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The Future of Social Media: Trends and Predictions

Social media has a massive impact on business right now in 2024. The latest data claims approximately 5.17 billion social media users around the world. When it comes to the future, social media use is projected to increase even more.

The market is seeing seismic shifts right now, AI features are switching the way users interact with platforms and many users are shifting to new platforms to find specific types of content. The blog would encompass the most important social media trends to keep an eye on over the next two years.

  • Automating Social Media Tasks with AI

Over 80% of marketers find AI tools save time and boost efficiency. The use of AI applications has more than doubled or tripled in the past year. HootSuite’s survey shows that 75% of social media marketers plan to use AI for text rewriting in 2024. Copy.ai is popular for generating captions based on the prompt need for platforms like TikTok and Instagram. 52% intend to use AI for image creation a 136% increase. Coca-Cola collaborates with OpenAI for image campaigns in urging users to create with AI. Canvas AI editing tools are rising in popularity to simplify tasks like background removal and object editing.

  • TikTok Takes Gen Z by Storm

Facebook remains popular but is losing its younger audience with under-25 users declining to under 18%. On the other hand, TikTok dominates Gen Z by possessing 78% of users in 2023. Gen Zers spend significant time on TikTok daily which is a significant opportunity for business to scale up their brands. Search interest in “TikTok marketing” surged 8,500% in five years. 55% of marketers plan to boost spending on TikTok in 2024. Forrester predicts ad dollars will shift from TV to TikTok with 78% of small businesses seeing positive ROI within six months. Brands like Dunkin’ Donuts, Folgers Coffee, and Panera Bread engage Gen Z through TikTok campaigns with influencers like Charli D’Amelio.

  • Instant Support of Social Media’s Role in Customer Service

Today’s consumers demand immediate responses to their issues, with Zendesk reporting that over 72% expect rapid service. However, only 56% felt positive about customer support interactions last year with nearly one-fifth having negative experiences. A survey revealed that 90% consider instant responses crucial, especially within 10 minutes. Brands are adapting by offering customer support via social media, where 51% of consumers find memorable brands respond promptly. Spindrift excels in quick replies, often addressing issues within minutes on social platforms. To meet this demand, many businesses are turning to AI chatbots. These bots, with conversational AI, efficiently handle customer queries, providing swift assistance and enhancing user experience.

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  • Rising Trends with the Growing Influence of Social Media

The number of social media users worldwide has reached nearly 5 billion, surpassing 61% of the global population. This figure has steadily grown over the past two years, with a 4.5% increase from 2022 to 2023. On average, 9.6 users per second joined social media between August and October 2023. Social media is projected to outnumber linear TV viewers by 2025. Users spend an average of 2.5 hours daily on social platforms, comprising over a third of their online time. This reliance on social media has spurred movements like social media detoxing and a return to simpler devices like minimalist phones, with growing interest in such alternatives.

  • Social Media Advertising Dominates the Market

Digital ad spending is booming, reaching over $549 billion in 2022, and is set to hit $802 billion by 2026, making up more than 65% of total ad spending. Social media ads are a big part of this, with just five companies, including Meta and ByteDance, expected to rake in 52% of global ad revenue in 2024. In the U.S., businesses will spend $68.45 billion on social media ads in 2023, about 19% of their marketing budget per company. This share is predicted to rise, overtaking TV ad spending by 2028.

  • Social Platforms Enhance User Experience with AI Integration

Social media platforms have long utilized AI for various tasks, from suggesting posts to refining ad targeting. As AI advances, platforms are expanding their applications. For instance, Pinterest has enhanced its ad targeting with AI, offering businesses more options. Meta introduced generative AI tools in 2023, enabling marketers to create ads more efficiently, potentially saving five hours per week. YouTube plans to launch “Dream Screen,” an AI tool for background creation in videos and images. Meta also introduced numerous AI features, including image reimagining and post-creation tools. LinkedIn aims to attract professionals with AI-driven tools like Recruiter 2024 and LinkedIn Learning’s chatbot for career advice.

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  • Social Commerce Surge with Facebook and Instagram Lead the Way

Social commerce is booming with sales via platforms like Facebook and Instagram surging from $27 billion in 2020 to an estimated $67 billion in 2023. And, there’s an expectation to double to $144.62 billion by 2027. Apparel, beauty, and home goods are the top-selling categories with younger generations driving the trend—27% of millennials and 22% of Gen Zers have made social media purchases in the past three months. Facebook is a leader with its Marketplace and Shops attracting millions of users, while Instagram is favored by nearly three-quarters of Gen Z for shopping and offers seamless purchasing directly from posts. Sales per buyer are projected to rise from $337 in 2020 to $1,223 by 2027.

Conclusion:

The business is not using social media; running a brand is like joining a trip without a direction and map. Which means you won’t reach your destination. So, Social media plays a major as the major users of mobile on social media direct business use the strategy to elevate your business. Therefore, in this report, we have indulged in the deep analysis of future predictions of the business market. You will gain a lot of insight through this blog. 

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