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New research from SOTI has found that as retailer’s tech considerations become increasingly complex with the rise of social commerce and advances in AI, data security remains a significant barrier to progress.
The report, The Rise of Social Commerce: Turning Tech-Driven Browsers into Influenced Buyers, surveyed 12,000 global consumers, including 2,000 in the UK. It revealed that social commerce is becoming a critical channel for retail growth, driven by consumer demand for improved and more personalised shopping experiences. However, data suggests there is still a lack of robust security for purchases online and with in-store devices, emphasising the need for a security-first approach across all retail channels: in-store, online and social.
The Rising Importance of Social Commerce
As brands continue to invest time and money into social media apps, this is changing how consumers shop, blending personalisation to meet consumers evolving preferences. In the UK specifically, 71% of consumers say that phones are the most convenient way to make an online purchase, above the global average of 65%. Some (50%) shoppers also say social media offers a quick and effortless way to keep up with trends, making it an essential channel for retail growth.
However, SOTI’s research suggests that the rise in social commerce has brought new challenges to retailers that they need to address. Of those respondents that had made a purchase through social media in the past six months:
34% report items take a long time to be delivered
24% receive products that look very different from what was ordered
22% receive little or no communication about where their item is
AI has also had a big impact on how consumers want to shop, according to SOTI’s study. It found that in the UK, 51% of consumers stated they prefer shopping with retailers that provide a personalised experience, and almost half (44%) believe these companies should use AI to improve recommendations. This highlights a growing demand for more personalised and targeted offerings and the need for brands to provide more interesting shopping experiences.
Protecting Consumer Data & Instilling Trust: Navigating Security Concerns
When shopping, consumers need confidence that their chosen retailer is being cautious with their data. But this survey shows that over 82% of UK consumers are concerned about sharing personal details and that two thirds (61%) feel particularly apprehensive when shopping with smaller businesses. SOTI’s report also reveals that just under a third (27%) of consumers fear online fraud when following purchase links from social media.
“It’s clear from our research that there is an expectation from consumers for brands to offer bespoke offerings whether they are purchasing via social commerce from a TikTok shop or in-store,” said Stefan Spendrup, VP of Sales, Northern and Western Europe at SOTI. “However, it’s crucial we don’t lose sight of a security first approach as retail adapts. We’re continuing to see cybercriminals target all businesses and retailers are not immune. Now is the time for organisations to use secure mobile device technology and protect consumer data, to ensure hard earned brand loyalty and trust is not lost along the way,” he added.
