In a report just released by Adobe, 2019’s Cyber 5, the five-day period of time starting on Thanksgiving Day and ending on the following Monday, set new records. Cyber Monday saw U.S. consumers spending a noteworthy $9.42 billion dollars online, a 19.7% increase from the previous year’s total of $7.87 billion dollars. This jump makes it the single largest sales day ever in the history of U.S. e-commerce. Overall, consumers spent $28.49 billion dollars online over the course of this year’s Cyber 5.
While these numbers are impressive enough on their own, what’s really interesting is the fact that for the first time, mobile transactions made up almost $1 of every $3 spent during this time period. With 55.79% of all traffic now originating from mobile devices, savvy businesses are taking notice and focusing attention on ensuring authentic customer experiences in this increasingly important channel.
More than ever, smart-phone users rely on branded apps while physically shopping in stores, with 61% of shoppers saying they prefer using branded apps to conduct price checks and price comparisons as well as search for coupons and in-store deals. In fact, 80% of consumers are more likely to do business with a company if it offers a personalized experience and 76% of customers who identify as loyal to a specific brand have downloaded that company’s branded app.
It’s estimated that mobile apps will generate over $189 billion dollars in revenue by 2020 and bad actors are hoping to cash in on the bounty. Rogue and fake apps have become one of the fastest-growing threats to consumers, with over 65,000 new fake apps detected in December of 2018 alone. In a report released by McAfee, apps are the number one source of malware for mobile devices.
While major app platforms employ strict security measures to reduce the number of malicious apps uploaded, even the largest platforms face a daunting task in policing their platforms due to volume. More than 100,000 apps are uploaded per week to major platforms, according to The Information.
Combine this volume with bad actors’ penchant for using famous, trusted names in rogue apps and you can see how your customers are at risk.
These apps, deliberately designed to mimic your authentic branded apps, can siphon your revenue, confuse your customers and result in serious reputational loss. Statistics indicate that 40% of users will go to a competitor after a bad mobile experience, and with so much business in the digital world driven by word of mouth, reviews and social shares, brand holders must ensure their branded apps deliver an authentic experience..
Incorporating a robust and comprehensive mobile app component into your existing brand protection strategy is a must. To help you develop an effective enforcement program that protects your brand from the risks of fake apps, we’ve published an informative guide that you can download here.
