Singapore – As social e-commerce now drives consumer desire and demand, a recent report from market research firm Circana revealed that social platforms like YouTube, Instagram, and TikTok facilitate a faster consumer decision-making process. This strategy enables accelerated brand growth through social e-commerce, moving quickly from awareness to purchase using embedded e-commerce links.
According to the report, it was observed that these platforms offer a crucial opportunity for brands to harness social currency, noting that an estimated one-third of global consumers are constantly connected to their devices.
It also allows businesses to build genuine communities and experiences by leveraging both owned and user-generated content to capture the attention of their audiences.
In addition, the report also explored the impact of the economic climate on current shopper behaviour. This further entailed how consumers are increasingly becoming budget-conscious while also seeking quality and memorable experiences.
Data from the report highlighted the importance for brands to know where their consumers are and how best to engage with them. In this sense, the metaverse is particularly noted as an emerging landscape for omnichannel retail, blending physical and virtual environments and offering an avenue for gathering extensive data insights and advanced technology that can transform brand-consumer interactions.
The results of these findings also recommended brands curate highly personalised shopping experiences that resonate with busy, hyper-connected consumers, relying on a profound understanding of consumer behaviour. This approach also encompasses giving brands the tools necessary to cultivate and sustain engagement effectively.
Alistair Leathwood, head of insights, analytics, and media for the Asia-Pacific region at Circana, said, “In an era where digital connectivity is at its peak, brands have a unique opportunity to thrive by leveraging this and deeply engaging with their audience in new and creative ways.”
Leathwood further continued, “By combining community, shopping, and entertainment, brands can capture their audiences and provide them with a unique experience that urges them to take immediate action, even if they weren’t actively seeking to purchase prior to engaging.”
“Brands can strengthen their approach by harnessing the power of data to understand their ideal shopper, tailoring campaigns to meet those dynamic needs, and increasing marketing success. Marketers and brand professionals need to go beyond vanity metrics like clicks and engagement; they must understand how online behaviour converts into sales. Utilising e-commerce transactions and first-party data will provide greater visibility into the purchasing journey,” he also elaborated.
