2024 TikTok Shop Annual Research Report

This "2024 TikTok Shop Annual Research Report" is published by TT123, providing a comprehensive analysis of TikTok Shop's market performance, platform dynamics, marketing insights, and more in 2024. It also offers a forecast of future trends, delivering highly valuable information for cross-border sellers.

1. TikTok Market Performance

- Large and rapidly growing user base: Covering more than 150 countries and regions, with over 5.7 billion global downloads, more than 2.05 billion registered users, and 1.58 billion monthly active users. The number of users is growing rapidly worldwide, with Indonesia, the United States, and Brazil being the top three countries by user count. Young users (18 - 34 years old) account for 68.3%.

- Market dynamics and challenges: In 2024, TikTok faces the "sell or ban" bill in the US, as well as scrutiny and bans in multiple countries, including EU investigations and a ban in Canada. However, TikTok is actively fighting to secure operational possibilities.

2. TikTok Shop Market Performance

- Business expansion and site layout: Launched in 2019, TikTok Shop has expanded to 11 sites worldwide, including the US, UK, Indonesia, and other countries and regions.

- Strong sales growth: In 2024, total GMV reached about $30 billion, a sevenfold increase compared to 2023. The US market has the highest GMV with a growth rate of 689%, followed closely by Thailand and Indonesia. Sales performance across all sites has grown significantly.

- Store and hot-selling category situation: The number of global stores exceeded 1.01 million, with the US having the most stores. The beauty and personal care category has the highest GMV, health category shows outstanding growth, and sports & outdoor category is growing the fastest.

3. TikTok Shop Marketing Insights

- Importance of influencer marketing: Influencers and influencer-driven sales are a key part of TikTok e-commerce, with about 22.7 million influencers across 8 major sites. The US has the most influencers and video posts, while Southeast Asian sites have high video posting frequency.

- US site marketing trends: Influencer marketing is on the rise in the US, with POP influencer GMV and other metrics increasing significantly. In short video marketing, tail-end influencers have a high input-output ratio, while top influencers have greater influence; in live streaming marketing, top well-known influencers have high live room GMV and long streaming times, and creating during major promotions helps boost GMV.

4. TikTok Shop Platform Dynamics

- Lowering barriers and supporting merchants: Lowering entry thresholds, simplifying store opening processes, and launching multiple support policies such as the "Industrial Belt 100 Plan" and "Million Pound Club Plan."

- Market expansion and policy changes: Added new sites in Spain and Ireland, adjusted US site payment cycles, launched "refund without return" feature in Southeast Asia, strengthened cooperation with external platforms like Amazon, and tested third-party link functions.

5. TikTok Shop Trend Outlook

- Coexistence of potential and opportunities: Global GMV is expected to reach new highs, attracting a large number of sellers to join, while policy regulation is becoming stricter, requiring sellers to operate in compliance.

- Multi-field development trends: The live e-commerce boom continues, with rapid growth in European and American markets; MCN agencies are flocking overseas; AI technology is widely applied; content ecosystem continues to upgrade, driving deep integration of e-commerce and social media.