Social shopping health check, Minecraft blocks NFTs
It’s This Time Again – Ayzenberg’s Ashley Otah looks at three trends this week and what they mean for brands.
Buy till you drop. Social shopping was seen as the next step for everything online. Many platforms, from TikTok to Pinterest, Facebook, etc., have added features to support shopping while surfing the web. However, according to the McKinsey 2022 report, 45% of consumers say that social networks influence their purchases, and only 11% have purchased directly through social networks. This low conversion rate has platforms limiting or abandoning social shopping altogether. Discernment with adding data is a powerful tool that brands can leverage.
Buy, buy, buy. Mark Zuckerberg announcement a new feature that allows users to buy products directly from Instagram DMs. After purchasing with Meta Pay, users can track their items until delivery. The new feature comes as many brands attempt to make social media more shoppable. Digital storefronts can be a huge advantage for small and large businesses, but lack of knowledge of these features proves to be a hindrance. Continuing to not have a clear delineation or direction for features creates confusion and prevents brands from succeeding in otherwise fruitful endeavors.
All mine. Minecraft, the platform game series, has notified users that NFT use and integration is not permitted or supported. Minecraft states that NFT supports exclusivity, which the company does not advocate. Other reasons for the ban include security and user protection. According to Tim Sweeney, Epic Games will not ban NFT games. Clearly stated guidelines and concise statements allow consumers to make calculated decisions regarding brand affiliation and proximity.