The TikTok Shop Summit is taking place today at the Setia City Convention Centre where companies and content creators who utilize the TikTok Shop platform met to not only get to know each other, but also to allow TikTok Shop to showcase developments regarding the latest platform.
During the opening of the event, TikTok Shop Malaysia said that throughout the 2024 financial year, they recorded 100 million product searches in Malaysia every day.
TikTok Shop Mall, which houses various product brands, also showed an increase in the number of sellers by 2.9 percent year-on-year, while the Gross Merchandise Value (GVM) showed an increase in value by 2.7 percent compared to products not sold at TikTok Shop Mall.
Throughout the 2024 financial year, TikTok Shop is seen to have 3.6 million content creator partners and recorded an increase in the number of selling partners and also a higher sales value than last year.
To help sellers further improve the quality and sales results on the platform, TikTok Shop has also introduced new business features such as the Product GMV Max automation system, Affiliate Creatives for Ads (ACA), Opportunity Center, New Arrival Discount promotions, Product Data Synchronization, Affiliate Link features and TikTok Shop Star Creator Program badges.
For TikTok Shop customers, they have provided several new features to make shopping on the platform easier. These include free returns within 30 days of purchase, the TikTok PayLater pay-later feature and next-day delivery in selected locations.
The introduction of TikTok PayLater in particular is seen to have helped increase product sales on TikTok Shop, which also offers customizable spending limits and easy-to-follow payment periods.
The design of the TikTok Shop section has also been updated to make it easier for users and sellers to access the products they want to buy in the section. For TikTok Shop, it also helps in maintaining the presence of customers and users on the platform. Whether it's to watch video content or buy items with affordable price offers, TikTok users only need one platform to do it all.
Meanwhile, TikTok Shop will also introduce more sales promotions throughout the year, starting from September to September, alongside existing sales events such as Payday Deals, TikTok Shop Super Creator and TikTok Shop Super Brand Day.