The trend: While Amazon remains the top product search channel for consumers, the online retailer’s share is slipping as shoppers increasingly shift to social platforms.
Going social: Consumers are increasingly turning to Tik Tok, Instagram, and YouTube to begin their product searches.
Open wallets: Consumers, led by Gen Z, are also making their purchases on social platforms. Almost 50% of Gen Z adults learned about a new product or brand from an influencer, and nearly one-third of them purchased the product, per a Capgemini survey.
Our take: Social media is becoming a formidable consumer search competitor to Amazon and Google. With the rise of ChatGPT and the growing popularity of social search, we expect consumers to get used to the idea of discovering products across numerous platforms, further shifting consumers away from the search stalwarts.