As a direct consequence of the outbreak, live shopping on social media has seen a significant increase. We may expect live commerce purchases to rise by 76% between March 2020 and July 2021 worldwide; this trend is expected to continue. Livestreams have 10 times the conversion rate of other e-commerce formats.
According to industry experts, live shopping is expected to be worth $35 billion in the United States (US) by 2024, according to industry experts. Whereas Livestream shopping is already a major element of China’s social buying culture, it has yet to gain traction in the United States. It is predicted that by 2023, 45 percent of China’s internet buyers will be purchasing through Livestream. According to industry projections, over $400 billion will be spent on live shopping by 2022.
As a result, TikTok, whose headquarters is in China, is a popular platform for selling live streams. For the first time in the history of social media, TikTok users are almost twice as likely to have bought things they saw on the app as users on other platforms, with as many as 67% of users reporting that TikTok had inspired them to spend even when they didn’t want to.
Brands are using TikTok LIVE as part of their video marketing strategy for these reasons, and you should do the same. TikTok’s live shopping events are a great way for businesses to engage with their customers and increase sales.
What exactly is TikTok Live Shopping?
TikTok live shopping is an e-commerce experience that allows companies to promote their items in real-time through streaming events. In order to buy things from these events, TikTok users don’t have to leave the app. Brands and consumers may communicate and participate while the purchase process is simplified.
QVC and the Home Shopping Network have been compared to TikTok’s Livestream shopping function, which allows users to purchase from the comfort of their homes. The power of social media is garnering a large amount of traffic from younger, tech-savvy shoppers this time around. Brands have the unique chance to interact with a broader audience and tap into a whole new generation of customers.
How does TikTok’s Live Shopping feature function?
Instagram and Amazon Live’s Livestream shopping features are comparable to TikTok. A pin connected to that product will appear as companies promote their products. The item will be added to the user’s shopping basket when they press the pin, and they may complete the purchase right there in the app.
Viewers may also see the highlighted items in the broadcast after the end of the Livestream. It’s as simple as tapping the shopping basket icon and choosing the products you wish to buy.
Doing a TikTok Live Shopping Event Has Many Benefits.
Using TikTok’s live shopping function increases brand visibility and product sales. TikTok, after all, is the fastest-growing video-sharing and social networking site in the world today. Over 1 billion people have already signed up for the service in the short time it’s been around. Furthermore, its users spend an average of 858 minutes every month using the app.
Increased views and followers
Seven times more people watched Walmart’s live shopping event on TikTok in 2021 than anticipated. They also saw a 25 percent increase in their TikTok followers. Regardless of the brand’s size, TikTok has had a significant impact. Since she began live streaming from her hemp farm in 2020, hemp farm content producer Lauren Davis has gained over 850,000 followers.
Direct communication with the audience in real-time
It’s a great approach for companies to connect with their consumers and create a connection. Using a Livestream, companies may easily distribute dynamic links to items and services that they’re now promoting. Demonstrating a product’s use or operation increases its credibility and sales potential.
Increased purchasing power
Millennials and members of Generation Z make up a significant portion of TikTok’s user base. The Influencer Marketing Factory found that 40% of people in this group had purchased after seeing a live social media feed. With a $360 billion buying power, Gen Zs are a profitable demographic to target.
Vibrant online shopping site
Every day, dozens of new TikTok accounts are created. Live broadcasts may be streamed by anybody, large or small, on the platform. From cuddly animals and keychains to beauty items and phone covers may be sold on the app. Last year, the hashtag #TikTokMadeMeBuyIt solidified TikTok’s influence on e-commerce.
Ensure that you fulfill the TikTok live streaming standards before beginning your live shopping event on TikTok.