One of the famous platform, Tiktok which uses for video sharing and lip-syncing is now also launching its online shopping so that people can directly purchase any product from the application itself.
While on Wednesday TikTok produced its first entertainment and Live Shopping event where people can directly buy the products on the platform by tapping into the rise of “Social Shopping”.
UK and EU, TikTok General Manager, Rich Waterworth says,”We think it’s a really significant moment. E-commerce is a big opportunity for TikTok and it’s something we’re investing in significantly”.
While the pandemic has accelerated this shift. As stores closed during lockdowns, retailers contended to get further of their products online. Social media apps also really upped their game to help businesses and brands vend directly to shoppers.
According to an Insider Intelligence report, from 2019 to 2020 the number of US social e-commerce shoppers grew 25% to 80m, a number which is forecast to grow to more than 100m by 2023.
Now TikTok has chosen the UK to make its first major move into this online retail space, hoping a mix of entertainment and creative content can win it a slice of gleeful spending.
It’s formerly held some livestream shopping with brands over the Black Friday weekend but now it’s producing and hosting its own two- day event anchored by Rylan Clark-Neal, with influencers, music and a quiz.
Mr Waterworth says,”People who have a shared interest or a shared love for a creator or a product area, these communities come together and make the experience of finding and enjoying those products more interesting.”
Further added, “So when you bring these two things together, the power of the TikTok community and the brands … it’s really exciting”.
Livestream shopping is still in its immaturity, but a host of retailers and brands are experimenting with the format, which allows observers to watch online content and shop at the same time, generally with a direct purchasing point.
Social media platforms are getting in on the act, too. Like other apps, TikTok gets a cut from deals that are made through the point.
It formerly has further than a billion yearly global druggies and says its internal data shows that one in four of them either probe a product or make a purchase after watching a TikTok videotape.
Social shopping, says Mr Waterworth, is going to be a” big prize”for the business.
TikTok clearly has the power to get huge figures of people talking about an idea or a product.
TikTokMadeMeBuyIt, where druggies post what they have bought thanks to recommendations about products on the point, has been used 7bn times.
Retail expert, Kate Hardcastle, specialises in consumer sapience and says shopping on social media is now a force to be reckoned with which will beget significant dislocation for the retail assiduity as well as chip down at traditional high road deals.