Study: Social media determine what we buy

Medallia has published a new study that shows how social media is significantly influencing the consumer purchasing process and replacing traditional advertising media. With over 2,000 people surveyed in the US, the study reveals how platforms such as Facebook, Instagram and TikTok influence purchasing decisions and determine which products are bought.

The key findings:

• Social media overtakes TV and radio: social media is now the most important channel through which consumers perceive advertising. 28% of respondents see the most product ads on platforms such as Instagram, TikTok and Facebook - more than any other medium. 

• Influencers as purchase catalysts: Influencer marketing is on the rise. A third of respondents stated that they discovered their last purchased product through a video or post by an influencer.

• Balance between advertising and customer experience: Despite the fact that over 60 percent of respondents believe there are too many ads on social media, just as many have discovered a new brand through these channels. It remains a challenge for brands to find the right balance so as not to compromise the customer experience.

• Gen Z loves TikTok - and buys there too: particularly exciting for brands: Gen Z discovers products particularly frequently via TikTok, and the platform plays a key role in product discovery despite being used less than other social networks.

 • Positive buying experiences: Over 80 percent of consumers who discovered a product via social media described the purchase process as smooth and easy. Almost three quarters of respondents would buy from the same brand again.

• Increasing use of social channels for customer service: Almost 40 percent of customers, especially Gen Z, use social media to get in touch with customer service - a significant increase that shows how important social channels have become in the overall customer journey.

Source: www.medianet.at