Can we unbuckle our seatbelts yet? Have the airbags dropped? We must admit 2022's social media space was one turbulent ride! Facebook copped a mass exodus of followers, while Elon Musk took over Twitter only to grind the platform to the ground as TikTok ticked on with raging success, and poor Instagram agonisingly mimicked every element they could only to lose its authenticity. So, with 2022 being a such mess, will 2023 bring us a breath of fresh air in the social media space? Let's take a look.
- Generative AI taking over
For those new to Generative AI, in simple terms, it's a type of artificial intelligence that generates original content in response to a set of given parameters. Designed by OpenAI, the instantly famous ChatGPT is rapidly taking over since its release in early December of 2022. To get a gist of its instant fame, it took under two weeks for ChatGPT to reach a million users. So, get your AI skates on peeps and hold on tight peeps, because this only just the beginning.
- Expansion of social commerce
A subset of e-commerce, social commerce is the action of purchasing products and services directly off social media platforms. It's also the redirection to a retailer's product page from a click off the social app. This consumer trend is only set to boom in 2023 according to a recent study by Accenture. It found that the social commerce industry, currently worth $492bn is expected to reach $1.2 trillion by 2025 thanks to the mobile-first Gen Z and Millennials shopping habits who love to shop off socials.
- Influencing its evolving
Consumer trust is hugely based on user reviews as much as personal recommendations. That's why in social media we are seeing consumer behaviour shifting where buyers are more interested in content created by people like them. Familiarity is key, to build their trust. They don't want to see impersonal content by top-influencers or say, celebrities, that don't connect with who the consumer is. Customers are smart and can see that paid top-influencers may not always use the products they promote.
- Retail media is the new wave of digital advertising
Retail media is the use of a retailer's own selling channels, such as their brick-and-mortar store, website, social channels, or email database to promote a brand's products and services to customers. It's an important tool as it allows brands to target specific customers with tailored messaging at various stages of their purchase lifecycle. Retail media techniques include online advertising, in-store advertising, coupons, or things like loyalty cards that keep customers coming back. For advertisers, it's great way for reaching specific audiences based on demographic profiling and consumer buying habits.
- NO to fake content!
Apps like TikTok, We Are and BeReal, are dominating the social media space and prove that users are seeking and craving authentic content beyond previous trends. What these apps allow users to see, is how brands and influencers alike, work, and live, without over filtering as they have limited to non-existent filter functions. Put simply, users want the truth! And there you have it. Whether a breath of fresh air, or another turbulent ride for some, be assured that the evolution of technology will only get faster. As marketers, advertisers, business owners or entrepreneurs, we must embrace change. Staying in touch with developments in areas that affect your business is important for your business goals and objectives. But at any point if you ever get stuck, the team at Zaka have your back.