43 Shocking Affiliate Marketing Statistics You Need to Know in 2024
When I transitioned from engineering to go full-time in affiliate marketing in 2019, I had no idea it would become this massive.
Over the years, affiliate marketing strategies have evolved significantly. What started as a niche tactic has exploded into a multi-billion dollar industry, transforming how businesses reach and engage with consumers.
In 2024, staying informed about the latest statistics is crucial. Whether you're a seasoned marketer or just starting out, these statistics will inspire you to rethink your strategies to become a more effective and successful affiliate marketer.
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Affiliate Marketing Industry Growth and Impact
The affiliate marketing industry is a powerhouse, boasting a multi-billion dollar valuation and experiencing explosive growth, fueled by mobile shopping and its impact on global sales.
If you want to get into this booming market and start the right way, then you should watch this video on how to set up a successful affiliate marketing strategy the right way:
1. The affiliate marketing industry is growing at an insane rate of about 10% year-over-year (Statista, 2022).
2. And it's not slowing down anytime soon. By 2027, we're looking at a market size of $27.78 billion (WPbeginner).
3. That's a whopping 63% increase from the current $17 billion (OptinMonster).
4. The U.S. affiliate marketing spend reached $8.2 billion in 2022 (Statista, 2024).
5. Spending will continue to increase as 60% of brands are ramping up their budgets for affiliate commissions (MarTech Record, 2023).
6. Additionally, 62% are preparing to increase their budgets for affiliate marketing efforts (Gen 3 Marketing)
7. Over 80% of advertisers and 84% of publishers run affiliate programs (InfluencerMarketingHub, 2024).
8. More than 10,000 businesses globally offer or specialize in Affiliate Marketing services (InfluencerMarketingHub, 2024).
This boost in spending shows just how effective affiliate marketing is, not only for driving sales but also for building a brand.
9. It's one of the top methods to build recognition, with 35% of marketers stating that affiliate marketing significantly increases brand awareness (InfluencerMarketingHub, 2024).
Tools and Technologies for Affiliate Marketing
As the market keeps growing, the tools and platforms we use are getting even better.
Businesses are pouring more resources into these technologies, so you're going to see affiliate programs that are more optimized and way more profitable.
10. Affiliate Marketing companies raised a whopping $1.5 billion across 232 rounds in 2023, a 15.38% increase from the previous year (InfluencerMarketingHub, 2024).
11. Over $216 million was invested in affiliate marketing software between 2020 and 2022 (InfluencerMarketingHub, 2024).
12. The global affiliate marketing platform market (software and tools) is set to skyrocket from $20.43 billion in 2022 to an incredible $39.81 billion by 2031 (Astute Analytica, 2023).
This massive expansion means there's never been a better time to dive into affiliate marketing and take advantage of these powerful platforms to boost your success.
Start with your affiliate marketing journey with this ultimate list of free tools for affiliate marketing.
AI’s Impact on Affiliate Marketing
Affiliate marketing is getting a major upgrade with AI. Expect smarter campaign optimization, personalized targeting, and enhanced security - exciting times for data-driven affiliate marketers.
Check out how you can leverage AI to start affiliate marketing:
15. 79.3% of affiliate marketers are embracing AI-driven content creation (Authority Hacker)
Consumer Behavior and Trust in Affiliate Marketing
Consumers are savvier than ever. They do a ton of online research before making a purchase, often turning to affiliate websites and influencer content.
Want to understand how affiliate marketing can be a powerful tool to leave your 9-5 job? Watch my tutorial on the basics of affiliate marketing:
16. Nearly every consumer (98%) now checks a review before purchasing, and 75% say they frequently read reviews (BrightLocal, 2024).
17. 61% of consumers trust influencer recommendations, which includes those involved in affiliate marketing (ClearVoice, 2023).
18. 53% of those who follow influencers have made purchases based on their recommendations (Pew Research, 2022).
This influence is particularly pronounced among younger adults.
19. 54% of 18- to 29-year-olds are influenced by social media in their purchasing decisions (Pew Research, 2022).
Affiliate marketing through influencers can also produce loyal customers.
20. 63% of consumers repeatedly purchase based on an influencer's recommendation or review (Impact, 2023).
Another thing to take note of is that authenticity drives engagement!
21. 64% of consumers are more likely to interact with influencer reviews that feel real and unbiased (SproutSocial, 2024).
22. 55% of consumers say access to a discount or promo codes makes them more likely to seek out influencer content (SproutSocial, 2024).
When it comes to interacting with affiliate content, mobile devices are a key factor. That’s because most people access the internet on mobile.
23. Currently, 61.95% of all website traffic comes from mobile (DataReportal, 2024)
24. 99% of people worldwide access social media networks on a mobile device (tablet or phone), while 78% are solely accessing platforms from their mobile phone (DataReportal, 2024).
