Social media has changed the way people communicate and brought new opportunities to retailers and brands. As social media continues to evolve, it is set to expand to new consumer demographics and gain space within the e-commerce landscape. The report features global and regional social media platforms, shedding light on how these are faring across markets.
Social media platforms have evolved from a direct electronic information exchange, to become a virtual gathering place, retail platform and an essential 21st century marketing tool. They have become the foundation and digital bridge between consumers and businesses.
While young adults such as Gen Z and millennials were among the earliest social media adopters and continue to frequent the various social media platforms, usage by the older adults has also increased in recent years. Quick adoption by the older generation driven by COVID-19-related mobility restrictions will open up new expansion opportunities for retailers.
Social media is becoming a greater force for buying decisions. When they see a product on their feed, they are more inclined to simply click on the link and buy it. Brands and retailers are increasingly utilising video marketing strategies to improve engagement rates and basket conversion.
While social media has made a positive impact on how we interact with people, how we consume content, and how we share significant moments in our lives, it has become so pervasive it now saturates almost every phase of our daily lives. It will be a challenge for existing social media platforms to reinvigorate and overcome social media fatigue.
The pandemic has increased e-commerce penetration globally, and consequently, this is providing a significant opportunity for social commerce to have a larger slice of the e-commerce pie. Social media platforms in this digitally driven era have already changed the way people communicate and they will be expected to play an increasingly important role in the world of commerce.
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