Recently, the data intelligence analysis platform FastMoss released the 2024 Mid-Year TikTok Ecosystem Development White Paper.
According to FastMoss data, TikTok Shop once again demonstrated remarkable growth in the first half of 2024. From the perspective of category development, beauty and personal care products remained the most popular category on TikTok in the United States, accounting for about 20.95% of total sales; following closely were women’s clothing and lingerie, with a sales share of 11.44%; additionally, health supplements emerged as a new highlight in sales growth, reflecting consumers’ emphasis on health and wellness. Overall, in the first half of 2024, the sales distribution of various categories on TikTok Shop in the U.S. was relatively balanced, with strong performances in beauty, apparel, and health categories.
Notably, in the first half of 2024, TikTok live-streaming sales showed strong growth momentum, with single-event GMV in the U.S. TikTok live-streaming successfully exceeding the $1 million mark. According to FastMoss data, from January to June, there were 140 live-streaming events in the U.S. with GMV exceeding $100,000 per event. Top influencers Jeffree Star, SimplyMandys, and iamstormisteele repeatedly set historical GMV records, especially in June when iamstormisteele achieved a single-event GMV of over $1 million.
In Southeast Asia, Indonesia had the highest number of TikTok live-streaming sales events, accounting for 34.69%, followed by Vietnam (21.17%), the Philippines (15.64%), Malaysia (15.06%), and Thailand (13.44%).
Additionally, the white paper disclosed FastMoss’s seven key predictions for the TikTok market in the second half of 2024:
- TikTok live-streaming sales in the U.S. will surpass $5 million per event. It is expected that in November 2024, a single live-streaming event’s sales in the U.S. will exceed $5 million for the first time.
- TikTok Shop’s daily GMV in Southeast Asia is expected to surpass $100 million. The e-commerce activities in the Southeast Asian market are thriving, and it is anticipated that in November 2024, the GMV will exceed $100 million in a single day.
- There will be an explosive growth in the number of Chinese merchants entering TikTok. More and more Chinese merchants will join the TikTok platform, leveraging new content e-commerce, new omni-channel e-commerce, and new short video infrastructure, combined with China’s first-mover advantage.
- The number of TikTok influencers using storefronts for sales in the U.S. will surpass 2 million. By the end of 2024, the number of influencers on the U.S. TikTok platform using storefronts for sales is expected to exceed 2 million.
- TikTok in the U.S. will launch localized lifestyle services. TikTok U.S. plans to introduce localized lifestyle services in the second half of 2024, further enhancing user engagement and platform diversity.
- The daily GMV of TikTok e-commerce in the U.S. is expected to exceed $100 million in the second half of 2024. By the end of 2024, the daily GMV of TikTok e-commerce in the U.S. is expected to surpass $100 million for the first time, marking TikTok’s strong performance in the e-commerce field.
- Competition among CAPs and TSPs in the U.S. will become more intense. With the continuous expansion of TikTok’s e-commerce ecosystem, competition among content creator partners (CAPs) and third-party service providers (TSPs) in the U.S. will become fiercer, and by the end of the year, global CAPs and TSPs will emerge.
