A new report from market research firm Circana has highlighted ‘social e-commerce’ as a significant opportunity for brands, with platforms such as YouTube, Instagram, and TikTok providing the environment to accelerate consumer decision journeys from awareness to purchase in-platform.

The report, titled ‘The Connected Consumer’, suggests brands could unlock unprecedented growth with ‘social e-commerce’ by bringing the store to consumers in an online environment, inspiring them to shop even when they aren’t looking to.

With one-third of global consumers are tethered to a device almost 24/7, the report outlines the opportunity for brands to create authentic communities and experiences with their owned and user-generated content. It also suggests that shoppers are looking to maximise their budgets without sacrificing quality or experiences, even during economic downturns.

“In an era where digital connectivity is at its peak, brands have a unique opportunity to thrive by leveraging this and deeply engaging with their audience in new and creative ways,” said Head of Insights, Analytics and Media, APAC, Circana, Alistair Leathwood. “By combining community, shopping and entertainment, brands can capture their audiences and provide them with a unique experience that urges them to take immediate action, even if they weren’t actively seeking to purchase prior to engaging.”

The Metaverse is identified as a new frontier for omni-channel retail, offering opportunities for data insights and innovative technology that can change how brands interact with consumers. Blending physical and virtual spaces, the Metaverse provides new ways of connecting with customers, such as 3D digital stores, virtual sales assistants, personalised shopping experiences, and innovative loyalty programs.

Leathwood emphasised the importance of brands understanding the needs of consumers in a hyper-connected world. “Marketers and brand professionals need to go beyond vanity metrics like clicks and engagement, they must understand how online behaviour converts into sales, using e-commerce transactions and first-party data to gain greater visibility into the purchasing journey.”