Episode 1: 7 Figures & Beyond Podcast – The State of Ecommerce 2024 (Summary)



The inaugural episode of the 7 Figures & Beyond podcast introduces listeners to the host, Greg, a seasoned professional in digital marketing with over 18 years of experience. This podcast aims to guide brand owners and marketers in scaling their businesses to 7 and 8 figures. Greg, who also owns two automotive parts brands, plans to share real-world experiences and insights, rather than just theoretical knowledge. Initially focusing on solocasts, the podcast will gradually feature prominent guests to provide valuable content specific to brand growth and marketing strategies.

In this episode, Greg reflects on the ecommerce landscape of 2023, noting mixed results. While Q4 saw record online spending and a successful Cyber Week, the overall year wasn’t remarkable. Consumer behavior shifted towards mobile shopping, with a significant increase in smartphone-driven sales. However, the heavy reliance on discounts and promotions to drive sales, coupled with the rising popularity of ‘buy now, pay later’ options, impacted companies’ bottom lines. Despite these challenges, the remarkable growth in online sales, especially during key shopping periods, indicates a resilient and evolving ecommerce sector.

Looking ahead to 2024, Greg highlights several dynamics shaping the ecommerce landscape. He anticipates positive shifts in consumer confidence and spending due to it being an election year, stabilizing inflation, and interest rates. The growing influence of AI and social commerce are expected to drive efficiency and growth for brands. Greg also emphasizes the importance of adapting to mobile-first strategies and the increasing consumer demand for sustainable and ethically produced products. He concludes with a call to action, encouraging listeners to embrace these trends and use them as opportunities for brand growth and development.

You can read the full transcript here.