Time for TikTok? ⏰
No doubt, the uncertainty around the ultimate fate of TikTok has given some marketers pause about committed engagement with the platform…
In the meantime, however, TikTok launched the TikTok Shop at the end of 2023…and the first year’s performance has been remarkable. But let’s unpack this…🧳
First of all, it’s no secret that the bulk of engagement on TikTok comes from the Gen Z demographic. Of Gen Z-er’s aware of TikTok, 62% report using TikTok daily, 80% of them are aware of the TikTok Shop and a whopping 50% of them have already made a purchase.
Moreover, 91% were satisfied with the purchase, and 90% expect to buy again.
Sounds like a channel with the potential to lift sales in a meaningful way… 📈
But here are a few reality checks:
✅ The leading categories for purchases include fashion, clothing, accessories, beauty
and personal care…with electronics a distant third.
✅ While consumer spend on TikTok has overtaken the spend on other Gen-Z brands and
platforms Sephora and Shein, TikTok users still spend a great deal more at Amazon,
Walmart and Target.
✅ Perhaps most eye-opening…. the average TikTok Shop order is $35, with 5.3 average
transactions per customer.
$185.50 in total. 👁️
That’s a bit sobering.
So where do we go from here?
Well certainly, if your business model fits – you need to be there yesterday.
If not – but it’s worthwhile to try and carve out a piece of the momentum for your product line, understand that 87% of purchasers say buying from the TikTok Store felt like a natural extension of the TikTok experience.
So gear up with dedicated resources – including influencers – and concentrate first on creating impactful, engaging TikTok content. ⏰
Has your TikTok Store met your revenue expectations? Please share!
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