Aside from the holidays in December, Black Friday is one of the largest online shopping days of the year. A whopping $7.4 billion was spent on Black Friday in 2019 and the number raised to $9 billion in 2020. This is a 21.6% increase from 2019 and it is expected to be even higher this year.
This raise in online shopping sales may be a result of the pandemic, forcing more people to replace the once normal in-store shopping experience. Another trend we’re seeing from more consumer sales moving online is social media shopping.
In 2020, 37% of United States consumers 18-34 years old purchased products online via social media. With ads constantly popping up in feeds, it’s no wonder that social media shopping is becoming difficult for users to ignore.
We’re here to discuss trending social media platforms used for shopping and 4 factors that influence a buyer’s decision to purchase.
Trending Social Media Platforms for Shopping
This Black Friday, it’s important to know what the most trending social media platforms are to decide where to put your ad resources. Be mindful of your audience as well as what platform will work best for your company.
Instagram: Instagram is the most popular social media shopping platform. In fact, 130 million people every month click on a social media shopping ad post on Instagram. According to HootSuite, Instagram’s audience is primarily younger. In fact, 18-34 year olds currently dominate the Instagram age demographics statistics. The largest group of Instagram users also lives in the United States with 51% of them being female. The Instagram ad reach may account for as many as 1.16 billion people, depending on what filters you use for your audience.
Facebook: Facebook’s audience is primarily 25-34 years old. Users typically enjoy video and entertaining type posts, as well as connecting with peers. About 6 in 10 people each day use the platform. Additionally, Facebook ads and social media shopping grew 22% in 2020 and are expected to continue growing this year, especially around Black Friday and the holidays.
TikTok: TikTok has become the #1 most downloaded app across the entire world with over 1 billion TikTok users each month. With such a large audience base, it makes sense that social media ads for online shopping are becoming bigger as the platform continues to grow. TikTok recently teamed up with Vimeo to appeal more to smaller businesses. About 50% of TikTok’s audience is 16-24 years old with 53% of TikTok users being male.
Pinterest: Pinterest is a platform used to create boards of ideas for various home improvement projects, recipes, and more. It’s also a great way to discover businesses and purchase products! Here’s what you have to keep in mind in regard to social media shopping…Pinterest does hold an older audience in comparison to the other platforms. In fact, 38% of users are 50-64, followed by 34% of users being 30-49 years old. Additionally, 85.5% of Pinterest users are female.
4 Factors Influencing Buyer’s Decisions
Say your company’s social media shopping ad came up in a user’s feed during Black Friday with a big sale. They click on the post that directs them either to your social media profile or your website to purchase whatever product or service you are advertising.
This is when it becomes extremely important to have a consistent brand voice across all channels as well as a clear click-to-cart customer journey. Be sure to pay attention to these 4 factors that influence consumer spending as you’re creating a strategic social media shopping experience.
1. Online Reviews + Recommendations
Consumers in 2021 look for reviews and recommendations and weigh the different reviews before purchasing products. Reviews drive social proof, make you look trustworthy and credible, and have a noticeable impact on your online sales. Be sure to prominently display reviews on your website and social media channels. Additionally, if a peer offers a recommendation 83% of people will be more likely to purchase a product or service.
2. How Your Brand Makes People Feel
As told by a Harvard Professor, about 95% of purchasing decisions are made without the consumer being fully aware of why. People want to feel something because decisions are often driven by feelings and emotions, not logical thought. The most common feelings that drive purchase decisions for consumers are validation, exclusivity, guilt or remorse, emotional connection, and motivation. How can you include these feelings into your marketing and advertising strategies this Black Friday?
3. Financial Cost
The financial cost of your products is a huge influence on purchasing decisions for consumers. It’s important to know your audience demographics as related to income when creating a product or service for that audience. Your audience has to feel your product is WORTH the price you’re selling it for as well as have the resources to be able to purchase the product. If you’re selling an expensive product that your consumer needs and knows will provide quality for them, try offering installment payment plugins, like Klarna.
4. Personal Lifestyle
People make purchasing decisions based on their background, interests, personality, and motivational factors. Keep these consumer behaviors in mind when advertising on social media to your target audience. Humans are creatures of habit, so they base purchasing decisions on personal lifestyle and habitual factors. Your product needs to fit into your audience’s lifestyle seamlessly and go along with their personal values and beliefs. Showing influencers using your product or service is also a great way to also boost credibility with your brand and offer a better understanding of how to use your product in their daily life.
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