From new payment solutions to the continuing convergence of social media and shopping, brands must navigate several purchase paths
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Brands that can stay flexible with the current environment while delivering products and services consumers are looking for will always come out ahead, writes Jessica Hawthorne-Castro.
As consumer preferences change and the various ways to reach them continue to proliferate, finding the right approach can be challenging. There are generational factors to consider, emerging opportunities to explore and new hurdles to jump along the path to finding the right marketing mix.
To complicate things further, every new year seems to bring a host of new opportunities worth exploring. To help, we’ve whittled down our list of trends to watch to five key points all performance marketers will want to pay attention to in 2022. Here they are:
1. New ways for consumers to pay for their purchases
From cryptocurrency to Venmo to simplified multi-pay financing arrangements like Afterpay and Affirm, your customers expect these and other options to be at their fingertips as they hit “buy now” on your website. They’re also looking for a seamless experience enabled by QR codes, which cut down on the number of clicks it takes to look at, read reviews about and buy a product or service. These and other trends took hold in 2021 and we expect them to continue and even escalate over the coming months.
2. Social media continues its reign
Try as they might, the powers that be have yet to come up with a more engaging and interesting way to connect with customers and prospects online. For now, at least, Facebook, Instagram and YouTube continue to offer marketers the most affordable and direct way to achieve that goal. And because younger generations are among the biggest users of social media, it’s also an effective way to reach Millennial and Gen Z consumers on their own territory. The social media fire has been stoked and 2022 may be the year that these platforms become the go-to media opportunity for a wider range of companies.
3. Marketers are obsessed with monetizing TikTok
Within these social media circles, TikTok stands out as one of the biggest opportunity areas for the year ahead. That’s because marketers spent much of 2021 figuring out how to monetize this platform and, from our own research, some of them have found the right combination. And while TikTok doesn’t offer video creators the opportunity to monetize their videos, it does provide an Ads Manager service that companies can use to choose a goal, select an audience, set a budget and design an ad. TikTok may be considered one of the newer social media platforms, but it’s already proven to be a major competitor by doubling the number of Snapchat, Pinterest and Twitter users within a short timeframe. Amazon even created an entire page based on popular products recommended by TikTok users at Tik Tok Amazon Finds.
4. Subscription delivery services evade the supply chain challenges
The global pandemic disrupted supply chains to the point where products lingered unfinished on the manufacturing floor; container ships sat stacked up outside of the ports of Long Beach and Los Angeles; and stores left entire store aisles empty for lack of product to place on them. Any company that made, sold or distributed products likely managed disruption at some point during 2021, but organizations whose models incorporated subscription delivery services were able to avoid some or all of this strife. Software companies, TV networks, travel services, publications and others all fulfilled orders virtually, thus avoiding the supply chain snarls. We see this continuing during the year ahead as more companies add virtual subscription opportunities to their product offerings.
5. YouTube continues to morph into a shopping destination
In November, YouTube launched a weeklong livestreaming event called “Holiday Stream and Shop.” According to BNN Bloomberg, select social media stars sold their own merchandise and brand-name products directly on the platform. In the weeks that followed, YouTubers could hawk goods from their videos, a concept known as “shoppable video.” The publication says this is all part of the company’s “biggest push yet to become a shopping destination.” This will likely be a game changer for 2022 and beyond, seeing that purchases made on social media exceeded $36 billion in 2021. We can’t wait to watch the continued convergence of video and social media—an opportunity that will be open to both emerging and established brands over the coming year (and beyond).
As we usher in 2022, brands will continue to need to meet consumers’ growing needs with the discussed payment method expansion and reaching them across streaming and social media platform. The types of brands that can stay flexible with the current environment while delivering products and services consumers are looking for to enhance their lives will always come out ahead and succeed.