It’s safe to say that the number of online affiliate marketers has grown exponentially in the past twenty years. In 2020, a common question asked by those looking to enter the industry is “how long will affiliate marketing last?”
Business Insider reports that affiliate marketing revenue is expected to grow to the $8.2 billion mark by the year 2022. Not surprisingly the number of affiliate networks is growing which gives both publishers and shoppers more options. As always, competition results in improved performance and better results.
Affiliate marketing is now even with email with the number of e-commerce orders in the US. Both sales channels contribute to 16% of domestic e-commerce orders. Affiliate marketing is now considered one for four largest sources of e-commerce orders, outperforming social media commerce and display advertising.
In addition to this, affiliate networks are also coming up with better tracking techniques and payment methods. These improvements keep affiliate marketers on their toes as they know something bigger and better is just around the corner.
Advertisers are the companies or brands that are looking to gain exposure for their products or services, and ultimately greater sales. Employing affiliate marketers is the most cost-effective way to market online.
Consumers have come to expect relevant and engaging advertising content with just a quick lookup using their favorite browser.
Both publishers (bloggers) and advertisers (merchants) have found themselves under pressure to deliver eye-catching and informative content while maintaining a compelling return on investment (ROI) for their campaigns.
Publishers are the affiliate marketers who own websites and are partnered with advertisers. The publishers write blogs promoting their products in exchange for a cost-per-click arrangement or a more traditional commission structures whereby the publisher is paid upon each sale.
Publishers focus on a niche market and control the content and readership followings that advertisers are interested in, making their online media platforms valuable assets for advertisers to leverage. By giving publishers an opportunity to monetize their traffic, advertisers create a win-win scenario for both parties.
Advances in technology have fueled the growing interest in affiliate marketers pursuing their own online business. A growing number of publishers are taking advantage of these partnership opportunities. Business Insider reports that affiliate commissions are now comprising 15% of their revenues.
As of 2020, around 4.56 billion people have internet access. E-commerce retail sales are soaring to over $6.6 billion. Forecasters estimate that over 2.14 billion people worldwide are expected to buy goods and services online in 2021,
Affiliate marketing offers an exciting opportunity to earn money from sales to buyers around the worldwide. With more and more people using the internet today, you have the whole world as your audience. If you exhaust one section of the audience, you can move to the next – possibilities are infinite.
This is due to several reasons, including people’s growing faith in e-commerce. Now users are not afraid of sharing their personal details on the web. There was a time when buyers preferred to go to a physical store due to insecurities, but now with better security measures in place, buyers are willing to shop online.
This is a growing concern with data breaches being common, but the affiliate industry has been safe so far.
Moreover, the ability to reach to a growing number of audiences is one of the major reasons why there is no decrease in the popularity of affiliate marketing.
Whether the economy is booming, or we are in the throes of a recession, people will always purchase goods on the internet like bare necessities, impulsive items, gifts, and literature on many topics.
Affiliate marketing communities are popular among entrepreneurs of all levels. At the very least for the benefits of training, community support, and social networking. The pricing and benefits vary for each program and many online marketers find it worthwhile.
Wealthy Affiliate is a well-known and trusted community of over two million like-minded people concerned with your online business success. Aside from world-class training, an awesome support system treats you like family, online marketing communities provide strength in numbers and have attracted many entrepreneurs as they help guide people to success.
More Products to Offer
Affiliate marketing started to kick in around 1996 with companies like Amazon leading the hit parade of advertisers. Nowadays, nearly 600 million products from more than a million niches can be sold through the affiliate marketing business model.
The early days of affiliate marketing campaigns were limited to items such as electronics and health remedies. As of 2020, everything from solar panels to air tickets are purchased online. The affiliate marketing business model continues to grow in popularity with companies as they recognize it as a proven way to boost sales.
Advances in Technology
Technological advances in digital marketing have produced better analyses, easier ways to track your clicks, impressions, sales, and ultimately your return on investment. Also, technology has greatly improved the success rate.
Remote access technologies like Virtual Private Networks (VPN), Secured Shells (SSH), and firewalls allow anyone to safely access business connections worldwide
The Bottom Line
Affiliate marketing can be lucrative, but it takes time, work, and persistence to make it a solid business. Do thorough research before you jump on the affiliate marketing bandwagon.
Affiliate marketing is a great business opportunity that reaches around the globe. It’s easy and inexpensive to get started. There are lots of products that fall into many niches from which to choose. Owning your own online business allows for independence, convenience, and flexibility.
Opportunities in digital marketing continue to grow with no end in sight. The future of affiliate marketing is looking very bright.
“Affiliate marketing has made businesses millions and ordinary people millionaires.” – Bo Bennet
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