It's safe to say that almost everyone knows about it now.TikTok platform Certainly, because currently, TikTok has become the most downloaded application in 2021 and has also been the most downloaded application for three consecutive years since 2019.
According to the latest data, TikTok has been installed more than 3 billion times, resulting in ByteDance, the owner of the TikTok platform, generating an additional 70% in revenue in 2021, or approximately $58 billion (over 2 trillion Thai baht).
While ByteDance's revenue increased by 100% in 2020 compared to 2019, that brought the company's valuation to over $180 billion.
Furthermore, last March, TikTok launched a new feature, opening up revenue opportunities for brand owners and content creators with the official launch of the TikTok Shop. This was a groundbreaking launch.E-commerce industry Many companies, actually
Because ByteDance has developed an application that's "all-in-one," eliminating the need to send messages through other apps. Anyone watching videos on the TikTok and becoming interested in a product can now purchase it directly through the app.
Stand out and be fearless with the new TikTok Shop features.
Since the COVID-19 pandemic, it's undeniable that online shopping has become a familiar behavior for Thais. This is evident from the figures released by the Thai E-commerce Association in August, which showed continuous growth in the Thai e-commerce sector. Furthermore, it's projected that the market will reach a value of 810 billion baht and have the potential to grow to 4 trillion baht by 2025.
Another standout feature of TikTok Shop that makes it attractive to the e-commerce industry is its role as a hub for Shoppertainment, which leverages the unique characteristics of its content to blend entertainment.
As a result, TikTok Shop quickly gained popularity because, in addition to being easily accessible and convenient, it also made buying and selling fun and appealing to shoppers.
Furthermore, another appealing aspect of TikTok Shop is the unique charm of the TikTok app, which sets it apart from other social media platforms. This includes its use of hashtags and participation in trendy new challenges. For these reasons, TikTok has become a highly popular platform both domestically and internationally.
One aspect that cannot be overlooked is the overwhelming success of TikTok Shop's Thailand campaign, 'TikTok Shop 11.11 Shop, Challenge, Win,' which revitalized the e-commerce industry with its fun and innovative shopping experience. Throughout the 10-day campaign, numerous sellers on TikTok Shop continuously held live streaming events.
This generated over 1.1 billion total engagements throughout the campaign, across more than 540,000 sessions on the TikTok platform, offering numerous exclusive discount coupons that encouraged shoppers to make real-time purchases. This contributed to TikTok's resounding success.
But if many people are still hesitant about whether or not to invest in TikTok Shop, let's get to know TikTok's e-commerce competitors first.
Understanding the key e-commerce competitors of the TikTok platform.
TikTok's collaboration with Shopify and other e-commerce platforms allows sellers to enjoy a full-service e-commerce solution including product links, live streaming, and dynamic advertising, leading to increased popularity for TikTok, but also an increase in competition.
For example, TikTok Shop's main competitors in Thailand are major players like Shopee and Lazada. These are the most widely used and popular applications, constantly developing new features and running similar campaigns. These include offering free shipping codes, holding monthly sales on dates like 11.11 or 12.12, and giving away massive discounts and freebies. This attracts a large number of consumers, turning them into avid shoppers. Another key factor contributing to their dominance in the e-commerce market is the wide variety of products they offer.
Furthermore, TikTok Shop faces several other significant competitors in the market, including its parent company, Facebook, and Instagram. However, it has been reported that TikTok users are 1.7 times more likely to make a purchase after seeing products on the TikTok platform compared to other platforms. This makes TikTok Shop a market to watch and it is expected to have significant growth potential in this industry.
If you are interested in entering the e-commerce market but don't know where to start and need more information, you can...For inquiries, please contact HelloAds You can hire an agency to provide full-service online marketing.
