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In her address, Merritt highlights notable changes and upticks in social media, e-commerce spending behavior and significant changes affecting spending, which points to a predicted $6.5 billon in e-commerce sales by 2023.
“In 2019, there were one million active Facebook users in an internet minute, 18.1 million text messages sent, 3.8 million searches on Google, 87,500 people tweeting and just over $996,000 spent online shopping,” says Merritt. “So far in 2020 that has done nothing but increase. We now have 1.3 million active Facebook users in a minute online, 19 million text messages being sent, 4.1 million Google searches, 195,000 people tweeting – that number is more than double what it was for all of 2019 – $1.1 million spent so far in 2020 online and new this year is TikTok, with 1,400 downloads so far in 2020. This just illustrates the dynamic element of the online space. What was popular last year may not even be on the radar this year and what was not on the radar last year is now suddenly gaining a lot of attention. So, it's important to stay on top of those changes and trends.”
Thesechanges are rapid, meaning that brands that track the trends can be prepared to tackle counterfeit and highlight areas where fraudulent products may crop up; such as the overnight demand for masks and the subsequent counterfeit items that flooded the market. What’s more, is that the rapidly rising activity of three billion social media users can also indicate potential threats to brands.
“It's incredibly important that you have some type of physical authentication in place for your products,” says Merritt. “Not only to ensure the safety, but also the quality integrity of your products and your supply chain as well. And for both your online and offline programs.”
To learn how to get ahead of the curve, with an additional Q&A with Claire Miller, web relationships manager, OpSec Security and Steve Albert, sales director, OpSec,visit the Festival of Licensing on-demand content library here.
All Festival of Licensing content will be available online to registered attendees until Nov. 6.
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