This year’s Black Friday will be characterized by the rise of new forms of electronic commerce such as Social Commerce and by new consumer habits
Buying through social networks is here to stay and will have a greater impact among the younger population segments. This is the main conclusion of “Social Commerce & Marketplaces:
A new horizon for Black Friday”, an event organized by the marketing and technology consultancy Making Science, in which the main players of social networks and Marketplaces have shared their vision of new forms of e-commerce and how Black Friday is influenced by this and by new consumer habits. In the words of José Antonio Martínez Aguilar, CEO of Making Science “Interesting milestones are taking place thanks to the change in consumer habits.
A new wave of new consumers is arriving, such as Generation Z, who are accompanied by new platforms that are adapt to new ways of understanding consumption “. According to the IAB, 81% of online buyers seek and formalize the purchase through this channel.
On average, it is bought online 3.8 times a month and each purchase has an average cost of 89 euros, 21 euros more than in 2020. This trend reinforces the growing use of new types of Marketplace, among which social commerce stands out. This new type of electronic commerce goes far beyond the mere sale through social networks, since it generates an immediate purchase opportunity, by simplifying the processes.
Convenience, offer and price continue to be the most important drivers of online shopping, although motivational elements such as recommendations continue to increase. According to Reyes Justribó, general director of IAB Spain, “56% of online users pay attention to purchase recommendations, reaching 92% in users between 16 and 24 years old.” This increased interest in recommendations can be seen in the new purchase formats through social networks, with an adoption rate of more than 20% among Internet users in Spain.
The IAB explains that the use of social networks at a commercial level has grown by nine percentage points, with Facebook and Instagram as the main platforms, followed by WhatsApp, YouTube and Twitter, but remember that the brand website is still the main source of information before to buy. Spanish consumers are adopting new consumption habits that are reflected in discount periods such as Black Friday. Those companies that have digital maturity and a good digital channel strategy will undoubtedly see an increase in the profit margin in these periods.