Outlook 2024 | Must Read to thrive in the ever-evolving global landscape,” says Karstens. “Innovation is vital to the promotional products marketplace.” 17% | E-Commerce & Online Marketing “E-commerce advancements” is a common chorus among industry suppliers and distributors in terms of opportunities facing the industry. Gone is the time when an online presence was a proposition reserved for those with big budgets. Now, it can be something of an equalizer. One distributor says an opportunity exists in “providing our own online offerings to keep up with the big box distributors online.” This area represents increased sales opportunities, as well as new marketing possibilities. “Explore more possibilities for experiential and virtual promotions,” one distributor says. Developing robust online platforms to showcase products is crucial, but one possible avenue for facilitating easy ordering and capturing a larger market share could be Promo Data eXchange (aka PDX), an open standards formula behind PPAI’s mission to eliminate unnecessary phone calls and emails while unlocking a digital landscape that benefits the entire industry. 13% | Retail Brands Another common response when it comes to growth opportunities in the industry is one with a strong track record: partnering with recognized retail brands. Distributors in particular are hoping to see, as one put it, “more suppliers that can offer retail brand name items. Customers want those brands.” Such a partnership can elevate the product offerings (assuming the brand is a reputable one) and attract a clientele seeking premium items, perhaps waking them up to the success of promotional products. Many companies with large workforces are looking for such a product with a recognizable name to offer their workers. “That seems to be the trend with the current employee generation,” one distributor says. 3% | Global Market Expansion The possibilities of promo are not constrained by borders. Broadening into global markets is the next step, according to many suppliers and distributors. One supplier says that “scaling to accommodate more global opportunities” became a realistic goal when they met promo professionals from Canada, Mexico and the United Kingdom at The PPAI Expo 2023 in Las Vegas. Expanding into new geographic markets diversifies clientele and taps into emerging economies. One distributor also pointed out that this could go hand in hand with more sustainable offerings: “Sustainable gifting is becoming huge in the industry, especially in Europe.” The possibilities of promo are not constrained by borders. Broadening into global markets is the next step, according to many suppliers and distributors. One supplier says that “scaling to accommodate more global opportunities” became a realistic goal when they met promo professionals from Canada, Mexico and the United Kingdom at The PPAI Expo 2023 in Las Vegas. PPAI • JANUARY 2024 • 73
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