Shopify Inc (NYSE: SHOP) partnered with TikTok on Tuesday to launch a new feature that lets Shopify merchants add a shopping tab to their business accounts on the social media app.
The Canadian eCommerce giant is testing the new feature, which lets TikTok users shop directly from within the app, in the U.S. and the U.K. first. Other regions will be included in the coming months.
Harley Finkelstein’s remarks on CNBC’s “TechCheck”
Commenting on the launch of “TikTok Shopping”, Shopify president Harley Finkelstein said on CNBC’s “TechCheck”:
“In today’s retail landscape, merchants need to be wherever their customers are, to build a successful brand. That means they have to grow their social presence, but that also means they have to create some seamless connection between content, community and commerce.”
According to Finkelstein, social commerce saw a 76% growth at Shopify between Feb 2020 and Feb 2021. As more retailers migrate to online, he added, social commerce will grow further in the future.
“The hashtag ‘TikTok made me buy it’ has more than 4.6 billion views. It’s huge because it’s the first time merchants can tag products organically without running a paid campaign. So, TikTok Shopping will be something that not only consumers love, but also creators, makers, and brands love.” Finkelstein commented.
Creators can now monetize across more channels
Shopify received 5.4 million business from the U.S. in the year that ended in June 2021. Many of these applications, as per the company president, were creators who can now monetize across more channels.
The news comes a week after Morningstar’s Dan Romanoff said he was sceptical about Shopify’s valuation because the eCommerce firm has to hit really big numbers over the long term to support the current valuation.
Shares of the company are close to 5.0% up on the intraday chart.
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