Next month, TikTok shop will be raising its seller base commission fees in the UK from 5% to 9%. This is to help with the social media platform’s commitment to build their e-commerce as the “marketplace of the future”.
“We strive to provide the best possible experience for our sellers and buyers. This move enables us to invest further in building the marketplace of the future, including improved operations and services to help our sellers succeed.” says TikTok Shop UK’s head of operations, Jan Wilk.
TikTok shop was launched in September 2023, with the aim of “giving people a place to experience the joy of discovering and purchasing new products without leaving the app.” The shop has been a huge success since its introduction, further utilising the platform’s community spirit and connection.
TikTok Shop is also introducing a “seller missions” programme, enabling UK sellers to reduce their fees if they create a “target number of TikTok live or shoppable videos”. As part of the scheme, sellers can team up with popular creators on the app to achieve these goals. TikTok Shop further added that the incentive will encourage sellers to grow their reach through live and shoppable videos.
TikTok has over 1 billion monthly active users. With all these people, there is a huge variety of content being created and viewed. This is a fantastic opportunity for the retail industry to invest in and pay close attention to.
This latest news for both social media and retail e-commerce further highlights the power of online communities to influence their spending habits, and showcase to retail companies that they want easy purchases. With this, TikTok shop looks set on their way to being the “marketplace of the future”.