Over the past decade, the virtual landscape of social media has undergone and reflected tremendous transformations. Developing the way we connect and communicate with others and transmit information
The Continuing Rise of Social Commerce
By 2024, the amount of mobile commerce is anticipated to reach $620.97 billion. Accordingly, a mobile device will be used to make nearly half (42.9%) of all eCommerce purchases. Given that Millennials and Gen Zers have enormous purchasing power and that practically every social network now has a “shop now” button. App usage will continue to increase and play a significant role in sales growth. On average, businesses with at least one social media account outperform businesses without one in terms of revenue by 32%. Still, doubting the power of the presence of social commerce for your business?
The Dominance of Visual Content
Visual content has emerged as a dominant trend as various social media platforms like TikTok, Pinterest, Instagram, and Facebook gain popularity beyond geographical boundaries. Consumer research has established that Instagram Reels had an average viewing time of 53 minutes in 2022. It has vertical videos (including Instagram, IGTV, Instagram and Facebook Reels, TikTok videos, and YouTube Shorts) having a greater watch completion rate than horizontal ones 90% of the time. So, get your tripod out and get recording… remember to keep your device in portrait mode!
Power of Authentic Marketing
When making a purchase, consumers perceive UGC to be 9.8 times more persuasive than content from influencers. Twelve times more people trust online customer evaluations than they do inside company marketing. The opinions of other customers that are posted online are trusted by two-thirds of consumers.
Consume those figures for a second.
Now you may wonder why this is the case. Because brands are biased and possibly speak highly about their own goods or services. However, someone who has utilized their product or service is more likely to be believed since there are no overt instances of financial affiliations and sponsorships. They at least give the impression of being objective.
Establishing Community
Global Web Index reports that 76% of internet users participate in online communities and 66% of branded communities say that customer retention results from these very communities. The key to really acing your marketing is to allocate ample time and effort in building an online community. Over followers by getting back to online comments, creating hashtags to encourage user-generated content and feedback, addressing negative feedback, and establishing trusted relations with influencers who already have an organic traffic base.
Be Real
While this may not be THE product of 2023, BeReal is creating quite the buzz right now! BeReal has a unique feature prompting users to share raw and unpolished pictures of themselves and their surroundings, with critics applauding the app for its authenticity. BeReal touched as many as 73.5 million active users in August 2022 with 33.3 million monthly active users in March 2023. Keep an eye on #bereal with your products and marketing!
