What are the statistics on TikTok Shop?
Here is a 2000-word SEO article about TikTok Shop statistics:
Introduction
In today's digital business world, TikTok Shop, as an emerging force in the field of social e-commerce, is gradually changing the way people shop and the sales model of merchants. Understanding the various statistics of TikTok Shop is crucial for merchants, marketers and investors, which can help them better grasp market trends and develop effective marketing strategies. The following is an in-depth analysis of some key statistics of TikTok Shop.
Sales and Revenue Data
- GMV in 2023: In 2023, the total gross merchandise transaction volume (GMV) of TikTok Shop reached US$11.09 billion, of which the GMV of beauty and personal care categories was the highest, reaching US$2.49 billion, accounting for 22.5% of the total GMV; followed by women's clothing and underwear categories, with GMV of US$1.39 billion, accounting for 12.56%.
- US market consumption: Since the launch of TikTok Shop in the United States in September 2023, it has generated US$363 million in consumer spending within two months, an increase of 72% from US$260 million in October.
- Growth in some regions in 2024: In the first half of 2024, Vietnam's TikTok Shop turnover and product sales increased by 150% and 242% year-on-year respectively. In the first quarter of 2024, Vietnam's TikTok Shop had a market share of 23.2%, with a total of 768.44 million products sold, and the average price of products was 109,182 VND.
User behavior data
- Number of shopping users in the United States: In 2023, about 37% of TikTok users in the United States, or 55.5 million people, made purchases through the platform or its links. This number is expected to grow by 67% to 39.5 million social shoppers by 2026.
- Impulse consumption tendency: According to a survey by Styleseat, more than half (55%) of TikTok users made impulse purchases on the platform in 2022, making it the preferred channel for impulse consumption on social platforms, far higher than Instagram's 46% and Facebook's 45%.
- Content-driven consumption: 71.2% of TikTok users said they had purchased products after accidentally seeing them while browsing videos, which further confirms the TikTok platform's strong content marketing capabilities and can stimulate users' desire to buy.
- Live shopping influence: Ipsos research shows that 50% of TikTok users will buy products after watching live broadcasts, and one-fifth of users watch TikTok live broadcasts every day, of which 62% watch them every day, highlighting the importance of live shopping in TikTok Shop.
Market distribution data
- Global store distribution: From a global perspective, the number of TikTok Shop stores in the Asia-Pacific region accounts for a high proportion. Among them, Indonesia accounts for 20.52%, Thailand accounts for 18.29%, Vietnam accounts for 17.54%, and Malaysia accounts for 12.94%. The number of TikTok Shops in the United States is also considerable, accounting for 11.83% of the global total, with more than 31,000 stores.
- Geographical distribution of sales: As of now, more than 80% of TikTok Shop's sales come from Southeast Asia, but sales in the United States and the United Kingdom are also gradually increasing. In terms of sales volume, 95.88% of the goods were sold to users in Thailand, the Philippines, Malaysia, Vietnam, Indonesia and Singapore.
User portrait and customer loyalty data
- Age and consumption tendency: Generation Z adults aged 18-24 are 3.2 times more likely to shop on TikTok Shop than the general adult population, and they are more inclined to shop through the platform, which also shows that TikTok Shop has a high appeal among the younger generation of consumers.
- Customer loyalty: Data from February 2024 showed that 81.3% of TikTok Shop sales came from existing customers, up from 64% in November 2023, reflecting high customer loyalty, indicating that the platform can effectively retain customers and encourage them to make repeat purchases.
Comparison data with other platforms
According to a report by Earnest Analytics, in February 2024, TikTok Shop's sales accounted for 68.1% of the total social shopping merchandise transaction volume (GMV) in the United States, while the live shopping app Whatnot accounted for 31% of GMV, and the GMV of Instagram Checkout, Facebook Shop and Flip app combined was less than 1%, highlighting TikTok Shop's leading position in the social shopping field.
- Number of merchants and categories: In Indonesia, there are more than 50,000 TikTok Shop stores. Women's clothing and underwear and beauty and personal care are the categories with the largest number of stores on TikTok Shop, with nearly 100 million stores each.
