“The battleground of this decade for Gen Z will be where they spend time,” Schiffer said, “and being able to integrate payments is a critical piece to maximizing the return on investment on TikTok.” For Walmart to create a runaway success with TikTok, it would likely need to replicate that payment technology and encourage TikTok’s largely young audience to use it. The company said Thursday that its interest in the app stems from the way it has “integrated e-commerce and advertising capabilities in other markets,” and added that TikTok could bolster Walmart’s access to consumers.Ĭhina’s success with social commerce hinges on the early and widespread adoption of advanced, mobile-friendly payment systems that the United States is at least three years behind in implementing, said Eric Schiffer, CEO of the Patriarch Organization, a technology-focused private equity firm. Walmart has already acknowledged the value of e-commerce when it comes to TikTok. The Chinese market is expected to grow 30% this year to $242 billion. Social commerce in China was worth $186 billion last year, more than 10 times the value of sales made in the United States, according to market research firm eMarketer.
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The feature is a big driver of revenue for Douyin and other apps, which make money off of advertising and commissions on products sold within the apps. “This is huge … it’s an extremely big market.”
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“It’s entertainment plus shopping,” said Kitty Fok, managing director with market research firm IDC. It’s like a modern version of shopping via QVC or the Home Shopping Network, but a lot more social and shrunk down to busy screens on mobile devices. Users can ask influencers about products and get responses in real time, or they can click on steep discounts that are offered only in the apps.
They tune into live streams of influencers peddling everything from makeup to furniture.
(TCEHY) rival Kuaishou, for example, can buy goods after watching short videos about products. The Chinese version of TikTok, known as Douyin, is one of several apps in the country that have tapped into the rapidly growing number of Chinese shoppers who like to buy stuff on social media platforms. Walmart is joining Microsoft in the pursuit of TikTok Pawel Kaminski/Walt Disney Television/Getty Images
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