How Social Media Influences Consumer Behaviour.
Did you know 59.3% of the global population now uses social media? In fact, in the last 12 months, 190 million new users have signed up to a social media network. (source) Pretty crazy huh? This number is ever-increasing, with social media becoming a daily staple in people's lives. People are scrolling their phones first thing in the morning with their morning coffee. Just as we did with a newspaper in the good old days. From the moment we pick up our device, we are pinged across multiple platforms. With subliminal messages that are enticing us to buy, more than we ever have before. Today we dive deep into how social media is affecting consumer behaviour today.
The global pandemic prompted high records of online shopping growth, and the buck hasn’t stopped there.
With the world moving online during the global pandemic, we saw a shift in how we did most things. Including, how we worked, how we caught up with friends and family and how we shopped. Although life is seemingly going back to normal, our habits have changed. People are happy to buy online versus in-store. Much like how our lifestyles have changed too, with many of us opting to work from home. Online stores offer generous return policies, meaning buyers aren't stuck if they’re unhappy once they’ve received their purchase. You can simply return the item, as long as the product is in good condition and hasn’t been used.
Clever messaging is enticing users to buy
Messages that are sent to consumers are well-thought-out and have reason behind them. Brands think carefully about the words they choose and the messages they send. At the end of the day, they want the user to buy. The messaging brands send out has the power to influence consumers buying decisions. When paired with high-quality images, consistent social media posting, ads or other forms of content marketing, you’ll be putty in people's hands.
The rise of Buy Now Pay Later Apps (BNPL)
Ahh the buy now, pay later apps - a blessing and a curse. With buy now pay later apps Brands are seeing sales growth unlike they have ever before. This scheme allows shoppers to purchase products without having the initial funds in their bank account. Basically, you’re able to pay a small down payment now, without having to worry about interest rates, as you do with a credit card. This is an attractive option at checkout for many — but it has the potential to negatively impact consumers' wallets and their credit scores. According to Juniper Research, 360 million people use BNPL globally in 2022 and this is expected to grow to more than 900 million by the year 2027! (source) Crazy right?!
Influencers are influencing purchasing decisions
Having an influencer as an advocate for your product can seriously help to get your product get out there. If you have a fashion brand or a store; you may want to reach out to a fashion and lifestyle influencer and someone whom you think will align well with your brand.
Social media users turn to their chosen influencers for advice on products, places and general life advice. Influencers are proving to be powerful. Helping to increase brand awareness, and conversions and push products for brands. Influencers also help to humanise brands which is another reason why they’re such a good investment.
There a 4 types of influences that are measured by follower count. These are:
Nano influencers (1K–10K followers)
Micro-influencers (10K–100K followers)
Macro influencers (100K–1M followers)
Mega or celebrity influencers (1M+ followers)
External links direct you to a product or service page with the option to make a purchase.
Consumers don’t have to search for products anymore, products simply find them. It’s about making your products as accessible as possible. With the help of external links in your social posts, you can direct customers exactly where you want them to go. That’s not all - with Instagram and Facebook, shop users can make a purchase directly through social media. It really is wild how far we’ve come and it’s pretty epic for retailers!
There’s no doubt that social media heavily influences consumer behaviour. We’re buying more than we ever have, and stats show that these numbers will only continue to rise.
What do you think? To learn more about content marketing for retailers, check out our blog here.
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