Why TikTok Shops Might Be The Next Big Opportunity

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 22 November 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2614, We discuss the potential of TikTok shops as the next big opportunity in e-commerce. We highlight the growing number of Americans buying products on TikTok and the platform's push to make TikTok shops succeed. We emphasize the importance of having a good product and building relationships with creators for successful TikTok shop ventures. However, we note that TikTok shops may not be suitable for all businesses, especially those selling high-ticket items or requiring personal interaction before purchase. Overall, TikTok shops present a massive opportunity for entrepreneurs to capitalize on the platform's popularity and drive revenue. Don’t forget to help us grow by subscribing and liking on YouTube! Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT) TIME-STAMPED SHOW NOTES: (00:00) Today’s topic: Why TikTok Shops Might Be The Next Big Opportunity (00:23) One out of ten Americans will buy something on TikTok shop this year (01:05) Discussion on the growth rate of social buyers on TikTok (02:26) Importance of considering selling products on TikTok shop (03:00) Opportunities on other social channels like Pinterest (03:40) Building relationships and being a middleman for TikTok shops (04:33) Not suitable for all businesses, especially B2B and high-ticket items (05:30] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Greg Isenberg Post Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	All right, so we are going to talk about how Tik-Toc shops might be the next big opportunity.
0:07.2	So those of you that can see my screen, it's okay, I'll read off of it if you can't.
0:10.7	But by the way, we have a new
0:15.0	Marketing School channel, which I'll talk about in a second, but Greg Eisenberg, who's a friend who talks about community quite a bit,
0:18.0	so he says this, he says,
0:19.0	someone is going to make a hundred million dollars in 2024
0:22.0	with a TikTok shop.
0:24.0	They'll probably have no inventory, no venture capitalists,
0:26.9	and be 24 years old.
0:28.9	This status crazy.
0:30.1	One out of 10 Americans are going to buy something on Tiktop shop this year.
0:34.6	So, Neil, can you see this graph okay or not really?
0:37.6	I can see the graph. And I believe it too, because I know a lot of people that are doing
0:42.0	amazingly well in D to see on
0:44.0	Tic-talk right now. It's much more profitable, you can scale it quite well than
0:49.8	most the social channels out there. So look at the percentage change here so you can see the
0:54.3	percentage so first and foremost where my cursor is so in 2023 you can see 33
0:59.8	million social buyers on Tik-Toc so US has 330 million people that's exactly 10
1:04.7	percent right and then you can see the rate of change over time so you know in
1:09.0	2021 a lot of people are using it and then the rate of the growth rate slows
1:12.0	down a little bit but still it's a lot right
1:13.8	40% growth rate 7.5 5.6% and then percentage of Tik-Toc users as well which is a pretty high
	...

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