TikTok, a popular social media site, is attempting to break into the retail market.
Short lip sync videos, dancing routines, and comedy are all popular on the video sharing app.
During the epidemic, its popularity has skyrocketed.
On Wednesday, TikTok will host its first live shopping and entertainment event, where users will be able to buy things directly on the site, capitalizing on the boom of “social shopping.”
“We believe this is a pivotal moment. E-commerce is a huge potential for TikTok, and we’re putting a lot of money into it “Rich Waterworth, TikTok’s UK and EU General Manager, stated.
Consumers are increasingly exploring, finding, and purchasing things on social media sites such as Facebook and Instagram, whether it’s sportswear or make-up. TikTok, which debuted in the United Kingdom in 2018, is attempting to catch up.
This transition has been hastened by the epidemic. Retailers scrambled to get more of their items online while stores shuttered during lockdowns. Social networking applications have also improved their capabilities to assist businesses and brands in selling directly to consumers.
According to an Insider Intelligence analysis, the number of US social e-commerce shoppers increased by 25% from 2019 to 2020, reaching 80 million, with the figure expected to reach more than 100 million by 2023.
Now, TikTok has picked the United Kingdom as the location for its first significant foray into the online retail industry, hoping that a mix of entertainment and creative content will earn them a piece of the holiday shopping pie.
It’s previously done some livestream shopping with businesses during Black Friday weekend, but now it’s creating and hosting its own two-day event featuring influencers, music, and a quiz, hosted by Rylan Clark-Neal.
Mr. Waterworth believes that his company can pioneer a new form of buying experience based on TikTok.
“People who have a common passion or affection for a creator or a product category,” Mr Waterworth continues, “get together and make the experience of finding and appreciating those items more fascinating.”
“So when you combine these two things, the strength of the TikTok community and the brands,” he says, “it’s incredibly exciting.”
Although livestream shopping is still in its early stages, a number of retailers and brands are experimenting with the format, which allows users to watch online content while still buying, generally with a direct purchasing option.
Social media outlets are also joining in on the fun. TikTok, like other applications, takes a percentage of sales made through the platform.
It already has over a billion monthly viewers worldwide, and according to internal data, one out of every four of them either researches a product or purchases something after seeing a TikTok video.
Mr Waterworth believes that social buying will be a “huge win” for the company.
TikTok has the ability to get a large number of people talking about a product or an idea.
#TikTokMadeMeBuyIt, a hashtag where people report what they’ve bought as a result of product suggestions on the site, has been used 7 billion times.
Kate Hardcastle, a retail specialist who specializes in consumer intelligence, believes that social media shopping is now a force to be reckoned with, causing substantial upheaval in the retail business as well as eroding conventional high street sales.
“It’s really fast, simple, and flawless. It removes the obstacles “she explains.
“You don’t really think of it as shopping; it’s more like part of a discussion with someone, which you don’t get much of these days on the store floor.”
“I really believe that if you’re a store and you’re not investing in these tremendous growth areas that are relevant to your target demographic, you’re fooling yourself.”