Kimola Newsletter | Analytics:📺 TV Series stay, platforms stray!
Gen Z The new era in online shopping
According to Jungle Scout's data, 32% of Gen Z consumers shop online every day. This rate is significantly higher than Millennials who shop online at a rate of 25%, Gen X at 15%, and Baby Boomers at only 7%. Another characteristic that sets Gen Z apart from previous generations is the places they go to search for products. More than 40% of Gen Z prefer TikTok for product searches. Instagram has also become an important source for Gen Z to conduct product research. Therefore, it is crucial for brands to focus on these social media platforms. While nearly 6 out of every 10 Gen Z consumers shop on Amazon, search engines like Google are losing their popularity. Moreover, Gen Z prefers to use YouTube for product research more than previous generations. TikTok, YouTube, and Instagram seem to be very strong in dominating the e-commerce industry in the coming years.
Consumers indecisive with content choices
One of the biggest challenges for viewers in their TV watching experience is the inability to decide what to watch from a wide range of content options. A new study by LG Ads shows that 40% of viewers struggle to find the content they are looking for. The reason for this is the increasing number of different digital broadcasting options. The study reveals that viewers are more "content-specific" rather than focused on the digital broadcasting platform because they don't know where to find the content they are actively looking for. In this context, 59% of participants say they are willing to cancel their subscriptions after watching a specific content, while 46% of those who cancel a streaming service do so for economic reasons, and 63% prefer free content streaming. On the other hand, it is observed that consumers prefer family and friend recommendations (46%) and TV and specific app advertisements (39%) the most for discovering new content.
Consumers are more conscious
Twilio's 2023 study examines consumers' core trends in personalization, data privacy, and trust. The results of the study emphasize that brands need to leverage first-party data to improve the customer experience and increase customer loyalty. When used correctly, the return on this data is quite high, with 66% of consumers stating that they will stop using brands if their experiences are not personalized according to their data. Additionally, consumers are willing to have a cookie-free internet experience faster. Almost a third of consumers reject cookies on websites, while almost two-thirds (65%) prefer the use of first-party data to personalize their experiences. However, 81% of brands still appear to rely on third-party data. 86% of consumers say that personalized experiences increase their loyalty to brands, and they spend 21% more on brands that offer personalization.
Consumers use Google reviews for research
Today, people conduct extensive research through the internet before buying a product or service. Part of this research includes reviews on local business listings. People now trust local business listings more than ever before to learn the facts about a business and validate their purchasing decisions. This makes local listing management one of the top priorities for brands. According to online review statistics and ReviewTrackers data, 63.6% of consumers say they are likely to look at Google reviews (via Google Maps and Search) before visiting a business. This rate is higher than all other review sites. Yelp ranks second at 45.18%, followed by Tripadvisor and Facebook. Therefore, brands need to improve their local listing management strategies by taking into account this factor that influences consumers' purchasing decisions.
