- Consumers explore new shopping channels as cost of living crisis drives demand for affordability
- Social media giants give more power back to their users with the rise of decentralised networks
- Consumers interrogate ecological claims, wanting companies to put people and the planet before profit
Leading consumer intelligence platform, Talkwalker in partnership with Khoros releases its annual Social Media Trends 2023 Report: From insights to action: how to disrupt a disruptive consumer. The 8th edition of the eagerly anticipated report looks at the 10 biggest trends for 2023, and how they are driven by the needs of consumers.
The latest report reveals that consumers will be more willing to explore new shopping channels, as the rising cost of living drives increased demand for affordability. With the growing emergence of social commerce in regions such as China where nearly half (49.5%) of social media users have made a social purchase, the UK is set to follow suit in 2023.
Three quarters (75%) of consumers say the pandemic has driven long-term changes in their behaviours and preferences. The year ahead will see businesses and their brands prioritise customer experience through social media, enabling a prompt and efficient response not only to provide customer service in real time, but to build customers for life.
The coming year will see disruptor brands focused on sustainability take a larger share of the market. Savvier consumers will also interrogate ecological claims, leading to more backlash against potential greenwashing claims. The report found that consumers want businesses and their brands to take action with 82% wanting companies to put people and the planet before profit.
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The year ahead will also see the rise of decentralised networks, as concerns grow around the lack of control users have about what’s published, how data is stored and censorship issues on social networks. Expect to see social media giants giving more power back into the hands of their users.
The concept of the metaverse will be a trend that everyone will want to be a part of in 2023. Immersive reality, Web3 including digital assets via NFTs and blockchain will see consumers in a 3D worlds’, represented by avatars dressed in bespoke gear, spending virtual currency.
This year’s report includes data-led insights and expert analysis from global experts and industry veterans on why businesses and their brands need to get closer to their consumers, and prioritise their needs with a seamless ability to predict their ever-changing demands.
David Low, global CMO at Talkwalker says:
“We all know the digital ecosphere has disrupted how marketers engage with consumers. In this new environment, marketers must focus on forging symbiotic relationships through a better understanding of online conversations and taking quicker action. It’s this new understanding that will help brands create meaningful experiences and become closer to their consumers.”
Dillon Nugent, CMO at Khoros says:
“As marketers, we know the value of data and the importance of listening to our customers. But, we need to be more action-oriented and use those insights more effectively. Consumers’ comfort level for doing things online – shopping, researching, socialising – is not slowing down as the world opens up.
“They also care more about their communities—global, local, IRL, and online. Marketers need to tap into these trends and behaviours more deeply to personalise customers’ experiences and create more impactful strategies that empower your brand to stay connected to customers and grow your presence in the market.”
Top 10 Social Media Trends 2023
- The cookie finally gets debunked – the beginning of the end for third-party cookies, consumers are increasingly frustrated by the lack of privacy
- Social media meets a new social standard – fake news maybe getting cleverer, but consumers are wising up to
- Decentralised networks – the future of social media run by consumers, not big business
- Multi-sensory social media – brands will invest in bringing sensory elements to digital experience from gamification to full immersive digital malls
- Social commerce – consumer will be willing to explore new shopping channels
- The Metaverse – immersive reality, Web3 and blockchain will see consumers in a 3D worlds
- Predictive analytics – AI-powered predictive analytics integrated at scale to accurately forecast the next big industry trend
- The environment, no longer an afterthought – consumers and brands will come together for impactful environmental change
- Customer experience gets even more social – social media will be the go to place for brands to connect with customers
- Personas are over, think communities – brands will move further away from personas an target their broader brand communities
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