Welcome to our report on the social media trends for 2023 in Vietnam, brought to you by Ogilvy. As we navigate through challenging times with economic recessions, environmental concerns, and global conflicts, it’s crucial to understand the evolving industry landscape. In this report, we will explore three key lenses: Content and channels, Connected commerce, and Influence and creators. The convergence of brand play, commerce, and AI will shape the social media landscape in the coming year, with a focus on immersive experiences and community engagement.
I. Content and channels
TikTok is undeniably the prevailing trend in the social media landscape. It has surpassed the stage of simply “having a moment” and continues to rewrite the rules in various aspects. With the title of being the fastest growing social network in history (achieving 1 billion users in just 5.1 years, according to Statista), TikTok has reintroduced the significance of a solid organic approach. Brands must seamlessly integrate into the platform’s DNA, adopting its codes and language, and operating as creators rather than advertisers. Another notable aspect is TikTok’s disruption of the top-down view on culture, empowering anyone to initiate trends. Additionally, Gen Z is increasingly using TikTok for search purposes, as highlighted by eMarketer research, which predicts a gain of 9.6 million social buyers on TikTok in 2023, surpassing the net increase of Meta and Pinterest combined.
TikTok’s growth trajectory appears to be set for the future. Legacy platforms such as Facebook/Instagram, YouTube, and Snapchat have reported declining revenues, mainly attributed to heavy reliance on ads, a lack of innovation, or significant ownership changes (as seen with Twitter). This platform shake-up has also led to a renewed emphasis on engagement-first objectives. Community building is making a significant comeback, with a cyclical resurgence of earned tactics and strategies aimed at generating organic traction.
Brands are entering the realm of artificial intelligence. 2023 is expected to witness the emergence of numerous AI image generators (such as DALL-E and Stable Diffusion) and search command language modeling, including the highly anticipated ChatGPT. While the industry has already been leveraging AI technology to drive performance, enhance media efficiencies, and improve customer experiences, 2023 could mark a breakthrough year for wider and more intelligent utilization of AI by brands.
Mark Zuckerberg’s metaverse venture faced challenges in 2022. Despite an investment exceeding $10 billion, user traction remains low, with the user experience described as lackluster. However, other metaverses, primarily in the gaming realm, boast impressive user numbers, with Roblox leading at 230 million users, followed by Minecraft with 165 million. Gucci, for instance, established its permanent digital space called Gucci Town, capitalizing on scarcity (even in the virtual realm), gamification, and community building.
II. Connected commerce
Although Meta and Bytedance introduced multiple commerce features in 2020 and 2021, many of them were discontinued in 2022. Live shopping and affiliate sales, for example, did not gain the same traction as their counterparts in the East. In summary, the concept of promoting a social super app is still distant.
A significant evolution in the connected commerce sphere involves the fusion of networks and marketplaces. For instance, Snap enabled users to try on products through AR technology before directly checking out on Amazon. This integration offers the opportunity to showcase similar products while gaining a better understanding of the shopper’s interests.
III. Influence and creators
With a global market share of $16.4 billion in 2022, influencer marketing has solidified its position and is here to stay. It is a dynamic channel that constantly evolves, demanding a laboratory-like mentality from brands. With each new platform, a new branch of influencer marketing emerges, offering unique ways to engage and reach niche audiences.
Influencers have faced the challenge of adapting or being overshadowed. In the early days of influencer marketing, the focus was primarily on makeup tutorials or hair care. However, in 2023, it wouldn’t be surprising to see an influencer conducting a makeup tutorial while discussing a gripping true-crime documentary. The playing field has become increasingly multifaceted, requiring influencers to navigate various topics and engage their audiences in diverse ways.
In conclusion, it is crucial for brands in Vietnam to stay attuned to the evolving social media landscape as we enter 2023. By embracing TikTok, leveraging AI technologies, exploring connected commerce opportunities, and adapting to the ever-changing influencer marketing landscape, brands can unlock new avenues for growth and engagement.
Key Points Summary:
- TikTok’s growth and influence reshape the social media landscape, requiring brands to embrace the platform’s unique culture.
- Legacy platforms face revenue declines, leading to a renewed emphasis on community building and organic traction.
- AI will play a pivotal role in driving brand performance and enhancing customer experiences.
- Connected commerce explores the convergence of social networks and marketplaces, creating new possibilities for seamless user experiences.
- Influencer marketing remains a powerful channel, with influencers adapting to new platforms and engaging with niche audiences through multifaceted content.
Contact our Vietnam team for expert support in harnessing the power of social media trends, optimizing your brand’s presence, and driving meaningful engagement with your target audience. Stay ahead of the curve and create impactful social media strategies in the Vietnamese market!
