Social Media Shopping and How to Do It Safely

by Spero Financial

Social media is a wonderful tool in many ways— keeping us connected to family and friends and allowing us to be in the know in ways we never were before it came on the scene! However, there are some dangers that arise with using social media— one that has risen through the ranks in recent years and that may have a bigger impact on your wallet than you realize.

While consumerism and social media have long been linked, the platforms have taken on a new role within many consumers’ shopping habits— something that stays the same through the holidays and might even be amplified during the season of giving. Social commerce has exploded in recent years largely due to the rise of in-platform e-commerce capabilities creating a seamless buying experience for social media users and societal shifts following the COVID-19 pandemic.

In this article, we’ll look at the rise in social media shopping, how it shows up during the holiday season, and a few ways to stay safe when shopping on social media.

If you’ve used social media, you’ve most likely experienced social commerce even if you didn’t realize it! While social media has had an impact on ecommerce for a while, it’s in recent years that the platforms themselves have turned into the store fronts— allowing users to shop as they scroll and ushering in a new era of convenience and mindlessness when it comes to clicking “buy”.

One platform that has risen in social commerce is TikTok— with an in-platform commerce called “TikTok Shop”. Since its inception, TikTok Shop has facilitated billions of dollars in sales. Yes, billions! With a simple swipe, TikTok users can search for essentially anything and everything and are able to complete all purchase steps right there— never having to leave the social media platform. Taking it a step further, many content creators and influencers link items directly on their videos making the process of buying that much easier. With unsuspecting ads and countless videos that influence us more than we realize, many TikTok users don’t think twice (sometimes even once) before clicking buy!

While e-commerce may seem like a seamless and easy way to shop for those holiday buys, there are ways to run into obstacles if we’re careless about the links we click on or storefronts we store our card information in. According to CNBC, while holiday shopping online can be convenient, it can leave you open to fraud as the holidays are the peak time to take advantage of consumers. To ensure you shop safely on social media this holiday season, consider these tips!

While they happen year-round, the ads, sales emails, and marketing text messages often flood our inboxes, feeds, and minds during the holiday season! With endless opportunities to shop and temptations to click, it can feel natural to immediately click on any sales pitch we come across. However, there is a possibility that those sales links lead to a questionable site or scam.

Before clicking on any link, pause and look at the message as a whole, the spelling of the link and company name, and consider where the link may lead. If you don’t recognize the contact sending the message or have never heard of the company, consider not clicking on any links and deleting the message.

Many online retailers and social media shopping platforms offer the ability to store your card information for ease of purchase. While it may seem like a great feature to make your life easier, it could prove to be dangerous for your wallet considering many scammers and hackers are working each day to access the funds of unsuspecting shoppers.

Consider avoiding storing your card information in your accounts whether they’re online retailers or social shopping platforms. This could make a huge difference in the unfortunate situation that someone gains unauthorized access to any of your accounts.

The holiday season is typically marked by increased shopping and out of the norm purchases from other months. With increased orders and the hustle and bustle of the season, it can be easy to lose track of items we’ve ordered and lose out on money without even realizing it.

Consider keeping a running list of all purchases you make and the expected delivery date. As you receive packages, you can mark them off the list. By doing this, you’ll be more aware of the items you’re still waiting on and be able to catch any scams or lost packages before it’s too late to go through the proper channels to get a refund or request a new package.

While these aren’t the only tips you can consider, this list may offer a great starting point to help you tackle your online and social media holiday shopping like a pro! For more on how social media can impact your wallet, check out this blog!

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