TikTok Shop recently concluded its flagship annual e-commerce seller empowerment event, TikTok Shop Summit, in Malaysia. The event aimed to empower local micro, small, and medium enterprises (MSMEs) and homegrown brands by unveiling 3 key updates that will shape the future of online shopping. Small businesses and local entrepreneurs are expected to be the biggest beneficiaries, as 98% of the over 1 million sellers on TikTok Shop in Malaysia are MSMEs.
Here are the highlights:
The Rise of Discovery E-Commerce
TikTok Shop announced that it saw 2.2x growth in sales, 1.8x uplift in sellers, and 1.8x increase in affiliate creators year-over-year within the first half of 2024. This demonstrates the shifting consumer behaviour of Malaysian online shoppers, which is now inclined towards discovering brands and products through content.
Through TikTok Shop, local entrepreneurs have greater opportunities to build lasting homegrown brands by tapping into its comprehensive Shoppertainment ecosystem and full-funnel solutions to shorten the browse-to-buy customer journey and build authentic communities. Dapur Pak Amir, a local disabled seller on TikTok Shop, showcased this potential when he built over 37,500 store followers and sold more than 19,200 products through content, even receiving interest from global markets such as Japan, Dubai, and the United States of America.
Enhanced Support for Sellers
TikTok Shop announced that it will subsidise 5x more vouchers and provide dedicated traffic exposure to further drive growth for sellers, especially during the year-end sales season, including 10.10, 11.11, and 12.12. TikTok Shop also introduced its stackable Unlimited Free Shipping voucher to Malaysians, enabling shoppers to combine multiple discount vouchers and shipping vouchers in a single checkout*. The voucher is an innovative offering that will provide Malaysians with greater value, while driving conversion and revenue for sellers. Finally, TikTok Shop launched the all-new Bonus Cashback, where customers can collect and accumulate cashback daily to be used on eligible products for extra discounts*.
Moreover, the Summit's creator-matchmaking and knowledge-sharing sessions taught local entrepreneurs how to tap onto these new growth opportunities, equipping and training them to effectively engage with customers at scale from discovery to purchase. These investments and upskilling efforts will significantly lower barriers of entry for MSMEs, enabling them to not only participate in the digital economy, but also increase their online visibility and sales volume during key promotional periods.
Strengthened #JomLokal Initiatives
TikTok Shop announced a collaboration with the Ministry of Domestic Trade and Cost of Living (KPDN) to promote Kempen Beli Barangan Malaysia (KBBM) in line with its #JomLokal initiative. The announcement was witnessed by Yang Berhormat Datuk Armizan bin Mohd Ali, Minister of Domestic Trade and Cost of Living.
Through the collaboration, TikTok Shop will empower over 8,000 local sellers by spotlighting 300,000 locally-made products through a dedicated KBBM page. From now until 31 December 2024, users simply need to search for "KBBM" or "Kempen Beli Barangan Malaysia" on TikTok Shop to discover and support local products. To incentivise Malaysians to support Malaysian brands, shoppers can look forward to discounts of up to 30%, Free Shipping vouchers, and local creator spotlights.
Aspiring entrepreneurs, local MSMEs, and homegrown brands can start their e-commerce journey by signing up at TikTok Shop Seller Center (https://seller-my.tiktok.com/account/register) and exploring the step-by-step tutorial courses at TikTok Shop Academy (https://seller-my.tiktok.com/university/home).
