Published 22 February 2024

8 min read

With global sales through social media platforms predicted to reach $8.5tn by 2030 (Statista, 2023), the Social Commerce Summit 2024 (London, January 31) saw platform leaders, experts and brands discuss winning strategies. From maximising TikTok Shop to service at scale, the shift towards ‘private’ social, artificial intelligence (AI)-enabled auto-shoppability and livestream shopping’s global reboot, we share the top takeaways.

The Rise & Rise of TikTok Shopping: New Features

Livestream Shopping Predicted to (Finally) Go Global for 2024

Private Spaces & One-to-One Conversations

Nano Influence: Small Scale Connections Still Matter

TikTok’s 2023-launched Shop (US, UK and Southeast Asia) offers four options, enabling product discovery, checkout and delivery in-app: a Shop tab multi-brand marketplace, live shopping (aka LIVES), prerecorded Shoppable Videos, and a brand’s own Product Showcase. Brand leaders and tech consultants discussed the merchandising tools, luxury zones and an Amazon Prime Day copycat, conceived to build on 2023 sales of $20bn globally.

TikTok’s 2023-launched Shop (US, UK and Southeast Asia) offers four options, enabling product discovery, checkout and delivery in-app: a Shop tab multi-brand marketplace, live shopping (aka LIVES), prerecorded Shoppable Videos, and a brand’s own Product Showcase. Brand leaders and tech consultants discussed the merchandising tools, luxury zones and an Amazon Prime Day copycat, conceived to build on 2023 sales of $20bn globally.

Summary

The Rise & Rise of TikTok Shopping: New Features

TikTok’s 2023-launched Shop (US, UK and Southeast Asia) offers four options, enabling product discovery, checkout and delivery in-app: a Shop tab multi-brand marketplace, live shopping (aka LIVES), prerecorded Shoppable Videos, and a brand’s own Product Showcase. Brand leaders and tech consultants discussed the merchandising tools, luxury zones and an Amazon Prime Day copycat, conceived to build on 2023 sales of $20bn globally.

Livestream Shopping Predicted to (Finally) Go Global for 2024

While livestream shopping via social media remains most popular in Asia – 81% of Chinese consumers have purchased from a livestream broadcast (Statista, 2023) – Navarra posited TikTok Shop’s Lives as a catalyst for growth in other regions. After a false start in 2021, Lives are already proving successful for brands, while TikTok’s QVC-esque Los Angeles-based studio will open imminently. Elsewhere, YouTube’s shoppable Shorts deliver engagement.

Private Spaces & One-to-One Conversations

As commerce on social media platforms scales up, speakers highlighted how connecting with customers in more personal ways will matter for brand engagement – but also, crucially, for customer service. New tools for one-to-one in-app dialogue, AI-powered personal shoppers and TikTok’s sociability ambitions were all flagged as areas to watch, alongside TikTok Lives’ feedback power.

Nano Influence: Small Scale Connections Still Matter

The power of using smaller-scale content creators who connect authentically with a target audience was noted by several speakers. Nano-creators – those deemed to have a following of less than 10,000 – were cited as offering both trust and impressive conversion rates, while fan-powered commerce, based on user-generated content (UGC) advocacy, continues to be effective.

Social Commerce Summit 2024: Brands’ Need-To-Know Debrief

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Topics

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Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.

We already arm more than 500 of the world’s most forward-thinking brands and agencies with the creative insights they need to make transformative business decisions.

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