Fall may be in the air, but when it comes to retail, all eyes are on what is poised to become a record-breaking holiday season, especially when it comes to shopping via social commerce. Two recent reports, one from eMarketer and one from Klarna, underscore this prediction.
According to eMarketer, social commerce isn’t just growing, it’s booming. With US retail social commerce sales expected to grow 35.8% year over year in 2021, eMarketer predicts sales to hit $36.62 billion by the end of the year. Underscoring this trend, sales via social commerce are expected to grow even more in the coming years, reaching an estimated $45 billion by next year and a staggering $67 billion by 2024.
Retail Social Commerce Sales
Leading the social media pack is TikTok, and with a recent partnership with Square, merchants are now able to promote and sell to more than 1 billion monthly active users through the short-form video app. One of the driving forces is the Gen Z and Millennial market, with 71% and 69% respectively reporting to Klarna they are interested in checking out livestream shopping events this season. This is big news to retailers, especially as Gen Z and Millennials have nearly $3 trillion in combined spending power.
Klarna also reports that consumers who are spending their money online tend to have bigger budgets than those who shop in brick-and-mortar stores. Shoppers who do the bulk of their shopping online plan to spend 9% more on average.
Black Friday is poised to again be the biggest shopping day this year, with 49% of shoppers polled by Klarna anticipating making the majority of their holiday purchases that day.
Busiest Shopping Days
While this is all exciting news for retailers, it is also a warning for brand protection professionals. Bad actors have been quick to adapt to shifting consumer purchasing habits and new digital avenues including social commerce. These malicious actors develop sophisticated systemic brand abuse networks mimicking the same marketing techniques as legitimate brands use. Scammers troll social media, setting up fake accounts and profiles, using trusted logos and brands as lures. They hide behind pop-up internet ads, emails, instant messages, and social advertising to reach their victims.
Brand abuse networks are complex and often impervious to traditional brand protection techniques and technology. Modern brand protection solutions identify high-priority brand abusers and the systemic brand abuse networks they are using. This allows you to focus your efforts on the most egregious offenders, helping to ensure your customers have a safe and authentic experience with your brand.
To learn more about the differences between modern brand protection and traditional approaches as well as how Appdetex can help you meet today’s brand protection challenges, click here.