Each year, livestream shopping generates more than $60 billion dollars in retail sales in China, but the western market is not following the same trajectory, according to officials at TikTok, the Chinese social media app.
In a recent interview, parent company ByteDance recently announced that it is suspending the roll-out of TikTok Shopping, an extension of the app that allows consumers to make purchases during a live broadcast, in Europe and the U.S. after predefined engagement goals fell short. Introduced in the United Kingdom as a pilot for a similar roll-out in western markets, TikTok Shopping features influencers discussing products that viewers can simultaneously order with a few clicks.
Livestream shopping remains an area of interest for many retailers. Last year, SiecleDigital reported that Walmart had invested in approximately 15 live events on different platforms, including TikTok. Additionally, livestream TikTok shopping has been successfully launched in Thailand, Malaysia, Vietnam and Indonesia, according to company officials.
Will 2023 be the year consumers embrace “Teleshopping 2.0?” According to a London employee interviewed by the Financial Times, the market is “just not there yet. Consumers are not yet ready for it, it’s still in its infancy.”
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I’m Cindy Hodnett, executive editor of brand development for BridgeTower Media’s Home Furnishings Division. Most recently, I worked in a marketing content development role, and now I’m putting my editor’s hat back on for Furniture Today, Home Accents Today, Gifts & Decorative Accessories, Designers Today, Home Textiles Today and Home Furnishings News. My first introduction to the trade side of home furnishings was as an editor for FT in 2012 and founding editor of Designers Today in 2015, and now I’m once again working alongside some of the industry’s most dedicated professionals to keep our readers informed about the events, people, and companies that impact their business.