TikTok just published a new report that provides fresh insights into the role its platform plays in the ever-evolving purchase path, primarily with how TikTok clips can change the way brands and consumers interact.
As TikTok explains:
“By listening to the TikTok community, we meet users where they want to be met, and it’s not in the funnel. Rather, it is an infinite loop with no start or end point, and it empowers brands to establish more meaningful relationships with consumers that result in communities of brand loyalists, repeat purchases, and greater spending.”
Quest of Buying
Going deeper into what was mentioned earlier, TikTok commissioned Material to conduct a new study to get TikTok user-insights into shopping and advertising through the use of TikTok clips.
Among key findings are:
- 49% of TikTok users say that the app is a good place to discover something new.
- 44% discover products from videos posted by brands.
- 1 in 4 respondents tagged a brand in a post.
There are more details available in the full overview, which you can access here. Besides general key findings, a couple of these notable observations are also worth considering and may just help you out with your TikTok efforts.
In case it wasn’t mentioned, the new study is titled ‘Path to Purchase’, which, if you’ve already guessed, is basically a trend map that attempts to outline the stages that people undergo to decide whether or not they’ll make a purchase. Symbolized by a sideways “8”, which is also a visual of the concept of eternity, four major ‘quadrants’ or sectors of purchase are Discovery, Review, Consideration, and Participation.
- Of the 49% stated earlier, around 29% find inspiration on TikTok.
- 30% of users discover products through ads that appear on their Feed, which elicits an average response rate of 31% for all those who view.
- The study finds that about 37% of those on TikTok found something new on it and immediately went to buy, which is likely more than 1.5x the competitive average.
- JOY is a key element that is said to drive purchase behavior and has a higher chance of turning users into brand advocates.
The Wrap
These are definitely handy insights, especially if you consider that they’re insights that specifically highlight how people are encouraged by their interaction with TikTok to buy products/services. While TikTok lacks the ad capacity as featured in YouTube and Instagram, this front, one that’s heavily lined with eCommerce, does provide it with new monetization opportunities.
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