Microtrends in consumer behaviour. Part 1/6
These microtrends which have been emerging in 2024 and continue growing are rapidly shaping how people shop, interact with brands, and make purchasing decisions.
Social Commerce
Social media platforms are becoming major hubs for shopping and product discovery:
44% of consumers use social media for shopping occasionally, with an additional 10% using it regularly. Source
Over half of individuals aged 25-44 frequently shop via social media platforms. Source
TikTok Shop's launch in the US has been particularly successful, with 81.3% of sales coming from returning customers by February 2024. Source
In my opinion, this trend is driven by two factors: the first is the increased purchasing power of Generation Z, who are the main users of TikTok, and the second is the growing influence of microtrends that appear on social media on consumer behavior.
Creating products that can replace social commerce may be a path that will require large marketing budgets and constant competition with social networks. Nevertheless, such products are appearing on the market and aim to transfer the shopping experience from social networks to separate applications, for example:
Selleri - Indonesia-based startup, founded in 2021. Total funding amount - $1.2M
Selleri - social commerce app that helps 2,000 local fashion brands distribute their products through a network of 100,000 resellers and drop shippers in Indonesia
Geddid - Germany-based startup founded in 2023.
PowerBuy - a startup from the US founded in 2019. Total funding amount - $4.7M
App-based social group buying social commerce platform. The platform enables merchants and customers to share their purchases with their social networks using artificial intelligence and automation features, and socially share their deals which can lead to multiple purchases, and more.
This trend is also likely to create an infrastructure of related products that will serve this trend on the backend. Just off the top of my head:
For sellers:
CRM systems that will integrate applications from stores in various social networks for micro sellers,
tracking feedback on sold goods from customers' social accounts
generation of content for macro-sellers based on the adaptation of content from other e-commerce platforms
sales decentralization system (agency scheme through accounts of nano-distributors - individuals in social networks)
For buyers:
systems for comparing prices for similar products between accounts and on standard e-commerce platforms
aggregators of trading platforms in various social networks
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