Affiliate marketing is a powerful tool to have in your arsenal when you are looking to make money online. Whether you’re an independent blogger or run a big publication, it’s a strategy that can help you get more online revenue.
The question is “is affiliate marketing worth it in 2023?”
A study by Statista shows that the total global affiliate marketing spending is expected to reach $8.2 billion by the end of the year. This shows massive growth, up from $5.4 billion in 2017. It is a serious indicator that the affiliate marketing industry is worth a lot of potential in 2023.
With this kind of boom, you want to make sure you are riding the tide if you want to be a successful affiliate marketer.
Before you start working on your affiliate strategy, it’s important to be aware of the latest affiliate marketing trends that you should watch out for. Is affiliate marketing profitable in 2023? Let’s find out.
Here are some trends in the affiliate marketing industry in 2023 that will answer the question “is affiliate marketing worth it?” :
1) Virtual Shopping Gaining Popularity
It is much easier to buy what you need by clicking a few buttons on your smartphone than going to a brick-and-mortar store. Nowadays, people are spending more and more money through e-commerce because it is so convenient and available 24/7.
One important new trend is Livestream shopping. The livestream shopping trend is most popular in China but it is starting to gain popularity around the world. This is a great opportunity for affiliate marketers because big retailers are focusing more of their efforts on online shopping.
Whether you are a big affiliate marketer or just starting out, you can benefit from this trend in the form of huge affiliate sales.
There are many big eCommerce retailers’ affiliate marketing programs that have open-door policies for anyone looking to become an affiliate partner because it’s mutually beneficial for all parties involved.
You will be earning money selling for the retailer, the retailers reach more customers, and customers get the products they need. With so many online shoppers, all you need is a way to reach potential customers and watch how your revenue stream widens.
Most affiliate programs are low-cost and low-risk so there is no way you can lose out by creating new affiliations.
2) More Video Content
Videos are the most engaging type of content and with further and further platforms specializing in video (YouTube, Instagram, and TikTok), affiliate marketers must be taking advantage of this medium.
People would rather watch a Youtube video, a story, or a Livestream event than read a post. Thus, video develops a highly engaged audience. Video has changed the conventional style of creating content.
One of the most popular current trends in the affiliate marketing industry is Livestream shopping. This is when a retailer or influencer goes live on social media to discuss a product, answer questions, and maybe offer coupons or deals during an online event.
It is thought that people are more likely to make purchases during these events because of peer pressure, the timeliness of the event, or the thrill of live shopping.
Smart affiliate marketers will create engaging video content and live events that speak to their niche audience. They will also build a video social media presence to promote their content.
3) Small And Micro-Influencers Will Step Up
There are a lot of small and mid-sized companies that are starting to know the potential of affiliate marketing.
The push has been greater after the pandemic forced companies to move their businesses online. Such businesses do not have huge affiliate marketing budgets but still want to apply the strategy to grow their business.
For them, micro and nano influencers are perfect to partner with. They can get more brand exposure and reach a wider audience online without having to spend a fortune on the campaign.
For such influencers, the affiliate marketing industry is surely profitable in 2023 if they use highly effective marketing strategies.
For profitable affiliate marketing opportunities for beginners, check out this post.
4) Growth In Crypto And NFT Based Companies
We all know that the ‘winter is coming’ for Crypto-currencies and NFT Marketplaces. But, it’s a rule that whenever something faces a blow, it rises up even greater.
With Crypto markets facing all-time lows, investors have taken this as an opportunity to invest in these markets waiting for the rise to come.
As investments grow, Crypt based companies are going to rely more and more upon affiliate marketers for getting their business out in the world and the public will surely follow this trend.
As an affiliate marketer, it is important to stay up-to-date with trends so that your campaigns are successful. By understanding these upcoming trends, you can adjust your strategy accordingly and set yourself up for success in 2023.
5) New Industries Boom in 2023
Although many small businesses have suffered during the lockdown, we have also seen some businesses grow like never before. Companies such as Video Communications, Zoom, and Amazon have had their share prices hit all-time highs during the pandemic.
Consumer A.I. stock-predicting software like Pattern Alpha is an exciting new trend in 2023. Pattern Alpha A.I. technology detects the best price patterns in real-time and provides price analyses with 80% accuracy for many stock charts.
So, gear up and get your affiliate links and promote them like never before.
6) The search volume for the keyword “affiliate marketing” grew by 100%
More and more people are getting curious. According to Google Trends, the keyword search for “affiliate marketing” worldwide has increased every year for the past five years.
The search term peaked by growing 100% in February 2022.
Why? Experts say it’s due to the growth of eCommerce businesses as they move away from traditional storefronts and look to sell more online.
What can be a better answer to the question “is affiliate marketing worth it?” ?
7) Conversion rates becoming more important than the commission
Nowadays, affiliate marketers know that it is the conversion rates (the number of products sold after being clicked) that matter most. They, therefore, target brands that have a greater chance of making sales. If a brand promises a high commission rate but has a low conversion rate, the marketer is unlikely to make much profit.
Most affiliate programs now work with brands that allow them to grow their follower market faster than the ones that offer higher commissions.
You saw the number of emerging new trends in the affiliate marketing industry. These trends are a strong signal that affiliate marketing is still profitable in 2023 and will continue to be for years to come.
Now you may ask “is affiliate marketing worth it?“
Yes, it definitely is.
Changes in certain industries and emerging trends in others are making advertisers and companies more and more dependent upon affiliate marketers for promoting products.
The future holds fair worth for affiliate marketing.
Comment down in the comments section what are your views on the topic “is affiliate marketing worth it?”.
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Ali is a passionate and experienced blogger with a mission to teach others how to start their own blog, monetize it, and become successful in the process. He shares the lessons he’s learned on his own journey through personal anecdotes and factual examples.