Epixel Roundup

A seismic shift

What started off as a regular Friday turned out to be one of the worst nightmares in the history of information technology. The massive global outage that caused the Blue Screen of Death affected Microsoft users and various industries worldwide. From disrupting the 911 lines, the London Stock Exchange, banks, hospitals, and airlines, the world came to a standstill with CrowdStrike’s latest cybersecurity update.

Shares of CrowdStrike plummeted by 11% on July 19, Friday and its billionaire cofounder and CEO George Kurtz’s net worth dropped by a whopping $300 million.

The direct selling impact

The Direct Selling Education Foundation (DSEF) in its 2024 Economic Impact Report states that the combined annual industry impact of direct selling activity on the US economy in the year 2022 is 34% higher compared to 2016. The total economic impact of the industry is $111.4 billion with $40.5 billion resulting from retail sales generated by direct selling; $31 billion impacting supply chain; and $39.9 billion associated with household spending, which is a significant increase from $83.1 billion in 2016.

Speaking of the rising impact of the industry on the economy, Joe Mariano, President of the Direct Selling Association and DSEF said that the impact of the channel continues to grow as people engage with direct sales companies to earn supplemental income, pursue entrepreneurial opportunities, and enjoy great products and services.

Up next, TikTok shopping

While social commerce is booming rapidly in the United States, TikTok is becoming the hot place where Gen Z is making most of their purchases. By 2025, social commerce is expected to reach $80 billion in the US with a global value reaching $2.9 trillion by 2026. Facebook and the Facebook marketplace are leading in social commerce with one-third of the buyers preferring to shop through the platform.

Also, it is notable that over 81.3% of the TikTok sales are generated from repeat customers. While not every TikTok user might prefer to shop through the platform, early adopters aged 18-24 seem to be loyal customers who prefer shopping through the platform often.

Although only 11% of US households report making a purchase through TikTok, this value equates to a 7.7% share of the total social shopping Gross Merchandise Value (GMV) and $853.32 million.

Avon Worldwide declared cruelty free

With the growing need for sustainable and cruelty-free products, the globally recognized standard for cruelty-free products, the Leaping Bunny Program recognized Avon Worldwide and all its products as cruelty-free. The brand has always held its morale and principles high in terms of speaking against testing beauty products on animals.

Already having partnered with Institute for In Vitro Sciences (IIVS), FRAME, Humane International Society and PETA and now getting over 8000 of their raw materials thoroughly to ensure its ethical, AVON is reflecting on its long-standing commitment to protect the planet and its living beings.