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Video-sharing platform, TikTok is looking to expand its presence in the e-commerce sector. Recently, the platform announced introducing a slew of new brand partners for TikTok Shopping, including Ecwid, Square, and PrestaShop, with SHOPLINE, Wix, OpenCart, and BASE expected later.
It also unveiled a broader range of TikTok commerce options, including ad products and a TikTok Shopping API later this year.
Earlier this year, TikTok collaboration with Shopify to commence testing TikTok Shopping in the United Kingdom, the United States, and Canada. The partnership allows Shopify wholesalers with a TikTok For Business account to establish mini storefronts by adding a Shopping label to their TikTok profiles and syncing their product catalogs with the app.
Reportedly, the video sharing platform recently revealed its additional ambitions for TikTok Shopping during an online event titled TikTok World.
It showcased how popular businesses have grown on its platform. For example, the #TikTokMadeMeBuyIt hashtag, which people use to share products they have recently discovered via TikTok videos, has 4.6 billion views and is constantly growing.
According to a survey conducted in August 2021, TikTok users are 1.7 times more likely to purchase items using the app.
TikTok also claims it will work with online retailers in many different ways. One being a full-service shopping solution with direct connectivity, in which TikTok handles everything from shipping to delivery and point-of-purchase.
As reported earlier, TikTok has been testing this technique in Indonesia, and it's now accessible in the United Kingdom as well.
The second way is working with third-party commerce partners like Shopify, who can supply merchants with critical backend tools and support.
TikTok also announced the debut of a TikTok Shopping API, allowing businesses to easily integrate their product catalogs into TikTok and subsequently incorporate those goods in their organic content.
Meanwhile, the video sharing platform will provide businesses with various other tools to help them promote their products to customers.
Source Credit - https://techcrunch.com/2021/09/29/tiktok-shopping-expands-with-more-partnerships-live-shopping-new-ads-and-more/
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