It’s that time again—Ayzenberg’s Ashley Otah looks at three trends this week and what they mean for brands.
Shop till you drop. Social shopping was seen to be the next phase for all things online. Many platforms, from TikTok to Pinterest, Facebook, and more, added features to support shopping while surfing the web. However, according to the 2022 McKinsey report, 45% of consumers say social media influences their shopping, and only 11% have purchased directly through social media. This low conversion rate has platforms limiting or ditching social shopping altogether. Discernment with the addition of data is a powerful tool for brands to harness.
Buy, buy, buy. Mark Zuckerberg announced a new feature that allows users to buy products directly in Instagram DMs. After purchasing with Meta Pay, users can track their items until delivery. The new feature comes as many brands are attempting to make social more shoppable. Digital storefronts can be a massive benefit for small and large businesses alike, but the lack of knowledge of these features proves itself a barrier. Continuing to not have a clear delineation or direction for features creates confusion and stops brands from succeeding in otherwise successful endeavors.
All mine. Minecraft, the game series platform, has notified users that NFT usage and integration is not allowed or supported. Minecraft states that NFT supports exclusivity, which the company does not stand for. Other reasons for the ban include the safety and protection of users. According to Tim Sweeney, Epic Games will not be banning NFT games. Clearly stated guidelines and concise statements allow consumers to make calculated decisions regarding affiliation and proximity to brands.