Over the last few years, the way of buying has changed dramatically. As social platforms evolve into modern malls, a trend largely driven by the pandemic, consumers will continue to prioritize brand relationships based on the online experience they provide at every turn.
In that spirit, TikTok and Shopify announced in October 2020 a global partnership aimed at helping more than one million retailers reach a highly engaged audience and increase sales by tapping TikTok’s global rankings. Today, they announced new tools and integrations to expand retail revenue opportunities and improve the brand and consumer experience.
Faster, more efficient and more secure payments
In 2020, Shopify’s Shop Pay helped customers execute more than 137 million orders in 2020, and by the end of the year, it had enabled nearly $ 20 billion in cumulative gross value of goods (GMV) since its launch in 2017.
To facilitate even greater use, the company is teaming up with Facebook so retailers selling stores via Instagram and Facebook can take advantage of the tool. In case you’re unfamiliar, the Shop Pay feature is akin to Amazon’s one-click purchase product. In this case, users will be able to save their email address, credit card, and shipping and billing information to the app so they can complete their transactions faster and more efficiently whether they’re browsing Facebook or Instagram.
“Through our ongoing work with Facebook, we are excited to combine the best in store with community strength, extending Shop Pay’s benefits to an even greater number of people buying and selling in stores on Instagram and Facebook,” Shopify wrote in the official Notice. The article also notes that billing on Shop Pay is 70 percent faster than a typical purchase, while it also records a 1.72 times higher conversion rate.
Convenient order tracking and sustainable purchase options
According to a recent Twitter customer care report, seventy-eight percent retail brands that stand out in customer support take ownership of customer problems to build trust. A significant part of this includes personalized customer support, such as a convenient way to track and manage order tracking.
“With over 430+ million orders tracked over 450 billion miles, our global order tracking service allows consumers to track all of their important purchases, receive updates, and manage orders,” Shopify shared.
In addition to ease and convenience, people are embracing social trading for the greater amount of options available that align with what is most important to them. For many consumers, sustainable shopping is a top priority in making these decisions. According to Shopify, more than half (53%) report preferring green or sustainable products, which is why Shop Pay reimburses 100 percent of the delivery issue for each order.
Establishing a more direct link between the author and the possibility of monetization
TikTok managed to enter the world of e-commerce by integrating with Shopify and Walmart in late 2020. Today, the platform seeks to put even more effort with several new tools to facilitate more e-commerce opportunities and maximize its revenue opportunities. according to a new report by The Financial Times, the platform has notified advertisers of three new upcoming updates that will soon arrive in the app. That includes:
- A tool that allows your most popular users to share product links and automatically earn a commission on any sale
- The ability of brands to display catalogs of their products on the platform
- Live shopping, a mobile phone version of TV shopping channels, where users can buy goods with a few touches after being seen by TikTok stars
Encouraging presentations and improving the experience is smart and welcome, according to several statements shared with FT.
“The product and content haven’t matured in a place where sophisticated advertisers really want to commit,” said one ad agency executive. With additional features that help simplify listing and formalize commission processes, as well as those for in-app delivery, this could be the incentive some advertisers are waiting for to pull the trigger.
“Culturally, TikTok is in a good position to trade live to capture the dissolving difference between content and commerce because it doesn’t feel as sleek as other platforms,” added Jack Smyth, creative technology officer at WPP’s Mindshare.
Although the platform has faced a turbulent and uncertain 2020, one thing is clear – in order to retain its biggest creators, it must ensure that it can generate revenue similar to that it could generate on other, more established and lucrative platforms.
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