The video content based platform, TikTok, is exploring new e-commerce features to monetise viral content; ramping up competition with Facebook and YouTube and creating a world of new opportunities for brands and marketers to engage with Gen-Z consumers and influencers.
Surging in popularity - mostly due to its content-based algorithm and it's almost daily viral content - TikTok challenges sent luxury brands from Gucci to JW Anderson viral in 2020. With plans to implement new features akin to Instagram and Facebook, including self-service advertising, affiliate marketing and in-app brand catalogues, the shift could spell an opportunity for brands to capture the app's 1 billion monthly active Gen Z users.
According to Kantar’s recent Media Reactions survey of global marketers, TikTok advertising investment is set to rise strongly in 2021, with 66 per cent of global marketers planning to increase spend.
TikTok has a virality factor like no other platform, so while marketers may need educating on new and innovative ways to engage with the platform, the opportunities are endless.