The confluence of social media, content and commerce is an exciting area for 2022
The creator economy, social shopping and peer-to-peer/influencer shopping is predicted to boom in the Western world.
New platforms such as Patreon, Substack, Cameo and TipJar are enabling creators to bypass the traditional branded influencer partnership. This means an entirely new ecosystem is emerging where creators can build relationships directly with their followers.
This concept of fandom is becoming an increasingly powerful force, one that is already evident in the rise of gaming. Gaming creators and esports exploded in 2021, with an 80% increase in livestream gaming content.
The most popular platforms such as YouTube, Facebook and Instagram are adapting their services to meet these new demands and offer revenue sharing tools to creators. It’s needed, as 71% of brands plan to increase spending and leverage the power of creators to sell via livestreams and shoppable media. TikTok has seen the most growth, with 84% of marketers planning to increase spend on the app in 2022.
As live streaming, digital entertainment and social commerce collide, brands will need to seriously consider how they can create organic communities for loyal fans and followers.
Social commerce is the new real estate
Today’s web of hyper-connectivity has created new pockets of online communities.
We work, learn, communicate, play and shop online. While in decades gone by the price of consumer attention was determined by the size and location of your store on the high street, the rise of social media means that anyone, anywhere can create a virtual shop front.
This is the crux of social commerce. To not simply meet buyers where they are, but to make these spaces places where people want to get their products and connect with others.
The short-term advantage will be recognised by go-to brands who future proof themselves by being first to market with social commerce integration. It has shifted from a perpetual priority to a desperately needed lifeline to thrive in a post-pandemic world.
Is your social storefront ready to meet the expectations of a new generation of consumers?
With a new era upon us, patience is not a virtue. Now is the time to get involved.
As previously published in Advertising Week