Social media has started a revolution not only in the realm of communication and how we share information, but also, the way we shop. All generations, particularly the Millennials and Gen Z generation, are fairly active on social media platforms like Pinterest, Instagram, Twitter, and Facebook. By being constantly connected, users are constantly being presented with more ways to spend their money. Those that are hit hardest by the advertising circus are the Millennials.
The Power of the Millennials
Today, Millennials are the largest segment of the population with purchasing power. In 2016, Millennials were given the title of the world’s largest population and as they are entering into their earning prime, with a global wallet of 1.3 Trillion Dollars. In addition, over 85% of them own a smart phone equipped with the latest versions of the social media apps on which they are constantly updating their lives. So, brands understand the impact that this has on their customer so they have ramped up their offerings.
Not Just a Social Platform
Millennials are continually searching for products and services that simplify and streamline their lives. What’s more efficient then scrolling through your Instagram feed and see an outfit that’s just the right amount of “edgy” from Urban Outfitters and clicking on the item to purchase with one-click. On the same side of the coin, many brands are using influencer marketing to wear and style pieces their own way and post a picture or story on their social platforms. Then again, many times consumers can shop directly from their feed. In addition to changing the manner in which the consumer shops, this is also changing the way brands ADVERTISE. Followers of these accounts feel like it is a more authentic form of promotion in an almost a peer-to-peer marketing manner.
Online shopping has been taking a bite out of traditional retail for quite some time. Now, social media has added to the e-commerce experience by giving shoppers a new way to consume ads but also a new way to make purchases. Brands are constantly on the search out for new ways to advertise their media campaigns and engage their consumer; social media has given them just the right way to do so.