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TikTok Shop Trends: Accelerating global expansion

TikTok Shop has emerged as a pioneer in the e-commerce landscape. Its global expansion has become an undeniable trend. With a strategic approach tailored to each target market, TikTok Shop is breaking down borders, transcending language barriers, and connecting consumers worldwide with a curated selection of products and experiences. From America to Tailand, and everywhere in between, TikTok Shop's commitment to provide seamless international shopping experiences is redefining the way we discover and engage with brands, creating a truly borderless marketplace for the modern era. 

As it continues to evolve and adapt to the ever-changing global landscape, TikTok Shop is poised to shape the future of e-commerce and redefine the boundaries of online retail. This article provides a detailed introduction to the annual data report of TikTok Shop in 2023.

一、TikTok Shop Accelerates Global Expansion in E-commerce

TikTok Hot Selling in Various Countries' E-Commerce

In TikTok E-commerce data, most Southeast Asian countries have shown a growth trend, with significant increases in sales in Thailand, Vietnam, and Malaysia, and the growth rate in the second half of the year is significantly faster than in the first half.

In terms of the European and American markets, the UK market has shown slow growth throughout the year. The current operating environment of the UK site has caused concerns among many practitioners, and at this time, the US site has also become a potential gold mine in the eyes of many sellers.

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二、American Tiktok Shops / short video / live streaming trends

The number of has been soaring, and videos are the driving channel.

As can be seen from Shoplus TikTok analysis,Since TikTok officially launched its e-commerce business TikTok Shop in the United States on September 12th this year, the entire U.S. market has been confident, and the number of TikTok shops has increased nearly a hundredfold. Currently, the average daily GMV in the U.S. market is between 26 to 30 million U.S. dollars, which is comparable to the previously leading Indonesian market. It can be seen that its growth rate is fast. In short, when the traffic gate opens, it is possible to seize the first wave of dividends by entering early.

 

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三、Impressive data inventory of the American market

Behind growth, the importance of content seeding needs attention

Incremental growth is just a number, but all money-making avenues have certainly been opened. Businesses need to see the value behind it lies in the exploration of niche categories and the discovery of blue oceans with high sales and low product numbers. Currently, GMV comes from three channels: short videos, live streaming, and the online store. Influencers who use short videos as content carriers account for the majority of product transactions in the American market.

 

四、Trends of Thai TikTok Shops / Short Videos / Live Streaming

As the second largest economy in Southeast Asia, with Thailand's significant user penetration rate as a solid foundation, the performance of e-commerce is as expected. The trend of increasing the number of small stores in 2023 is stable, with a slight slowdown in growth in the second half.

Compared to Q2 and Q3, the proportion of short videos and live streaming in Thailand has no significant fluctuations. Live-streaming e-commerce accounts for nearly 40% of the market share. With the improvement of merchants' live streaming e-commerce sales capabilities, it is expected to capture more market share in the Thai social media market and become a new growth point for e-commerce in Thailand.

 

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Bright Data Inventory of the Thai Market

The market ecosystem is excellent, and the entry bonus period is not over

In Q3, various data in the Thai market showed a stable upward trend. The overall number of Shops increased significantly, demonstrating the confidence of businesses in the continuous development of the Thai market. Sales volume also saw a significant increase, with a quarterly growth rate of over 50% in terms of sales revenue, further tapping into the market potential. The flow pool of short video e-commerce was expanded again, reflecting the great enthusiasm of Thai consumers for the short video content e-commerce model.

 

五、Trends of Vietnamese Shops / short videos / live streaming

Numerous sellers are entering the market, and the market potential is climbing

As one of the hottest markets in Southeast Asia, the number of TikTok Shops in Vietnam has been increasing rapidly in 2023. The proportion of short videos with product placements and livestreaming rooms in Q2 was evenly split, but in Q3, the proportion of short videos with product placements slightly surpassed. It is not ruled out that there may be a tilt towards short videos with product placements in the future.

 

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Vietnam's Market Impressive Data Inventory

Short video-driven sales show explosive potential

In the gold rush in Southeast Asia, countries with a large population and high per capita consumption will be the first to be favored by Chinese cross-border merchants. Vietnam seems to have no advantage in both aspects, making it a "leftover" of early Southeast Asian e-commerce giants Shopee and Lazada. However, compared to various data in Q2 and Q3, Vietnam's TikTok market share is steadily increasing, and the high-potential Vietnam TikTok Shop market has become an important option for Chinese merchants to go global.

 

六、Trends of Indonesian Shops / short videos / live streaming

The delisting turmoil impacts the overall market, but a strong partnership welcomes new opportunities

Affected by the delisting turmoil of TikTok Shop, the Indonesian market, which was once leading in Southeast Asia, has seen a sharp decline. After a two-month closure of the Indonesian station, TikTok regrouped and reached a cooperation agreement with the largest local technology company, GoTo, to restart its e-commerce business in Indonesia. This cooperation is of great significance to TikTok, as it not only signifies TikTok's resurgence in the Indonesian market, but also an important part of its global strategic layout. With the strong partnership between TikTok and GoTo, the Indonesian e-commerce market will usher in new development opportunities, and TikTok's global market layout will also become more in-depth and comprehensive.

 

七、Trends of Shops, short videos, and live streaming in the Philippines

Consumer enthusiasm is soaring, and the trend of opening Shops is favorable.

With the support of the Philippine government, the cross-border trade taxes and fees for local e-commerce companies have been greatly reduced. The growth rate of TikTok e-commerce business in the Philippines has not shown any significant weakness. The trend of opening Shops in the Philippines has increased rapidly, with the number of Shops increasing more than three times in one year.

 

Insights into the Indonesian and Philippine markets

Population dividend builds a high-volume market

As the leaders in the Southeast Asian market, Indonesia and the Philippines have shown an upward trend in overall sales. However, due to factors such as cultural diversity, businesses still need to adapt their product selection strategies to the local market and create differentiated strategies. It is worth noting that even with a relatively small overall proportion, the number of stores in the Philippines increased by 39% in Q3, demonstrating strong market performance.

 

八、Singapore Shops / Short Video / Live Streaming Trends

The trend of opening shops is rising steadily, with live streaming becoming the main force for product sales

In 2023, the number of Shops in Singapore shows a steady upward trend, without any signs of decline. It is worth noting that, unlike most cross-border markets, in the Singapore market, the number of live streaming rooms for product sales is actually surpassing that of short videos, and it almost monopolizes the market share in Q3. It can be foreseen that the Singapore market will be swept by a wave of live streaming product sales trend, and businesses need to fully consider the influence of reach broadcasting and store broadcasting when planning their product sales strategies.

 

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 九、Malaysia Shop / Short Video / Live Streaming Trends

'Small and Beautiful' Market, Short Video Shopping Steadily Dominates

Looking at the trend of TikTok Shop openings in 2023, Malaysia's popularity is soaring, attracting cross-border merchants to enter Southeast Asia

The market's most unmissable high-potential market. Compared to live streaming, consumers in Malaysia clearly prefer short video shopping

When entering the market, merchants can focus on developing the business model of short video shopping. Compared to other Southeast Asian countries, the Muslim fashion category is quite popular in the Malaysian market.

 

十、Insights into the Singapore and Malaysia markets

Small market, big potential, steady progress in e-commerce sales

As a valuable blue ocean in the current global market, the TikTok e-commerce market in Southeast Asia is poised to compete evenly with European and American countries. Although Singapore and Malaysia are relatively small markets in the Southeast Asian region, they still show a steady and orderly growth trend in GMV. In the third quarter, the number of shops in Singapore and Malaysia showed a collective upward trend.

 

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