Video sharing platform TikTok gained huge popularity during the pandemic and is now hoping to enter the e-commerce ecosystem.
Popular for its short-lip-synced dance and humor videos, TikTok has launched its first live shopping and entertainment event which started yesterday and is ending today. The event will let people buy products directly from the platform.
TikTok General Manager for the UK and EU Rich Waterworth commented that the step is a significant milestone for the company as e-commerce is a great opportunity with great potential.
Watterworth believes that this experience can create a new kind of shopping experience, connecting people through shared experiences and love for creators or products.
Due to the shift caused by the COVID-19 pandemic, consumers constantly took to browsing and buying items on social media websites such as Facebook and Instagram. While many retailers rushed to shift their business online.
TikTok now aims to catch up with other social media websites and has chosen the United Kingdom to step into the online retail system.
TikTok has already held a few shopping live streams with brands during the Black Friday sale. The company’s two-day event “On Trend” is led by Rylan Clark Neal, complete with influencers, music, and quizzes.
Kate Hardcastle, the United Kingdom’s leading expert on retail and business, states shopping on social media is the future of the retail industry, which will cause a shift in the way consumers purchase items, given its ease of use and accessibility.
Livestream shopping is still a new territory that is being explored and experimented with by multiple retailers and brands. The latest format allows consumers to shop and create content at the same time.
As livestream shopping options gain popularity, social media platforms including TikTok also gain profit from the sales.
With over a billion monthly users, TikTok’s internal data reveals that every 1 in 4 users either researches a product or ends up buying it.
