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Latest TikTok Shop Analytics for the US Region in 2024

  TikTok boasts a massive global user base and has successfully capitalized on this by integrating shopping into its platform. TikTok Shop offers users an innovative shopping experience where brands can showcase their products in dynamic, bite-sized formats, allowing the audience to make purchases with ease.

We will examine some of the latest TikTok Shop statistics and trends, evaluating factors such as user engagement, conversion rates, and viral product dissemination to understand how TikTok Shop achieves such remarkable success. Our findings may also highlight the close connections between social media, e-commerce, and consumer behavior.

 

1. Key Statistics

1) 1.2% of TikTok shoppers indicated that they made a purchase when they discovered content of interest in feeds or stories.

2) 58% of individuals claim to use TikTok as a source of shopping inspiration. TikTok ranked first in app downloads in the first quarter of 2022, with a total of 3.5 billion downloads.

3) TikTok has over 1 billion monthly active users.

4) Currently, 18% of marketers are using TikTok for marketing purposes.

5) 55% of TikTok users have purchased a brand's product after seeing it on the app.

6) 50% of TikTok users made a purchase after watching a TikTok Live.

7) TikTok Live prompts 50% of users to buy products.

 

2. How Many People Are Using TikTok Shop?

Data indicates that in 2020, 5.7% of TikTok users made a purchase on the app, with projections suggesting that this figure will rise to 27.3% by 2023 and further to 39.9% by 2026. TikTok had 1.4 billion monthly active users in 2022, with expectations reaching up to 1.8 billion by the end of 2023. The company has seen significant revenue growth over the past few years, with an estimated revenue of $9.4 billion in 2022, representing a 100% year-over-year increase, as shown in the chart below.

 

3. How Social Media Influences Shopping Decisions

A study found that 30% of shoppers now begin their shopping research and purchase journey on Instagram, 18% start on Facebook, and 7% begin on Snapchat. More than a third (36%) of British shoppers claim they have bought clothes after clicking on an ad or viewing a social media post within the past 12 months. 54% of respondents stated they plan to buy more clothing and other items this way in the next six months.

On Shoplus, you can also see that the products receive promotional help from influencers have seen a significant increase in sales. You can find influencers that are suitable for your brand and see their related products' sales performance with Shoplus.

 

4. Proportion of TikTok Users Shopping on TikTok Shop

Less than half (49%) of TikTok users claim that the platform guides their purchasing decisions, with positive user experiences greatly influencing other users and their buying choices. 55% of TikTok users assert they make purchases after being exposed to a brand. Seeing products used in demonstrations is a major factor in making buying decisions, with influencers driving sales and product recognition. 39.1% of users actively seek opportunities to shop within their feeds. 58.2% of TikTok users claim to use the platform for shopping inspiration and research before making a purchase. 48% of individuals use TikTok to gather information about products prior to buying, including watching videos, evaluating other users' reviews and experiences, and looking at product descriptions. 45% of TikTok user purchases are driven by influencer collaborations and content. Over one-third of TikTok users make purchases of items they see on the platform, with 37% buying immediately after discovering a product on the app.

 

5. Volume of Goods Sold on TikTok Shop

Due to the constantly changing and evolving nature of sellers and their retail products, it's challenging to pinpoint an exact number of items sold on TikTok Shop at any given time. To launch a storefront on TikTok, sellers technically only need one product, but they can have up to 2,000 products if they wish. With over 1 billion monthly active users on TikTok globally, and 150 million active users in the United States alone, coupled with an average daily app usage of 95 minutes, it's fair to say that there is significant potential for high volumes of product sales and thus a substantial turnover for TikTok Shop. Brands actively trading on TikTok Shop can achieve up to 200,000 content views per post. One method of assessing the volume of goods sold on TikTok Shop is to look at some brands that have successfully transacted on the platform and see the quantity of items they've sold.

Made by Mitchell

The beauty brand Made by Mitchell quickly gained popularity on TikTok Shop for selling mystery beauty bundles. The goal was to build brand recognition and connect with a younger audience. Users could purchase the bundle, open it while filming, and show the world what they received in the package. Reviews for the content of the bundles were mixed, with some buyers expressing disappointment because the cosmetics colors they received were not ones they would typically use. Despite this, reviews for the product bundles were varied, which prompted more users to buy the bundles to learn more and make their own decisions. Videos tagged with #madebymitchell have garnered 102 million views, and the brand has sold over 83,000 products on TikTok Shop.

P. Louise

Another beauty and lifestyle brand, P. Louise, also sold a makeup product bundle called "Lucky Dip," where each purchased bundle had the chance to include the brand's "Objective Diary," worth more than twice the price of the bundle itself. Videos of people unboxing went viral, and users gave positive feedback about the products they received. This led to P. Louise reaching sales of 100,000 items on TikTok Shop.

 

6. Conclusion

TikTok Shop has rapidly become a powerful platform for e-commerce, with a significant impact on user shopping behavior and decisions. The data points to a growing number of users turning to TikTok for shopping inspiration, leading to increased engagement, user conversions, and sales. Brands that understand and harness the potential of TikTok's unique format and user base can see substantial success in selling their products.