Fashion News - Monthly Digest March
YouTube launches shoppable videos
YouTube and other social platforms have been experimenting with ways to integrate shopping into it its content in recent years. The shoppable content trend has only accelerated as consumers have spent a majority of their free time at home during the pandemic.
In January, the company announced that it was piloting a new way to shop on YouTube with several creators. Almost a year ago, last April, the video-sharing platform was experimenting on a "products in this video" feature that would allow users to see more information about the products mentioned in a video.
Klarna launches Influencer Council
As more consumers are turning towards social media for financial guidance, Klarna, the Swedish fintech company that allows consumers to pay for products and services online in installments, has set up an ‘Influencer Council’ to ensure clear guidelines surrounding the promotion of its tools.
Klarna’s influencer council will aim to provide the utmost clarity and transparency for consumers, brands, influencers, and advertising bodies by developing a Whitepaper of guidelines regarding what is acceptable and what is not when it comes to advertising financial products and services such as their own.
The cryptocurrency boom
After a number of false starts, cryptocurrencies — led by Bitcoin — could be here to stay. It’s uncharted territory for the luxury fashion sector, but momentum might build fast. Cryptocurrencies are now returning to the spotlight, thanks to their recent adoption by high-profile entrepreneurs like Elon Musk.
A very small proportion of luxury consumers currently use cryptocurrencies — one per cent, according to data from Forrester. “In the context of the luxury industry, it isn’t going to become a mainstream payment instrument, but that’s not to say that brands should entirely ignore it,” says Forrester’s Bennett.
Snapchat buys Fit Finder app
Snap has confirmed the acquisition of Fit Analytics amid its latest major push to introduce online shopping to Snapchat.
Fit Analytics, a German startup which already works with a number of leading retailers including Asos, North Face, Puma, Patagonia and Calvin Klein, was acquired for an undisclosed sum and will see over 100 of its employees join Snap.
In June last year Snapchat launched a new ecommerce advertising tool, dubbed Dynamic Product Ads (DPA), to help big name retailer reach its huge Gen Z audience.
Small merchant uses social media to propel brand
As we mentioned previously the importance of TikTok in marketing is rising. Camera skin retailer Camskns.com says 70% of its website traffic stems from social media, with Instagram as the main channel. The brand experiments marketing on TikTok but has yet to generate consistent results on the social platform.
Read the full article.