68% of Retailers Believe the Sale or Ban of TikTok Would Impact Their Business and Conversion Rates
First Insight’s Report Finds 82% of Retailers Plan to Increase Ad Spend on Facebook in the Event of a TikTok Ban
Pittsburgh, PA—August 28, 2024—First Insight’s latest report, TikTok's Uncertain Future, reveals that retailers may find themselves caught off guard by potential disruptions if a TikTok ban goes into effect. The report finds that while 68% of retailers acknowledge that a TikTok ban could impact their business and conversion rates, only 28% have a contingency plan in place.
"Retailers risk losing a powerful product discovery platform if TikTok is shut down.” Said Greg Petro, CEO of First Insight. “With over two-thirds of consumers discovering products on TikTok that they later purchase elsewhere, the clock is ticking for retailers to develop contingency plans. Retailers need to understand where their shoppers will be if TikTok goes away, and which platforms can deliver the same product discovery and customer acquisition magic that TikTok presents.”