Video sharing application TikTok is one of the first social media applications that managed to increase its popularity during the pandemic. The company is trying to turn this rise into profit. But he will do this by going beyond the known methods.
TikTok is developing its own ways to capitalize on the rise of social shopping. The company announced that it will hold its first live shopping and entertainment event on Wednesday, where people can purchase products directly from the platform.
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TikTok opens its doors to e-Commerce
Whether it’s sportswear or makeup, consumers are increasingly researching, discovering and purchasing products on social media platforms like Facebook and Instagram. Launched in the UK in 2018, TikTok now aims to close the gap.
The company’s UK and EU Managing Director, Rich Waterworth, made the following statement on the subject:
We think this is a really important moment. Ecommerce is a huge opportunity for TikTok and something we’ve invested heavily in.
Undoubtedly, the pandemic process has accelerated this change in platforms. As stores closed during quarantines, retailers raced to sell more of their products online. In addition, social media apps have developed ways to help businesses and brands sell directly to shoppers.
From 2019 to 2020, the number of US social e-commerce customers increased by 25 percent to reach 80 million, according to a report. It is said that this number will exceed 100 million in 2023. It is also stated that even if the effect of the pandemic passes in the coming years, people will turn to this area.
TikTok has chosen the UK to make its first big move into this online retail space for now. However, after the positive feedback to be received here, the company is expected to spread this application to the whole world, especially to the European market.
EU Managing Director Rich Waterworth believes TikTok can create an entirely new type of shopping experience. On the subject, he said:
When these communities come together with a shared interest or love for a creator or product space, it makes the experience of finding and using products more interesting. So when you put these two things together, the power of the TikTok community and brands… it’s really exciting.
It is said that one in four people researched or purchased a product after watching a TikTok video on the platform, which already has more than one billion monthly global users. Therefore, the company will pave the way for doing this without leaving the application. In addition, as with other applications, TikTok will receive a share of the sales made on the site.
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