New Snapchat report details robust on-platform purchase rate
Just in time for the holidays, Snapchat has revealed statistics on user buying behavior on the platform. The data is being presented in a unique and digestible way: Snapchat is focusing on the path users are taking with social media during the purchasing process.
Buckle your seatbelts as we dive into the data and see what it means for marketers this holiday season and beyond.
What the Snapchat report covers
Snapchat's report describes the user’s path to purchase. First off, Snapchat claims “smartphones are the most used tool for sharing and gathering information on the path to purchase.”
So what does this path entail? Snapchat has the path to purchase broken down into three specific steps that are shared and experienced on the platform:
- Inspiration / Research - gathering information about products from other users and looking up companies’ social accounts.
- Purchase - purchases are being made directly from social platforms via ads.
- Celebration - sharing the purchase with the buyers' social network.
There was a wealth of information released by Snapchat regarding the path to purchase. Researchers created an infographic to make the data easily digestible.
That is a lot of information, but what does it all mean?
What this means for marketers
Depending on who your target audience is, this data may or may not be a big deal for your company. So, who should be concerned with the newly released Snapchat data? In essence, those businesses looking to sell products to people between the ages of 13-24.
According to Snapchat, their platform reaches "90% of all 13—24-year-olds and 75% of all 13—34-year-olds in the US." The company boasts "there's no better place to engage with millennials and Gen Z than Snapchat."
If, like me, you are curious how they ended on that high number, their figures have been calculated by "dividing addressable reach by relevant census figures" — you can dive into this more here.
Some additional insights shared in the report are just how primed and ready to shop this demographic is this holiday season — with a specific focus on Black Friday. According to their research, this audience is prepared to spend $250 per person this holiday season.
Furthermore Forbes recently reported, “Snapchatters are 64% more likely to start holiday shopping on Black Friday, and are 20% more likely to make purchases via mobile." Remember, the 2019 shopping season is "forecast to reach $1 trillion in US revenue."
Knowing how users are interacting with Snapchat is not enough. As marketers, it is our job to understand how to capitalize on these analytics. Here are are a few ways you can get in front of millennials and Gen Z this holiday season — and convert them to customers:
Advertise products or your company’s latest holiday promotions with these full-screen shoppable ads on Snapchat.
- Instant Create: This Snapchat feature allows marketers to create a single Snap Ad quickly (Snapchat boasts they can be created in minutes). Consumers are then able to engage with these Snap Ad and take action right away — like visiting your website and making a purchase.
- Advanced Create: Create multiple ad sets with Advanced Create. This is a little more robust than Instant Create because of advanced targeting and bid types. You have the ability to create collection ads to showcase a series of products and give Snapchatters a tappable, effortless way to shop. In addition, story ads will get your brand’s message across through a series of Snap ads.
Ultimately, Snapchat has described how the next generation is experiencing social media shopping. Snapchat is supporting the value of marketing to this generation by supplying some pretty big numbers!
Exploring Snapchat this holiday season is definitely something your company should be doing if your consumers fall between the ages of 13 and 34!
Wondering where to begin?