Under the digital evolution of the retail industry, the convergence of social and commerce have created an entirely new customer journey. No longer a linear experience, social media and shopping experiences have become intrinsically linked where consumers today go through multiple channels to discover, shop and ultimately make a single purchase.
For consumers the fast-paced and immediate nature of social media means a seamless and speedy shopping experience. According to BussinessofApps, 40 percent of traffic for e-commerce brands came from Facebook during Q1 of 2021. Moreover, data from Facebook shows 46 percent of Instagram users make purchases after seeing product information on the app.
Additionally, as of July 2021, data from eMarketer shows that across all retail categories in the U.S., apparel and accessories represent the largest social media footprint, accounting for 53.3 percent of all posts and reactions to content, like comments and shares across Facebook, Instagram and Twitter. eMarketer estimates that U.S. social commerce sales will double before 2021 to reach over $79 billion.
In the midst of the pandemic, while social commerce has become an even more vital piece of the marketing strategy the need for brands to be agile was critical. Social media evolves quickly and new platforms require new investments or
even more content to create. But it also raises the question of which platforms are worth investing in, because all platforms are not created equal there’s no one-size fits all strategy to embrace.
Newcomer TikTok, for example, has shown advantages over other platforms in discovery, but is content-first and still growing its capabilities to shop direct. Data from Dash Hudson’s latest Global Digital Insights report reveals TikTok saw 325 percent year-over-year growth and is on track to hit 1.2 billion active users in 2021, plus a fourth of the platform’s users can’t be found on other channels which makes it a fresh potential revenue stream. It’s an impressive feat, but while TikTok has thrived, many other social media platforms haven’t been as successful in making a lasting impression.
In this special Market Intel Report, FMG Studio and WWD editors convened leading retailers as well as the visual marketing experts at Dash Hudson to discuss how the consumer journey has changed, social media’s impact, and what it takes to navigate new platforms while maintaining brand authenticity.
TO READ THE ENTIRE MARKET INTEL REPORT: CLICK HERE TO DOWNLOAD