What You Missed From 2023 Social Media Trends!

Authenticity, specialized platforms, short-form video content, interactive content, and social commerce were all crucial elements to learn from 2023. They helped businesses build closer connections with their customers, set themselves apart from rivals, and expand by embracing these ongoing trends.

1. Authenticity

As fake news and misinformation have increased, users of social media have grown to rely heavily on authenticity and openness. In order to understand more about the people and stories behind the businesses' goods and services, consumers want to feel confident in them and trust them. Businesses that value openness and honesty stood out on social media in 2023 and gained the trust of their audience.

“Our top priority is to protect YouTube's community from harmful content while preserving the positive power of an open platform. This includes misinformation, hate-speech and deep-fakes. Transparency, which is a core value at Google & YouTube, is integral to our content moderation efforts. Our community demands it, and we see it as an important part of being trustworthy and accountable to them, which is why we release a quarterly Community Guidelines Enforcement Report that gives insights into the volume of flags and actions we take on content that violates our policies, and the impact that technology has in aiding that enforcement.”

Tarek Amin - Director, Middle East & North Africa - Youtube

2. Decentralized Social Networks 

The growing dissatisfaction over control in social networks paved the way for decentralized platforms that offer more user independence. While these developing platforms might not have dominated in 2023, they caused the industry giants to pay attention and address consumers' concerns.

3. Short-Form Video Content 

On social media, like TikTok-style videos, are becoming increasingly popular. Bite-sized videos are a terrific method for businesses to spread their message since they are interesting, simple to watch, and shareable. More companies will probably use short-form video material to improve their social media strategies in 2024.

4. Interactive Content

By using live streaming, polls, and other interactive features, businesses can interact with their customers and foster a feeling of community around their brand. It helps businesses stand out in a congested social media landscape and forges better interactions with the audience. Interactive content will be a major trend to look out for in 2024.

5. The Rise and Fall of Social Commerce

Social Commerce holds immense potential for expansion, particularly with the escalating cost of living prompting consumers to seek affordable shopping avenues. However, much like the early days of influencer marketing, social commerce is still finding its footing. In certain areas like China, nearly half (49.5%) of social media users have engaged in a social purchase. This is slightly higher compared to the 44% observed in the United States.

“Social commerce is a democratizing force for consumers and small businesses and has profound implications for marketers. 2 billion people purchased on social platforms last year and is growing 3x faster than traditional eCommerce. The journey is led by spontaneous discovery and inspiration, not the traditional path. Trusted, seamless payments are critical to the experience.”

Cheryl Guerin - Executive Vice President Global Brand Strategy & Innovation - Mastercard

6. The Metaverse Rush 

The buzz around the metaverse, a blend of digital, augmented, and physical realities, has been escalating. With a prospective market worth $800 billion, it's at a crucial juncture, teetering on the edge of a format war. The success of each metaverse will hinge on its ability to resonate with consumers' real-world needs.

“Communities, rather than technologies, are the heart and spirit of the metaverse. To win over consumers in the metaverse, global brands will have to create better fan experiences by telling stories together. This means co-creating heartfelt experiences with their consumers, and sharing the ownership of the brand in a meaningful manner. In the open metaverse, users are free to participate in more than one community. This makes it imperative for brands to play the long game by inspiring community members, and enabling authentic connections.”

Soh Wan Wei - CEO & Founder - IKIGUIDE Metaverse Collective

7. Predictive Analytics

Predictive analytics, while not new, revolutionized marketing in 2023. More marketers will incorporate predictive analytics into their strategies, leveraging social listening to gather extensive data and using AI capabilities to make accurate predictions. While predictive analytics holds immense potential, only 42% of marketers claim to possess this capability. However, this scenario is anticipated to shift by the end of 2023. Read more about AI and Advertising.

8. Environment: Forefront, Not an Afterthought

As the effects of climate change become more apparent, brands must take decisive action to mitigate their environmental impact. Consumers demand genuine company efforts to prioritize people and the planet over profits. The dialogue is becoming increasingly urgent, as consumers are no longer interested in hearing terms like sustainability, green, or net zero. What they're looking for is meaningful action. Indeed, about 82% of consumers prefer companies that prioritize “in true actions” the welfare of people and the planet over profits.

9. Enhancing Customer Experience via Social Media

The pandemic has altered consumer behavior and preferences, emphasizing the need for speed and efficiency in brand interactions. Despite supply chain issues hindering product availability, brands can prioritize customer experience by providing swift support, information, or solutions via social media.

10. From Personas to Communities

In the wake of the pandemic, consumers have rapidly adapted to evolving interests and motivations. Hence, persona-based marketing gave way to community-focused strategies in 2023. Brands must thoroughly understand their consumer ecosystems and engage influencers, employee advocates, and average consumers.

The tumultuous events of recent years have ushered in a new era of consumer behavior. Brands that can adapt to these changes and leverage the outlined social media trends stand to make significant strides in 2024. Let's turn disruptions into victories, one trend at a time.

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