Social Media and Social Commerce

Description

This report explores the reasons why social media has become important and useful for product or brand discovery. Here is a summary of the main content of the report:

1. Stabilization or Decline in Social Media Usage Time: Since the peak of the pandemic, the average daily time spent on social media has stabilized or decreased in most regions. North America is the only exception, with usage continuing to rise. Baby boomers are also an outlier, indicating that brands should keep them in mind during strategy discussions.

2. Different Generations' Views on Social Media: The main reasons for using social media platforms among different generations include supporting/connecting with good causes, finding like-minded communities/interest groups, work-related networking/research, sharing/discussing opinions with others, avoiding missing out on things, watching/following sports, watching live streams, seeing updates/content from favorite brands, making new contacts, following celebrities or influencers, finding products to purchase, finding inspiration, reading news stories, seeing what's trending/what's being talked about, filling spare time, and keeping in touch with friends/family.

3. Changes and Unchanged Trends in Social Media: Despite a slight dip since Q4 2020, Facebook remains the most widely used app worldwide and has strong retention among younger consumers. Understanding these overlaps can help marketers use social media more effectively.

4. Social Fabric of Top-Performing Platforms: Different platforms have their own unique positioning, but consumers' views and usage of social media are not fixed. 

5. Changing Ways Western Consumers Use Social Media: Western consumers are starting to use social media for a wider variety of reasons and expanding their use cases for different sites.

6. Social Media as a Discovery Tool: More Gen Z say they discover products on social media than on search engines, and millennials aren't far behind. Social media is also increasingly used as an inspiration tool. 

7. Trust in Influencers Decreases with Age: Younger generations want to identify with influencers they follow, with 56% of Gen Z or millennials saying they follow influencers who have the same beliefs or values as them.

8. Growth in Social Commerce: In Latin America, consumers are most likely to click on social ads, while those in North America are most likely to make in-app purchases. In APAC, consumers are most likely to use ad-blockers.

9. Future of Livestream Shopping: Livestreams are still very popular in APAC, with the biggest proportions watching them in Indonesia, Vietnam, and China. There are new opportunities in other markets too.

10. Who are the Keenest Livestream Watchers?: Gamers are 21% more likely to be livestream watchers and 62% more likely to be interested in esports than the average consumer. Livestream watchers are also 43% more likely than average to say they buy the premium version of products.

This report provides a comprehensive view of social media usage trends, emphasizing the importance of social media in product discovery, brand promotion, and consumer interaction for brands and businesses.