MikMak's New API Release and Latest Commerce Intelligence Innovations

MikMak is excited to announce the Q4 Product Launch and spotlight key releases from 2024.

Over the past year, MikMak has led the charge in advancing commerce enablement and analytics for multi-channel brands into a new way of doing business, that is headless, modular, and scalable. This strategic shift from monolithic systems to composable solutions enhances agility and enables organizations to respond more effectively to dynamic market demands.

A key challenge brands face with current monolithic approaches is data fragmentation. A 2023 report from Gartner, "Data and Analytics: The Cost of Data Chaos," found that, on average, employees spend 50-60 percent of their time looking for the data they need or managing fragmented data across various systems. The report estimates that data chaos (including siloed, unstructured, and inconsistent data) costs businesses an average of $12.9 million annually in lost productivity and inefficiencies. 

The beta launch of the new MikMak Insights API solves this challenge by integrating MikMak’s wealth of commerce intelligence data—like Purchase Intent and Attributable Sales—into Data Lakes, Analytics Platforms, and Business Intelligence tools such as Tableau, PowerBI, and Google Looker Studio. This enables multichannel brands worldwide to unlock a holistic view of their performance quickly and easily, supporting faster decision-making and more profitable growth. No other eCommerce enablement platform offers this level of data integration.

By leveraging the MikMak Insights API, your brand can:

• Save Time and Money: Leverage seamless connection to other data sources for faster time to value and holistic insights in real-time.
• Improve Marketing Effectiveness: Connect performance indicators like Purchase Intent Rate and Attributable Sales with media indicators like CPC and Share of Voice to help make stronger optimizations and inform full-funnel planning.
• Beat the Competition: Unlock powerful side-by-side competitor analysis to craft more effective share-stealing strategies.

MikMak Insights API will be fully released in January 2025.

2024 Market Trends, and How MikMak is Leading the Charge with Innovation

The landscape of global advertising, retail, and eCommerce is evolving rapidly. As we move through the end of 2024, several key market trends are shaping how brands engage with consumers, make data-driven decisions, and allocate their budgets. Amidst this, MikMak continues to push the boundaries of innovation, empowering brands to stay ahead of the curve and drive performance. Let’s take a look at the most notable trends this year and explore how MikMak’s solutions are uniquely positioned to address these challenges.

1. The Shift to Composable Commerce and AI-Driven Innovation

As mentioned above, the key trend driving our approach to innovation in 2024 has been the shift to composable commerce. As digital commerce becomes increasingly complex, retail decision-makers are shifting towards composable commerce, a modular approach to eCommerce that offers greater flexibility and customization. According to research from Acquia, 70 percent of retail decision-makers now prefer composable tooling, up from just 44 percent two years ago. This shift is driven by the need for more agile, scalable systems that can respond to rapidly changing consumer demands.
Simultaneously, AI is transforming how consumers interact with brands. From AI-driven ads to generative tools that enhance creative assets, AI is reshaping the entire e-commerce ecosystem. Meta's recent launch of generative AI tools for advertisers, as reported by Bloomberg, is a prime example of how AI is improving ad targeting and creative capabilities, empowering brands to engage customers in more personalized and dynamic ways.

2. Rising Media Spend in a Privacy-First World

In 2024, global ad spending is expected to surpass $1 trillion, reflecting an ongoing shift toward increased investment in digital advertising, particularly social media. According to WARC and Statista, brands are not shying away from investing in advertising, even amid economic uncertainties. Social media, in particular, continues to attract the majority share of ad budgets, with platforms like Meta and TikTok leading the charge.

However, with the rise in media spend, advertisers face increasing pressure to optimize ad performance while navigating stricter data privacy regulations.

3. Shrinking Basket Sizes: Adapting to Consumer Behavior Shifts

As inflation continues to impact consumer spending, basket sizes are shrinking. MikMak data has shown a consistent year-over-year decline in the number of items per transaction: from 9 items in 2022 to 6.1 items in 2024. This trend highlights the growing importance of capturing the consumer’s attention at every stage of their buying journey, ensuring your brand ends up in their cart despite reduced spend.

MikMak is the Market Leader at the Forefront of Innovation and Industry Trends

In response to market trends and to ensure that we're delivering on our mission of being the number one enabler of commerce intelligence to convert global consumers, MikMak has made major advancements in our position to enable commerce everywhere and measure the omnichannel outcome this year. 

• Enabled brands to build and design custom websites and shoppable media experiences, that are powered on the backend by best-in-class data, partnerships, and retail network with Headless Commerce API.
• Empowered consumers to shop where and how they want with the leading online food ordering and delivery platform, DoorDash, only available with MikMak.
• Partnered with best-in-class Brand Protection partner, TrackStreet, to ensure every marketing dollar spent and channel operated gets connected to in-stock products and that those products are being sold by approved retail partners at the right price points and locations for unprecedented, profitable growth.
• Advanced our retail media tools to ensure that you're using MikMak across your national digital media and your retail media for a holistic, apples-to-apples performance comparison.
• Helped Alcohol brands make products more discoverable while adhering to Alcohol industry regulations with industry-leading compliance controls.

• • Enabled brands to better track and analyze user interactions with Google Tag Manager for Brand Websites.
  • Unlocked deeper analysis and increased collaboration with Custom Report Builder.
  • Helped brands save time and money with simplified, less technical deployment methods with MikMak’s in-platform self-service tools.
  • Rolled out single sign-on in support of large global partners for improved productivity by reducing the time clients must spend signing on and navigating password entry and increased security by decreasing password-related hacks.