Brands and marketers are all looking to profit off TikTok and the current trending hashtag: #TikTokMadeMeBuyIt.
While TikTok doesn’t boast the large consumer base that Facebook and Instagram possess, it is a very strong driver of purchase intent. The platform’s strength lies within its algorithm that serves users a very personalized “For You” feed and therefore, people who shop on TikTok browse and buy goods more frequently than shoppers on other social platforms, due to that customized experience.
Many TikTok-inspired purchases actually take place off-platform, including eCommerce sites or even other social platforms. This is because TikTok allows businesses to direct people to other pages/sites using the links within their profiles.
TikTok’s younger demographic contributes to the high levels of off-platform buying as they are more likely to keep up with current trends but may have less purchasing power than the older generations.
According to eMarketer, people who shop on TikTok browse and buy goods more frequently than shoppers on other social platforms. More than one-fifth of TikTok shoppers worldwide said they bought goods on TikTok “all of the time,” ahead of all other platforms measured.
TikTok’s share of the total US social commerce market is expected to remain relatively small. US consumers will spend $45.74 billion on social commerce purchases this year, including purchases made via in-app checkout and those made by clicking through to a retailer’s site. Facebook and Instagram continue to account for the majority of those purchases, and the majority of social buyers.
However, eMarketer’s forecast does not account for the in-store or other off-platform buying that is common with #TikTokMadeMeBuyIt purchases.
The platform is constantly releasing new features to drive in-app purchases including mini storefronts, product links, and the ability to integrate product catalogs to assist in more social commerce spending. We’ve talked about how to make social commerce work for you previously and if you need assistance including TikTok into your social commerce strategy, contact us today. We’re here to help.