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Written by Andréa Williams, Head of MarketingSubscribe
Social commerce has revolutionised the way retailers interact with their customers. Creating direct connections, building relationships, increasing engagement, and ultimately facilitating sales, social media is the place that many consumers are choosing to place their transactions. This week, we’re looking at why TikTok Shop is a crucial move for retailers.
TikTok is setting the pace for social players. Not only is everyone experimenting with viral trends and hashtags, but it has become the biggest platform for word-of-mouth marketing with #tiktokmademebuyit. The frenzy created around products (Little Moons anyone?) combined with introduction of TikTok Shop has transformed the social selling space. Here’s why.
Social commerce allows you to sell products directly to your consumers within the app. Businesses who leverage social platforms typically see $20 ROI for every $1 spent, according to Deloitte.
TikTok Shop has very quickly become the UK’s most shopped channel, with consumers making an average 10 purchases each year, with Gen Z averaging 19. In case you were wondering how many brands actually choose to use the shopping platform, TikTok’s sales increased 477% in 2022 with £828bn in turnover, advertising sales only making up £4.92bn.
The platform also enables you to reach entirely new consumers, with businesses who use social commerce in general seeing a 79% increase in customer acquisition. TikTok users in particularly use the platform to find new places to shop, with 67% using the app for brand discovery.
We heard from Patrick Nommensen, TikTok’s Senior Director of eCommerce Operations at this week’s Smart Retail Tech Expo. He discussed the role of TikTok in helping retailers to grow and reach engaged audiences and how retailers are thriving in the next era of online commerce.
Here are some of his headline stats:
Patrick also discussed some components for success in social commerce:
Social commerce is expected to grow 30% every year between now and 2027. If you haven’t already, now is the time to get your TikTok shop set up and live stream shopping events, for unlimited access to a hyper-engaged audience.
Written by Andréa Williams, Head of Marketing
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