Ready, set, shop… TikTok is setting the stage for users and businesses to host live shopping events. This week Gen Z’s favorite app reportedly signed a deal with LA-based streaming platform TalkShopLive. TikTok's live shopping platform launched in the UK last year but has struggled with low usage. Now it may try again stateside with TalkShopLive’s tech:
- QVC for the social era: TSL lets everyone — from Shein haul influencers to amateur home chefs — host live shows. In February it teamed up with Walmart for live shopping events.
- TalkShopLive lets viewers purchase goodies during and after live streams, taking a 10% commission from sellers.
Buy my #OOTD… Live shopping isn’t new, but it’s much more popular in Asia. Last year, China’s live-stream shopping brought in $300B in sales, versus $11B in the US. Now American techies are trying to get in on the action. Amazon leaned on influencers to host Prime Day live streams this year, and Meta launched a live-shopping feature in 2018 — but shut it down last month to focus on Reels.
- TikTok owner ByteDance tripled its losses last year after spending heavily to expand. Now it’s looking for fresh ways to monetize its 1B+ users.
- Last year TikTok started allowing Shopify merchants with a "TikTok for Business" account to add “shopping” tabs to their profiles and create mini storefronts.
You get in where you fit in… TikTok is already the home for beauty hauls and cooking tutorials. Now it could use TalkShopLive to fortify its shopping offerings — a draw for merchants and users. Social commerce is predicted to grow 3X as fast as traditional ecommerce over the next three years.