TikTok is taking its eCommerce growth very seriously. To add to it’s list of economic pushes, TikTok is adding a new business registration option that will enable brands to list their business category on their profiles. At the same time, the new option also grants them early access to new business features.
Social media expert Matt Navara (via Yasser Massod) shared a screenshot showcasing what some TikTok business profile managers are now able to see and access through their Business Suite settings.
TikTok makes it a point when it says that the new option is not the same as a verification badge when it comes to providing additional levels of assurance and authority with regards to your business identity. By registering your business through this process, which requires users to enter various additional company details, allowing them to display their business category on their TikTok profiles, providing another way for TikTok to gather data about business users, while simultaneously categorizing pages into different segments within the app.
The update definitely helps bring TikTok to its next stage in eCommerce growth, primarily focusing on further developing its eCommerce listings, by better highlighting different businesses and showcasing them to different users. On a lighter note, it also aids in communicating what your business does, making it easier to drive purchase action from various profile visitors. In a way, while it doesn’t quite perform as well as a verification badge when it comes to business security, it also somehow performs (theoretically) better, at least in terms of facilitating higher chances of visitors purchasing on visits.
eCommerce looks to be the next big step for TikTok, as it does for all social platforms in the future. With its format innately incompatible with multiple ad placements, TikTok constantly innovates new ways to generate more revenue for its creators, in order to retain them and not have them ‘defecting’ to either YouTube or Instagram, what with their more established monetization systems and all. It’s a commendable effort, seeing as how TikTok also balances platform growth and user growth, with most new elements offering something that betters both the platform while incentivizing creators to maintain their A-game.
The Wrap
As exemplified by its Chinese version, Douyin, which is essentially its sister app, Live-Shopping marks the next big digital shift. With in-stream shopping comprising the majority of Douyin’s revenue, which is a whopping $28 billion in 2020, TikTok looks to follow suit, realizing the vast monetary potential the eCommerce offers for its channels.
TikTok already has several eCommerce initiatives at work, with live-stream shopping, eCommerce listings, and Shopify integration to name a few. This new element is lesser in comparison, but nonetheless adds an important extra layer of business viability to profiles. It’s definitely an option that makes TikTok all the more worthwhile to check out.
Subscribe to our ‘Bottoms Up!’ Newsletter. Get the latest social media news, strategies, updates and trends to take your business to the highest level.
Sources