Social Media in 2021
A report from IAB stated growth in 2021 Social media advertising revenues reached a total of $57.7 billion in 2021. That is an increase of $16.3 billion since 2020. A growing number of Americans use social media daily, and it’s not just one platform that they use. There are 17 social media platforms that have at least 300 million, active users, as of January 2022. Internet advertising is the number one form of advertising. If you are not promoting your business on social media, the question is, why not?
Social Media, Influencers & Content Creator
A recent study from IAB said, “The proliferation of influencers and content creators has been a catalyst for social media’s growth in usage and attention, which makes the channel an overall more attractive vehicle for brand advertising and partnerships.” As we move through a new era of social media, we see users who question brands and want to see transparency and authenticity. This is where influencers and content creators come in and can provide that for these brands. Social media goes way beyond curating ads, but they must provide value to the viewers. Social algorithms value shares and save’s over engagements such as “likes”. Another report from IAB found that 8-in-10 U.S. brands are now working with influencers and content creators.
Importance of Social Commerce
Consumer time spent on social media is continuing to grow. A popular trend we will likely notice is the continued rise of e-commerce within social media. Some individuals might know this as, social commerce. We live in a world where we can now shop directly from our phones, rather than going to a shopping center. Having the ability to share photos of your products through social media or influencers allows for the user to purchase directly from their phone is invaluable. Social commerce engages in different ways. One is it’s content-driven, allowing you to discover new goods or experiences. Secondly, it can create an experience such as live streams, groups, or even AR/VR gaming. Brands will continue to use this as an advantage to help grow and expand their reach. A new report from Accenture predicts that social commerce will grow three times as fast as traditional eCommerce, more than doubling from $492 billion in 2021 to $1.2 trillion in 2025.
