Social commerce is expected to grow exponentially until 2023 in North America, Europe, and Latin America, following the trends of market leader China, writes marketing expert Ashley Dudarenok. In Techn0de she describes three trends in social commerce brands have to know.
This year, it’s anticipated that social commerce will generate global sales of more than $1 trillion. And when it comes to social commerce, China is the market that stands out. Social commerce has expanded rapidly in the country, with a 40.25% increase in market size between 2021 and 2023. Between 2021 and 2025, the size of China’s market is anticipated to increase at a rate of 17% per year. …
Co-creating together with consumers is one of those trends, and Dudarenok looks at the example of Yili.
Brands can engage users on social media platforms by allowing them to interact or co-create engaging content as part of an effective strategy for increasing product promotion and awareness. This technique not only creates a user community but also increases brand visibility and engagement.
Take, for example, the milk brand Yili. Yili asked consumers to participate in a packaging design contest aimed at football enthusiasts to increase engagement and sales during the 2022 World Cup. Customers who spent a particular amount on items were entered into a lucky draw as part of the promotion.
As a result, visibility and sales increased significantly. The campaign received over 27.24 billion Weibo impressions and resulted in a 12.1% increase in sales, illustrating the potential of user participation and co-creation in brand promotion.
In light of this, fast-moving consumer goods brands can consider employing similar techniques by inviting consumers to co-create content during popular events, festivals, or marketing campaigns. This could involve a wide range of activities that tap into the creative potential of the consumer base.
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