This report does not set out to decode this broader environment in detail. Instead, we’ve taken a more focused approach by looking at the industry environment through three lenses: Content and channels; Connected commerce; Influence and creators.
The harsh recessionary context is signaling a more systemic shift, especially when the way we work is fundamentally changing, the signs of environmental turmoil are everywhere, and there is the desperate and unpredictable war on the eastern front. This report does not set out to decode this broader environment in detail. Instead, we’ve taken a more focused approach by looking at the industry environment through three lenses: Content and channels; Connected commerce; Influence and creators.
TikTok is THE trend. It’s no longer ‘just having a moment’. The fastest growing social network in history (according to Statista it took TikTok 5.1 years to attract 1 billion users) continues to rewrite the rules across a variety of parameters. First and foremost, the platform puts the importance of having a solid organic approach back on the agenda. TikTok requires brands to seamlessly blend into its DNA and adopt the platform’s codes and language by operating as creators rather than as advertisers. A second point is that TikTok has disrupted the topdown view on culture, enabling anyone to start trends. A third noteworthy development is that TikTok is increasingly being used for search purposes by Gen Z. According to eMarketer research, TikTok will gain 9.6M social buyers in 2023. That’s more than the net increase of Meta and Pinterest combined.
TikTok, it seems, will remain on a growth path. Legacy platforms like Facebook/Instagram, YouTube and Snapchat have all reported shrinking revenues - largely due to heavy reliance on ads, lacking innovation or, in the case of Twitter, a drastic ownership change. The shake-up of the platform landscape also triggered a prioritization of engagement-first objectives. Community building is making a big comeback and more often. In the new year, we’ll be seeing a cyclical rehashing of earned tactics and strategies that help deliver organic traction.
Brands will become artificially intelligent. 2023 will see dozens of AI image generators pop up (think DALL-E, Stable Diffusion), as well as search command language modeling like the widely hyped ChatGPT. The technology is not new in the industry for driving performance, delivering media efficiencies, and improving customer experiences, but 2023 could be a breakthrough year for wider (and smarter) usage of AI by brands.
2022 was not a good year for Mark Zuckerberg’s metaverse baby. After spending more than $10BN, traction remains low with the user experience described as lackluster. But there are many other metaverses (primarily in gaming) with at least 400m users - Roblox leads with 230m followed by Minecraft’s 165m. Gucci created its permanent digital space Gucci Town. The premise is simple: capitalize on scarcity (even if only virtually), gamification and community.
2020 and 2021 saw Meta and Bytedance release multiple commerce features. 2022 saw many of them axed. For example, live shopping and affiliate sales didn’t take off as they had in the East. In short, we’re still far away from promoting a social super app.
A great evolution in the connected commerce sphere are crossovers between networks and marketplaces. For instance, Snap made it possible for users to try on AR-led products before checking out directly on Amazon - offering the possibility to showcase other similar products, while getting a better understanding of the shopper’s interests.
With a global market share at $16.4BN in 2022, influencer marketing is very much here to stay. A constantly shape-shifting channel which demands a lab mentality from brands. With every new platform, a new branch of influencer marketing is formed with unique ways to engage and reach niche audiences.
Influencers have been forced to swim or get drowned out. In the early days of influencers marketing we predominantly saw influencers create content around make-up tutorials or hair-care. Fast-forward to 2023, and it wouldn’t be strange to see an influencer doing a make-up tutorial while discussing a harrowing true-crime documentary. The playing field became more multifaceted.
Brandplay and commerce need to stay interconnected. Most commerce features on relevant social platforms allow for this. Immersive formats and metaverse experiences are gaining traction. Therefore, 2023 will be a pivotal year for AI to engage and create with communities.
Source: Ogilvy
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