25. 90% of U.S. adults own a smarthphone (Pew Research, 2024).
26. 76% of U.S. adults buy things online using a smartphone (Pew Research, 2022).
Affiliate Marketing Strategies And Traffic Sources
The best traffic source for you will depend on your niche, target audience, budget, and marketing skills.
Many successful affiliate marketers utilize these strategies to maximize their reach and conversions.
I recommend using these 6 FREE traffic sources to get thousands of leads per month:
27. 78.3% of affiliate marketers use SEO as a primary traffic source. This is closely followed by organic social media marketing (35.5%) and email marketing (22.8%) (Authority Hacker).
28. The top three social media channels for affiliate marketing are Facebook (75.8%), Instagram (61.4%), and Pinterest (42.4%) (WPBeginner, 2024).
29. Approximately 64.48% of affiliate marketers generate commissions through blogging (DemandSage, 2024).
Video Marketing Strategy for Affiliate Marketing
Video marketing is a strategy you shouldn’t ignore. It’s one of the most effective ways to engage and convert your audience.
30. 82% of people have been convinced to buy a product or service by watching a video (Wyzowl, 2024).
Shorter videos win on social media.
31. 66% of consumers find them more engaging than longer videos (Oberlo, 2023)
32. 70% of marketers consider YouTube as the top platform, followed by Instagram (60%), and TikTok (35%) (HubSpot Video Marketing Report, 2024).
Camera-shy? No worries! You can still succeed in affiliate marketing without showing your face.
Here's how to create faceless video content:
Affiliate Marketing Revenue And Earnings
In the creator economy, affiliate marketing is a significant income source, with many creators relying on it for substantial earnings.
33. 74% of social media influencers use affiliate marketing to increase their earnings (WPBeginner, 2024).
34. More than half (58%) of US content creators report that affiliate commissions are a key part of their income, making it the second most popular income source after sponsored content, which tops the list at 82% (eMarketer, 2023).
35. SaaS products offer the highest commission rates (20% to 70%), making them highly lucrative for affiliate marketers. Other high-commission categories include Finance (35-40%), eLearning (15-30%), and Fashion (13-20%). In contrast, categories like Arts and Beauty & Health offer lower commission rates at 12% and 10-30% respectively (InfluencerMarketingHub, 2024).
Affiliate marketing is also a revenue driver for brands.
36. This strategy can contribute significantly to a brand's online sales, accounting for anywhere from 5% to 25% (AffiliateWP, 2024).
37. Moreover, affiliate marketing delivers an impressive 12x return on ad spend (ROAS), underscoring its effectiveness as a lucrative marketing strategy for many businesses (Rakuten, 2022).
So how much do affiliate marketers make?
38. Majority of affiliate marketers (57.55%) earn below $10k annually, 16.21% earn between $10k-$50k, and 5.15% of marketers earn between $50k-$100k annually (InfluncerMarketingHub, 2024)
Want to replace your 9-5 income with affiliate marketing?
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Affiliate Network Statistics
39. Amazon Associates holds a dominant position with an estimated market share of around 47.39%. It's followed by Rakuten (7.23%), ShareASale (6.56%), CJ Affiliate (6.38%), and Awin (6.14%) (Datanyze, 2024).
40. When ranked based on the number of affiliates in their network, Amazon Associates leads with more than 900,000 affiliates.
41. This is followed by ShareASale with 700,000, Awin with 225,000, Rakuten with 150,000, and ClickBank with 100,000 (Statista, 2021).
Diversification is key in affiliate marketing. Affiliate marketers spread their reach by belonging to different networks.
42. 96% of affiliates have more than 2 networks. Brands also leverage multiple networks, with 20% working with 5 or more and the rest spread across 2 to 4 networks (Rakuten/Forrester Report, 2022).
And if you’re just starting in affiliate marketing, check out TikTok.
43. TikTok Shop, the platform’s affiliate program, launched in September 2023 and already has 100,000 participants (Modern Retail, 2024).
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We've covered some eye-opening statistics that show just how powerful and lucrative affiliate marketing can be in 2024.
Whether you're a seasoned pro or just starting out, these insights can help you fine-tune your strategies and boost your earnings. Now, it's time to take action and make these statistics work for you.
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About the Author
Jonathan Montoya is the founder of the 72 Hour Freedom Challenge, which has empowered over 55,000 people to leave their 9-5 jobs and achieve their dream lifestyles.
After starting his own online business in May 2019, Jonathan transitioned from Electrical Engineer to full-time entrepreneur within nine months. His mission is to help others reach their financial and lifestyle goals quickly and easily.
Jonathan's unique approach to affiliate marketing has enabled him to reach over 600,000 people who are working to quit their 9-5.
Outside of his professional achievements, Jonathan cherishes time with his wife and children, who have been a constant source of support and inspiration throughout his journey. Read more about Jonathan here.
