Black Friday, Small Business Saturday, Cyber Monday, and Giving Tuesday are all set for 2020. Cyber Monday will be the largest online sales day of 2020. In 2021, expect social media platforms will weigh users’ social shopping behavior. In a recent survey, 82% of consumers report they’ve either purchased, researched, or considered purchasing a product or service after seeing influencers post about it on social media. We’re predicting the following social media shakeups are on the horizon as a result of new 2020 consumer spending habits.
Instagram and its parent company Facebook launched themselves into the world of eCommerce in a BIG way. With the shop button so easily accessible on the Instagram Home screen, the Instagram algorithm will adjust to track consumer shopping behavior. Brands looking to take advantage of this new algorithm change should absolutely increase their investment in influencer partnerships. Live Selling is a $60 billion dollar industry worldwide, but the US only accounts for $1 billion of that total revenue. We’re predicting this is the next major frontier for social media platform giants and expect to see shoppable live streams on all platforms in future.
Short form video content was King in 2020 and the algorithms are adjusting accordingly. Shorter attention spans also mean shorter ads… six-second ads, to be precise. Instagram initiated a program that allowed creators to monetize their IGTV videos by serving ads to viewers. Expect adoption of that program to expand in 2021 and to see more brands investing in short-form ads on social media. Expect social media platforms to respond by adjusting their algorithms and their features to support those behaviors.
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How 2020 consumer spending habits will change social media algorithms in 2021