Amazon ( NASDAQ:AMZN ) has done an excellent job securing its position at the top of the e-commerce industry. This has allowed the company to offer very effective advertising solutions, taking advertising market share from social media giants like Google’s ( NASDAQ:GOOGL ) YouTube and Meta Platforms ( NASDAQ:META ). Social media sites have been trying to become shopping destinations to get more people who want to buy things online and to get more online stores to list products on their sites. Amazon hasn’t taken these challenges lightly and has been fighting back with its social commerce efforts, the most recent of which is the launch of “Inspire.” Amazon stock is down nearly 48% year-to-date.
Social media sites start as fun things to do before they can be used to make money by selling ad space. The fact that a wide range of people use these platforms has also led to the rise of social media stars with large followings. As a result, a new way of marketing has come up that lets these new-age celebrities use their influence over their fans to promote brands’ products and earn big commissions. Influencer marketing is becoming more popular, which makes it easier for social media companies to get people who are ready to buy to visit their platforms.
Influencer marketing is an industry that is growing quickly and has become a meaningful way to market in the digital economy. In 2021, its global market was worth $13.8 billion; by 2022, it is expected to be worth $16.4 billion.
Amazon is constantly working to improve its social commerce features to take advantage of the fast-growing Influencer marketing industry. In 2017, it started the “Amazon Influencer Program,” which was only for famous people on social media sites like YouTube, TikTok, and Instagram. Influencer...
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