Hootsuite’s Social Media Trends 2022 Report is now out and what an interesting read. Looking at all areas of social media and social media advertising, it shows what we all expected; a huge shift in the way we consume and use social.
One of the biggest changes is their findings that social has become the heart of the post-pandemic shopping experience. Before the global pandemic, social commerce was an opportunity for the most innovative businesses to create a bit of competitive advantage. ‘That all changed overnight when consumers went into lockdown and many looked to meet basic needs by buying online. Suddenly, 84% of consumers were shopping over the internet, according to Shopify.12 eMarketer reported a surge in ecommerce sales growth to 18%, the highest increase the firm had ever reported for this figure.13 And in what McKinsey dubbed “the quickening,” ecommerce penetration rocketed ahead more in the first 90 days of the pandemic than it had in the previous decade.’ says Hootsuite.
‘Nearly two years since the beginning of the pandemic, this shift in consumer spending has shown no signs of slowing down. And with eMarketer projecting that double-digit annual growth will drive ecommerce sales from $792 billion in 2020 to $1.6 trillion in 2025, it’s clear that our new ecommerce habits aren’t just here to stay—they’re very much on the rise.
This growth is particularly acute when it comes to social commerce. According to Hootsuite and We Are Social’s Digital 2021 report, the global social commerce industry is currently worth more than half a trillion US dollars.16 Simon Kemp, founder of strategic marketing consultancy Kepios, expects that number to grow. “Those are already big, juicy numbers,” says Kemp, “but if we look at the broader trends, it’s easy to see where there’s still plenty of potential for them to continue growing.” He points to China, which in recent years has emerged as the place to watch for emerging global ecommerce trends. In a historic first, more than half of China’s retail sales will come from ecommerce this year, up from 44.8% last year.
And social commerce makes up a fast-growing segment of those sales, projected by eMarketer to grow by 35.5% this year to more than $360 billion.18 “I suspect that we’ll start to see that really take off outside of Asia in the coming months,” says Kemp. “Social commerce clearly represents a huge and growing opportunity wherever you are in the world in whichever categories you operate in.”
After the turbulent times we’ve all just experienced, when many brands and companies were forced into operating tactically just to survive, it’s time for marketers to start thinking strategically again.
Acknowledgments: Hootsuite Social Trends 2022