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State of the Internet – Key highlights from Mary Meeker’s highly-acclaimed 2018 Internet Trends Report
Mary Meeker, a respected partner at Kleiner Perkins Caufield & Byers, delivered her acclaimed 294-page Internet Trends Report at the Code Conference. The Report highlights trends in E-commerce, mobile, social media, internet usage and more.
According to Meeker, “we’re living in a period of unprecedented change and unprecedented opportunity.”
Digital is in constant flux and with Artificial Intelligence touching everything, we can expect more disruption.
Here are key highlights from Mary Meeker’s Internet Trends Report 2018.
E-commerce is skyrocketing
Mobile shopping is on the rise, with mobile shopping app sessions growing 54 percent year over year. It is no surprise that more people are shopping on their mobile phones.
More time on Mobile
Digital media usage in the US grew four percent in 2017 to 5.9 hours per day. Mobile is the main driver, accounting for 3.3 hours of daily digital time. Mobile usage is not slowing down any time soon.
Trends on the Internet
As of 2018, approximately 3.6 billion people are on the internet, making up half the world’s population. On average people spend an estimated six hours per day on their digital devices.
The increase in digital consumption is mostly due to affordable Android phones, increase in WiFi availability and networks globally.
Product Discovery - Social media is enabling efficient product discovery in commerce with increasing number of people who find products on social media. E-commerce referrals from social media are at six percent versus two percent in 2015.
Most people search for products on Amazon, Google or other search engines. Social platforms are also gaining traction for product discovery and online shopping. Facebook, Instagram and social platforms are proving to be effective tools for finding products.
Advertising - Advertising revenue for Google, Amazon and Facebook are on the rise. Google saw a three-time increase in engagement for top mobile Product Listing Ads (PLAs). Amazon’s ad revenue reached a significant four billion dollars. Facebook has more than 80 million small-to medium-sized businesses on its site.
Artificial Intelligence spend will rise rapidly
Artificial intelligence (AI) platforms are growing, based on the cloud and data processing. Amazon Web Services (AWS) and Google Cloud Platform (GCP) are the top competitors in this space. Mary Meeker’s Report points out that AI is not a priority for increased spend but it is rapidly rising.
Meeker cited Google CEO, Sundar Pichai, who has previously stated that “AI is one of the most important things humanity is working on. It’s more profound than electricity or fire. We have learned to harness fire for the benefits of humanity, but we had to overcome its downsides too. AI is really important, but we have to be concerned about it.”
China’s digital volume is significant and it is growing fast. China has the largest number of internet users in one country, and their users are willing to share data for benefits. This large digital data volume and government focus is helping China advance in AI. The Chinese government is focused on developing AI, according to the Report findings.
Changing work trends
According to the Internet Trends Report, technology disruption is nothing new in the workplace, however the pace is accelerating. The key drivers are cheaper computer power, storage capacity, and cheaper connectivity and data sharing.
Job expectations are evolving. The most desired non-monetary benefit for workers is flexibility. Technology is making freelance work and other forms of work easier to find.
On-demand job growth is high. On-demand workers are estimated to be at 6.8 million in 2018. Etsy has two million sellers, Upwork has 16 million freelancers, with similar numbers from other players in the marketplace.
Key market trends
The Internet Trends Report found China, India and the U.S. were the only markets with relative GDP rising. Globally, U.S. platforms lead in numbers with more than two billion users on Facebook platforms and Google. In China Tencent and Alibaba have one billion and 700 million users, respectively.
China leads in terms of the volume of usage and users on Tencent and Alibaba. Tencent’s mobile messaging app, WeChat, has impressive features such as its an in-app payment service called WeChat Pay that can be used for utility bills, taxis, groceries and peer-to-peer (P2P) payments. eMarketer predicts WeChat will have 543.7 million users by the end of 2018.
We are in an information era where educational content usage is rising fast. According to the Report findings, YouTube has more than a billion views of daily learning videos, 70 percent of users use the platform to help solve work, school or hobby problems. Coursera has 33 million learners, up 30 percent year on year. The top courses include machine learning, neural networks and deep learning, introduction to mathematical thinking, algorithms and more.
To learn more about health care trends, data privacy and other industry trends, review the full Report on this SlideShare link.
We can expect more disruption from Artificial Intelligence, Machine Learning and Technology advancements. Businesses, Industries and Marketers will have to adapt to changes by taking responsibility, being agile and staying ahead of trends.
This is an exciting time but it will also be challenging on some levels. I find that many businesses are behind when it comes to long-term strategic growth and adaptation of digital opportunities. Get in touch with me to learn more about strategic marketing.
Read more - Six dynamic strategies to boost your digital and social media marketing in 2018