How TikTok is making an impact on business
TikTok, valued at $50 billion by investors, is the video-sharing, global phenomenon that has recently taken over the world of Social Media. Whether it’s grannies uploading dance routines, celebrities lip-syncing, murder mysteries (a personal favourite for the Mighty team) or toddlers unboxing toys in front of millions of subscribers, it seems that everyone is actively using the platform and making money in the process.
Given the fact that TikTok proudly reached 1.2 billion active users by the end of 2021, in turn becoming the fastest Social Media platform to reach a billion users, it’s no surprise that the Social Media portal is having a huge impact on spending habits and the way that we shop online.
A recent study, posted by TikTok themselves, provides new insights into the impact of TikTok clips on the purchase journey. In their own words, TikTok “is where entertainment and commerce intersect, and it's transforming how brands connect with their audiences, drive purchases and find success.”
Huge stats have been published, with results that can simply cannot be argued. 50% of respondents said that they had purchased a product because they watched a clip on TikTok, whilst a massive 37% of users found an item on TikTok and immediately went on to buy it.
Stats like these hammer home the importance of moving with the times and staying relevant. Additionally, they prove that the app is quickly becoming a top platform for consumers to discover and eventually purchase new products
It’s become evident to us at Mighty Social that the more traditional sales methods and marketing funnels are growing increasingly outdated as technology progresses. Today's consumers rarely go from the top to the bottom of the traditional funnel to make a purchase.
The ever-changing, ever-evolving, techno-ecosystem that we call home means that the worlds of shopping, entertainment, community and social interaction are constantly blending into one. Put simply, the old ways of marketing are increasingly irrelevant and TikTok is leading the way in driving sales in a more consumable, user-friendly way.
Talk to the Mighty Social team today if you want to discover how TikTok can make an impact on your business.
