Amid a ban of TikTok’s operations in the U.S., a First Insight report reveals that 68% of retailers anticipate business impacts.
According to a new report from First Insight, more retailers and brands need to get cracking on a back-up plan if’s Uncertain Future,” showed that just 28 percent of polled retailers have a contingency plan. And 68 percent of retailers surveyed acknowledge that a TikTok ban could impact business and conversion rates.
The First Insight report showed that 82 percent of retailers said they will increase their advertising spend on Facebook “in the event that TikTok is banned, with both consumers and influencers believing that Facebook will be the dominant platform,” the report’s authors said, adding that 64 percent of influencers polled said “they have already noticed shifts in, such as increased engagement on other platforms, signaling that consumers may be preparing for life beyond TikTok sooner than...
First Insight said in a statement that the findings “suggest that retailers need to be more proactive in monitoring where their customers are shifting their attention and preferences. Relying solely on historical trends or assumptions can lead to missed opportunities and costly mistakes.”
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