The affiliate marketing industry is now worth $12 billion, and influencer marketing is expected to be worth $15 billion by 2022. These successes show the inherent worth of partnerships, and the fact that they are now a critical tool for e-commerce companies to connect with new customers and drive sales.
As the pandemic continues, consumers are continually relying on online shopping, and will most likely continue to do so when, eventually, the pandemic ends.
Whether it be influencers, affiliates, content publishers, B2B partnerships; it is becoming apparent that partnerships are the way to go, and we are seeing examples of partnerships being formed with this in mind.
Many benefits can be reaped from partnerships. New markets can be reached, brand image can be consolidated and competitor advantage can be offered. The IAB Affiliate Survey results were recently released, and show lots of positive results in terms of affiliate marketing becoming more popular. It seems many merchants are bearing this in mind, and initiatives are being taken in order to enable them to form these partnerships.
Case Study: Impact and Shopify Plus
Impact has announced that it has been selected by Shopify Plus to be an inaugural App Partner for influencer and affiliate marketing.
Impact’s Partnership Cloud, an integrated solution for managing partnerships across the entire partner life cycle to activate speedy growth, means Shopify Plus merchants can easily and rapidly launch and automate affiliate and influencer programmes without developer involvement.
Shopify has reported 86% YOY growth in merchandise volume, meaning now is the time for merchants to form partnerships. Plus, according to the World Trade Organisation, 75% of the world’s commerce is now driven through partnerships.
Michael Head, Chief Partnerships Officer at Impact, said: “Traditional advertising has become less effective as consumer trust has waned, which is why partnerships, relationships built on trust, are considerably more effective.”
We’re certainly seeing recognition of the benefits of partnerships, and the news of Impact and Shopify Plus’ app is an example of this, and should allow merchants to expand their horizons.