Seizing the Live Shopping Revolution: Why Small Businesses Should Take Notice of TikTok’s Thriving Marketplace
In the wake of the pandemic, live shopping on social media has become a phenomenon of extraordinary proportions. From March 2020 to July 2021, the global live commerce market witnessed a staggering 76% surge in purchases, signaling an industry that is flourishing like never before. What makes live shopping truly exceptional is its ability to achieve conversion rates ten times higher than other e-commerce formats, thanks to the captivating allure of live streams.
Get ready to ride the wave of this incredible growth! Experts are projecting that the live shopping industry in the United States (US) will reach a mind-blowing worth of $35 billion by 2024. And in China, where livestream shopping has already become an integral part of the social shopping culture, an estimated 45% of online shoppers are eagerly embracing the world of livestream purchases in 2023. Brace yourself for even more jaw-dropping numbers, as China’s live shopping industry is set to surpass a staggering $400 billion by 2022.
Now, here’s where your entrepreneurial dreams take center stage! TikTok, with its Chinese roots and thriving marketplace, has emerged as the ultimate platform for live shopping. Unlike other platforms, TikTok has the remarkable ability to drive purchasing decisions. In fact, its users are nearly twice as likely to convert to the products they encounter on the app. A remarkable 67% of users admit that TikTok unintentionally sparks their shopping sprees.
Whether you’re just starting out or aiming to expand your business, TikTok’s live shopping offers an unprecedented avenue to tap into a vast and receptive consumer base. It is important now that brands to add TikTok LIVE to their video marketing strategy. Here we will give you a nice breakdown and starting guide that can jump-start your very own TikTok Shop.
Important Statistics to Look at:
– An average of 95 minutes per day (over 1.5 hours) on the platform.
– A user opens the TikTok app 8 times per day.
– An estimate is that TikTok has about 80 million monthly active users in the United States. 60% are female, 40% are male. 60% are between the ages of 16-24. 26% are between the ages of 25-44. 80% are between the ages 16-34.
– TikTok has 1 Billion Monthly users compared to its competition
– 5 million businesses actively use TikTok in the U.S.
TikTok Live Shopping, what is it?
TikTok live shopping is a real-time e-commerce experience where brands showcase products through livestream events. Users can buy without leaving the app, making it fun and interactive for both brands and customers. It’s like QVC for the social media era, attracting tech-savvy younger consumers and giving brands a chance to connect with a larger community and tap into a new generation of shoppers.
How does it work?
TikTok’s livestream shopping is like a mix of Instagram and Amazon Live. As brands show off products, pins pop up for easy shopping. Viewers can tap the pin, add to cart, and check out in the app. Or, they can browse all the featured items later by tapping the shopping cart icon. It’s shopping made fun and convenient on TikTok!
These are the reasons why you should start on TikTok Shop:
1. Meet the requirements
Before you dive into planning your own TikTok live shopping event, make sure you meet the app’s live streaming requirements. If you need help and you want to be ahead of the game with incentives and support, sign up with Outlandish! Get ready to unleash your brand’s creativity and captivate TikTok’s enthusiastic audience.
2. The vibrant e-commerce hub
Every day, countless TikTok accounts go live, making it a thriving platform for businesses of all sizes. Whether you’re selling stuffed animals, makeup tools, or quirky phone cases, TikTok’s impact on e-commerce is undeniable—just check out the popular hashtag #TikTokMadeMeBuyIt.
3. Expanding your horizons
Companies not only sell more but also gain incredible brand exposure with TikTok’s live shopping feature. With over 1 billion users and people spending an average of 858 minutes per month on the app, TikTok is the hottest video-sharing platform out there.
4. Boosting visibility and followers
In a surprising turn of events, Walmart’s TikTok live shopping event attracted seven times more views than expected and their TikTok following grew by 25%. Even small brands like hemp farm content creator Lauren Davis have skyrocketed to success, gaining over 850,000 followers through live streaming.
5. Connecting in real-time
Engaging and building relationships with followers is a breeze on TikTok’s livestreams. Brands can share dynamic product links, demonstrate usage, and establish trust, leading to increased sales prospects.
6. Unleashing purchase power
Gen Zs and millennials, who make up over half of TikTok’s user base, are big spenders. A whopping 40% of them have purchased something during a social media livestream. With Gen Z’s buying power at $360 billion, it’s a market worth tapping into.
For a comprehensive understanding of TikTok Live Shopping and its impact, be sure to explore our weekly articles to stay ahead. Unlock the potential of your business and reach millions of people like never before! At Outlandish, we provide the resources and incentives to support your business goals, guiding you through every step from shop setup to creating captivating live stream video promos. Plus, we are offering limited-time rewards that you can work with, so if you need help on getting started, click here!
Sources: wallaroomedia.com on TikTok Socials, Influencer Marketing Hub on projections