 32% year to date, plummeted as low as $78.54 and were on track for the largest daily percent decline since August. At one point, the stock was down more than 8% and was last down 5%.
Etsy warned last month that its fourth-quarter gross merchandise sales could fall as consumer spending on non-essential goods falls ahead of the holiday season.
TikTok has earned nearly $4 billion this year, all thanks to virtual coins used to pay for gifts for the platform’s content creators.
“The social video app came into 2023 with more than $6.2 billion of consumer spending and has managed to add $3.8 billion to that total over the year,” according to data.ai.
TikTok has become one of only five mobile apps to cross the $10 billion gross revenue mark and the first that is not a mobile game to do so.
Lexi Sydow, Head of Insights at data.ai, stated: “TikTok is poised to become the highest earning mobile app ever â approaching the $15 billion milestone in 2024. Consumers are spending over $11 million per day tipping their favorite content creators, propelling TikTok past the world’s most lucrative mobile game to date: the addictive and beloved Candy Crush Saga.”
The Senate Commerce Committee chair indicated on Thursday that the Senate will not consider legislation this year that would give the Biden administration new authorities to confront foreign-owned apps like TikTok that have sparked national security concerns.
Senator Maria Cantwell told Reuters that she is still working on legislation and in discussions with federal agencies and that the Senate held a classified briefing on concerns last month.
“We’re really trying to get people to come up with something that they feel like accomplishes the task,” she said.
Concerns about the Chinese-owned TikTok prompted moves in Congress to strengthen authority to address the popular short video-sharing app or perhaps prohibit it, but those proposals have stalled, according to Reuters.
Given Tiktok’s popularity among young voters, several observers believe Congress and the White House will unlikely try to ban it in 2024, an election year.
TikTok, which has over 150 million users in the US, denies improperly using US data.
The White House approved legislation sponsored by Senator Mark Warner and more than a dozen other senators that would give the administration new authority to ban TikTok and other foreign-based technology if they posed national security risks.
