In 2020, we saw a digital evolution unlike anything we've ever seen before, the catalyst being the COVID-19 pandemic. We witnessed an accelerated pace of development and evolution across platforms and in technology; changes that have forever altered the way we buy, sell, and reach our markets.
With digital marketers spearheading this evolution across the landscape, who better to turn to for top trends than Sam Bevan, International Head of Emerging at Snap Inc, who was kind enough to walk us through what he considers potent discoveries to predict trends for the years to come.
Snapchat just released its Latest Insights Report – where it dives into trends that will shape marketing strategies in the year of 2021. We found out what makes Snapchat unique as the perfect partner for brands looking to tap into key emerging markets as part of their business strategy. The three key findings are:
Millennials and Gen-Z make up the largest generation in history and in 2020, they made 1 in every 3 purchases. In addition, they are expected to drive over half the growth over the next decade. Collectively, they wield $323 billion in direct buying power, $1.2 trillion in indirect buying power.
Snapchat is hugely popular among Millennials and Gen-Z who use the app to connect with friends - the app reaches 75% of 13-34 year olds and 90% of 13-24 year olds in its core markets like the US and the UK.
Marketplaces on Snapchat are similar to friendships on Snapchat: a relationship of reciprocity. With 95% happy users, and a growing number of Gen-Z users, Snapchat is unique in the access and platform it grants brands attempting to reach this segment of shoppers - and now is a perfect time to start building genuine relationships with this audience!
According to stats released in Snapchat's Latest Insights Report, users watched a cumulative 10 billion videos daily on the platform in 2020 and an average user spent 32 minutes daily on the platform. Short, snappy, mobile first content is converting faster than ever for advertisers. The new generation of digital buyers and users prefer short form videos that fit into their day to day.
The full-screen interface of Snapchat enables full-immersion at an accelerated pace. Partners of Snapchat include the likes of Millennial favorite brands like Gym Shark, FitTrack, and Depop – which experienced such unprecedented success with its Snapchat campaign that 50 percent of Depop's total marketing spend is now allocated to Snapchat.
Far from a novelty anymore, Augmented Reality has proven to be a real driver for conversions, as experienced by Snapchat partners in real time. In 2020 users were twice as likely to buy products displayed through Snapchat lenses, with greater impressions and playtime as well.
Over 180 million users engaged with the lenses on display, which allowed brand interaction, direct response, a full circle brand experience, and showed a play by play for turning inspiration into action.
The Snapchat generation is different and brands need to learn to leverage this by telling compelling stories. Snapchat uses its customer insights to unlock sustainability and scalability for partners with a future facing vision. Contact us if you want help in getting started with your Snapchat campaigns!