TikTok Store: What is it and how does it work?
Few developments in recent memory have had such a dramatic impact on the landscape as the introduction and subsequent rise of social commerce. In 2022, global revenues via social media platforms are expected to reach $992 billion USD. Online transactions via this channel will grow in popularity in the future. According to projections, the value of social commerce sales will be over 2.9 trillion US dollars by 2026.
TikTok, which has been downloaded over 2.7 billion times worldwide, is the latest platform to demonstrate the full potential of social commerce, achieving the seemingly perfect — and extremely lucrative — balance between entertainment and business.
TikTok Shop is the innovative and immersive shopping experience from the social media behemoth. It allows merchants, brands, and creators to promote and sell products directly on TikTok in a variety of formats such as in-feed videos, LIVEs, and product showcase tabs.
How TikTok Shop can outpace its competitors
Despite the fact that TikTok’s shop feature is still in its infancy in comparison to Facebook and Instagram, its growth has been remarkable, solidifying the platform as a highly valuable aspect of any ecommerce strategy.
Even before TikTok Shop, the platform’s creative exploitation of viral trends like #TikTokMadeMeBuyIt fueled 20.6% of consumers who purchase things via social media to do so frequently after seeing something on TikTok. In comparison to the next-in-line networks, YouTube (16.6%) and Instagram (16.4%), this represents the largest percentage of frequent social buyers.
A further 67% of TikTok users claim the app inspires them to shop even when they aren’t looking to do so.
Furthermore, nearly half (48%) of TikTok users want to make a purchase on or through TikTok in the next three months, and half have purchased anything after watching TikTok LIVE.
TikTok is uniquely positioned as a social commerce superpower, with stratospheric growth potential, by integrating a seamless in-app shopping function into a platform that already has this type of effect in terms of buy intent.
TikTok Shop Success Factors
Each brand that sells on TikTok Shop is distinctive in its own way, and its approach to the platform must be tailored accordingly. However, there are three guiding principles that everyone should follow while creating material for sale on the site.
Entertainment value: The bulk of social media users are on platforms to be entertained, particularly on TikTok. That means that aggressive sales language is unlikely to resonate, and any sales-focused material should be entertaining in order to elicit that initial engagement with prospective customers.
Of those who purchase on TikTok, 71.2% believe they’re more inclined to buy if they come across a product of interest in their feed or Stories first, underscoring the platform’s entertainment focus.
Another key allure of social media is its capacity to make you feel like you’re a part of something. Social media networks are useful for staying in touch with individuals – where did a buddy eat last night? What kind of shoes did they just buy? Indeed, 38% of TikTok users have persuaded a friend or family member to purchase a product they discovered on the network.
TikTok’s participatory nature is enabling companies to authentically connect with artists and their communities, fostering meaningful relationships with consumers, resulting in communities of brand loyalists, monetisation options, and increased spending.
A smooth shopping experience: The checkout procedure in any form of ecommerce must be simple. This is more vital than ever before on social media, because everything happens instantly.
How do people learn about new products?
TikTok Shop offers three unique ways for users to discover products and brands: LIVE shopping, in-feed movies, and product presentations.
- LIVE SHOPPING: Through live stream events, brands may promote their products in real time. Viewers can simply tap the pin and checkout without ever leaving the app if multiple products are pinned throughout the live.
- Shoppable videos: Similar to adverts that appear when scrolling through Instagram stories, clips with product links can be displayed as in-feed videos. Videos can range in length from 9 to 15 seconds and can include multiple calls-to-action.
- Product showcase: The product showcase tab is suitable for firms who want to promote a broader product range, acting as a brand catalog advertising several, relevant products.
What resources does TikTok Shop provide to assist merchants in their success?
TikTok Shop provides a variety of materials and activities that provide best practices and essential tools for achieving success on the platform.
The Creator Marketplace, for example, connects marketers with the platform’s artists to facilitate simple collaboration. This is a really significant route for businesses to investigate since it allows them to distribute content that appears to be natural to the platform without having to generate it themselves.
Similarly, the Creative Exchange brings together creative professionals and marketers to create native-looking TikTok videos that can be used to promote items.
Follow Me is a multi-channel teaching program geared at small and medium-sized businesses that is also useful for sellers.
Finally, merchants should definitely check out TikTok Shop Academy. This is TikTok’s free training that walks merchants through TikTok Shop’s product features, guidelines, and sales suggestions.
Why is TikTok a gold mine for brands?
With more individuals than ever checking into social media on a daily basis, we’ve likely barely scratched the surface of what social commerce can do.
Despite its recent inception, TikTok has become the seventh most-downloaded app of the 2010s, with 58% of users using the app for shopping inspiration.
While TikTok’s success has generally been associated with adolescent demographics, its user base has shifted significantly in recent years. The app is currently drawing a large number of millennials, Gen X, and baby boomers, with women aged 18 to 24 accounting for roughly a quarter of the platform’s advertising audience.
TikTok’s exploding popularity across multiple age groups, along with an increasing proclivity to use the app as a product discovery tool, making it a very tempting proposition for any company of any size. This model has already entirely transformed the Southeast Asian ecommerce landscape.
ChannelEngine ensures businesses to fully leverage the platform as an exceptionally exciting and very effective channel for both brand discovery and product sales through seamless integration with TikTok Shop in the UK and the US.
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