Last week, I, along with several of my Aki colleagues, attended Adweek’s Social Media Week in New York, where marketing professionals from all over the world came to learn about the rising power and potential of the “creatorverse.”
It was an exciting 3 days as we launched Social Unbound through an immersive experience (photos below) and our very own Leah Logan, VP of Social Commerce, presented alongside two of our partners – Jonathan Rhyan of Kind and Jessica Kaesmann of BiC – about the power of short-form content on social media platforms.
Needless to say, the event was one for the books and besides meeting new people we took away some interesting, new learnings. Below are a few key takeaways from the 2023 Social Media Week in case you could not make it.
#1. Social Commerce is here to stay
According to Insider Intelligence, social commerce sales are expected to exceed $55B, a 108% increase compared to 2020. Consumers are increasingly using social media as their browsing and buying channel. And what we cannot argue is that a large part of its growth has to do with what the channel brings. Today the average consumer spends more than two hours each day on social media platforms for various reasons: (1) attention spans continue to decrease and social media provides quick engagement in seconds (2) users feel a sense of community as they follow people and accounts they like and care about (3) one-stop shop for all their needs – feel a sense of belonging while being engaged with content and then having the ability to buy any given product all in one place.
#2. Take the time to understand the right platform
On Day 2 we heard throughout various presentations how each platform is deserving of different content. The main idea is you can repurpose content but brands and retailers need to understand that each user interacts with different platforms differently, so brands need to modify their marketing strategy accordingly.
In our main-stage presentation, we too discussed the importance of picking the right platform. Click here to view different data points highlighted throughout the session, explaining how consumers use YouTube Shorts vs TikTok as an example. Shoppers use different sites and apps for different reasons, and will only be motivated by marketing strategies that recognize and take advantage of that fact.
#3. You can predict the future with data
Consumers expect cohesion and seamless buying. Brands and retailers alike can help create that unified shopping experience using data and insights. As Rhyan of Kind said, a clear data strategy can help you predict the future. He could not be more right – although data does not have all the answers, it can help guide you. If it steers you off path, data comes to the rescue again, veering you back onto the path of optimization. Together brands and social platforms, with the help of unique data and technology partners, can truly help create the experience consumers have come to expect.
Download our Social Commerce Report, where we provide 6 strategies that can help you optimize your social commerce strategy for increased sales and engagement.
Till 2024 Social Media Week…
