The Future of Affiliate Marketing: Our To Predications for 2024 and Beyond

When affiliate marketing appeared in the early 90's - no one expected it to become one of the most profitable marketing options for online businesses. However, affiliate marketing has grown in popularity (and profitability) over time. The affiliate marketing market will be worth more than $17 billion by 2024 - that's a lot!

Affiliate marketing is a great way for businesses to make money, which benefits bloggers and content creators. However, to be a successful affiliate marketer, it is very important to keep up with the latest trends in affiliate marketing. In this article, we will share more information about the evolution of the affiliate marketing industry, as well as some predictions for the future of affiliate marketing.

The evolution of the commission marketing industry

What is the future of affiliate marketing? Affiliate marketing is a fast growing industry and is expected to continue to grow in the coming years. If you haven't started your way in the world of affiliate marketing - now is the perfect time to start!

These stats from Demand Sage show the current (and future!) state of affiliate marketing in 2024 and beyond.
The affiliate marketing industry is expected to reach $36.9 billion by 2030.
The affiliate marketing market is expected to register a compound annual growth rate of 7.7% during the forecast period from 2023 to 2030.
Affiliate marketing expenditures in 2023 are expected to be approximately $13 billion.
16% of online orders in the US are through affiliate programs.
80% of brands have an affiliate program.
Bloggers and review sites are the main channels for affiliate marketing.
94% of posts use more than one affiliate program.
The total revenue of the affiliate marketing segment is growing at a rate of 10% annually.
Health, beauty, luxury, travel, pets, gaming, tech, sports, and personal finance are thriving affiliate marketing niches in 2023.

Increased use of artificial intelligence

Artificial intelligence (AI) promises to boost the affiliate marketing industry, and it is already helping in many ways. This will make it easier for marketers to improve targeting, personalize content, improve performance, and increase the return on investment in affiliate marketing.

Popular AI authoring tools like ChatGPT and Jasper AI make it quick and easy for bloggers and creators to create content.

Affiliate marketers can use AI tools to create blogs, social media posts, emails, and other content where they can include their affiliate links to earn commission. AI tools can also help with search engine optimization (SEO), making affiliate posts easier to find online for people looking for the product or service you're promoting.

To find out how AI can improve company revenue and find out which AI services you should consider, download our free guide.

Increased focus on influencer marketing

Influencer marketing has exploded in the past decade. According to the Center for Influencer Marketing, the influencer marketing industry has grown from $1.7 billion in 2016 to $16.4 billion by 2022. This rapid growth has been attributed to the increasing popularity of the short video format on social media platforms such as TikTok, YouTube, Facebook, and Instagram.

Influencer marketing will continue to be a key affiliate marketing strategy as brands are expected to increase influencer marketing budgets in 2024. Brands will work with social media influencers to promote their products and drive code sales to influencer followers through shares, sponsored videos, product reviews, and discounts. . .

Content creators who follow social media can join affiliate programs and promote affiliate links on their platforms, such as Instagram, Facebook, and TikTok. While these creators will not directly work with a specific brand on an influencer campaign, they can use their influence in general affiliate sales.

Emergence of nano-fine effect

There are four main types of influencers: mega, macro, micro, and nano influencers.

A super influencer is a social media sensation with a million followers or more. They are usually musicians, actors, and celebrities in the public eye.

A super influencer is an influencer who has 100,000 to 1 million followers. They work hard to grow a large clientele and are full time content creators.

Micro influencers have 5,000 to 100,000 followers. They have a highly targeted niche audience and are often approached by partnership brands.

Nano owners are accounts with between 1,000 and 5,000 followers. Social media is often a "side hustle" and a growing following.

Did you know that micro-influencers make 90% of successful affiliate marketing? These are the regular people who have built up a successful social media following. While micro influencers may have a lower following than macro or macro influencers, these influencers are seen as more authentic and have higher engagement rates.

In 2023 and beyond, brands will continue to attract micro-influencers because they embody authenticity, trustworthiness, and relevance—all values that are so highly valued by audiences today. It's also a better value for the brand. Micro influencers may not get paid as much as big influencers, but they can still make the same amount of impact through their campaigns.

Brands will also be turning to Nano owners for their affiliate marketing campaigns in 2024 and beyond. OopsInfluencers aren't glamorous or elegant, but they do have a knack for connecting and engaging with niche audiences. Nano-influencers are seen as genuine, authentic, friendly and often more cost-effective for brands. Adopting new technology

Going forward, affiliate marketing will continue to evolve with the introduction of new technologies such as cryptocurrencies, augmented reality, and virtual reality.

Cryptocurrencies have become more mainstream over the past few years, with more and more companies accepting cryptocurrencies as a method of payment. This presents an opportunity for cryptocurrency publishers and partners to maximize revenue in this emerging market.

Augmented and virtual reality also opens up a whole new market for affiliate marketers — brands will want to promote both physical products available in the "real world" and virtual products available in the metaverse. Some brands, such as Nike and L'Oreal, have launched products in the metaverse to reach new customers in the virtual world.

The size and popularity of the Metaverse will continue to grow, so now is the time to explore your options as a Metaverse affiliate marketer. As an early adopter, you may see great success as a partner in the virtual world before the market becomes saturated.

Increase clarity of video content

Video has been a fast growing affiliate marketing trend over the past few years - and it will continue to expand in 2023 and beyond.

72% of people are more likely to use video to learn about a product or service than any other form of media, and 88% of consumers have made a purchase after watching a video. get this. 96% of people use explainer videos to learn more about a product or service - so brands that don't harness the power of video content are really missing out!

In addition to popular video platforms (YouTube and TikTok), many social media platforms such as Instagram and Facebook prefer short videos over still images. Brands can partner with influencers or content creators who love to create video content (YouTubers, TikTokers, Instagram Stories, etc.) to create tutorials, product reviews, unboxing videos, and other types of creative videos showcasing products or services.

Affiliate Brands will provide referral links for use in titles or promotional codes that may be mentioned in the video to encourage people to purchase the product or service. Sometimes affiliates join the program and create videos to showcase products and services that include affiliate links without working directly with the brand.

More community based affiliate marketing

Online communities seem to be everywhere - from Reddit to Facebook groups. Community groups usually share users looking for authenticity and connection, and revolve around a specific niche, such as travel, beauty, finance, or gardening.

As an affiliate marketer, you can join a group that allows affiliate marketing so that you can share your link in a relevant industry. For example, as a travel blogger, you can choose to join a group of travelers who search for recommendations on hotels, car rentals, tours, and more before going on vacation. Alternatively, if you can't find a group that will allow you to leave your affiliate link - you can always create your own community to post comments and links to your affiliate products and services.

Some brands have even created Facebook groups to build and nurture communities of loyal customers. For example, HubSpot has created a group for marketers from the HubSpot Academy called Content Marketing Pros, and Instant Pot has created a group called the Instant Pot Community where members can share their delicious recipes.

The Future of Affiliate Marketing