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July 2022 News You Can Use: Business

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TIKTOK SAYS SMALL BUSINESSES ARE FLOCKING TO THE SITE

Key Point: Despite concerns over privacy for users (one FCC commissioner wants TikTok apps removed from Apple and Google stores), TikTok says business has never been better. A recent study by Hello Alice revealed that the majority of small businesses surveyed are optimistic about their growth potential on TikTok and are eager to leverage the platform even more.

Meanwhile, FCC Commissioner Brendan Carr had this to say about TikTok: “TikTok is not what it appears to be on the surface. It is not just an app for sharing funny videos or memes. That’s the sheep’s clothing. At its core, TikTok functions as a sophisticated surveillance tool that harvests extensive amounts of personal and sensitive data.”

You can get a deeper look at the report via the Hello Alice website.

DISCUSSION IDEAS: Is TikTok really a surveillance tool for China, or is it a godsend for marketers? Could it be both? Should marketers be hopping on the TikTok bandwagon … or is extra caution in order?

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AMAZON PRIME DAY SALES TOP $12 BILLION

Key Point: Amazon doesn’t release the numbers, but analysts put Prime Day 2022 sales at over $12 billion. Average order size jumped from $44.75 in 2021 to $52.26 year-over-year according to TechCrunch.

Best-selling items this year were Amazon devices, consumer electronics, and home appliances. Others racking up sales volume included the Apple Watch Series 7, Levi’s clothing, and pet products.

The TechCrunch article also pointed to a report saying Amazon plans to hold a second Prime Day in the fall of 2022. That would be the first time consumers get two chances at Prime Day bargains.

DISCUSSION IDEAS: Two Prime Days? Is that a good idea or not? Will Amazon dilute the value of its annual sale by running it twice?

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TWITTER ANNOUNCES “PRODUCT DROPS” FOR MERCHANTS

Key Point: Wouldn’t it be helpful to get notified when a product you’ve been waiting for is released? Twitter thinks so: select merchants can now use the Product Drops feature to notify followers when a launch is in progress. Search Engine Land covered the story and took a look at the details.

Twitter’s announcement says Product Drops aren’t yet available to all merchants or devices, but a complete rollout is in the works.

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HERE’S WHY YOU CAN’T OVERLOOK CYBERSECURITY

Key Point: A 2012 study found that 60% of small-to-medium enterprises (SMEs) were out of business within six months following a cyberattack. Ten years later, cybercriminals have upped the game, but many businesses still aren’t properly defended.

SmartCompany lists two financial threats from cyber incidents: ransom money is required to restore operations, and there’s typically a direct loss of revenue due to the attack. The effect on brand integrity is tougher to determine.

What is the solution? Companies need to get deadly serious about protecting themselves from cyberattacks. Settling for “good enough” may not be good enough.

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