Social Commerce: TikTok Leads the Way in the UK!

In the previous edition of the Brickweb blog, we talked about a report from Statista that predicted the value of Europe's social commerce market will rise to a staggering £36.7 billion by 2028. In this article, we're going to look in more detail at what's in store for the social commerce market here in the UK, particularly in relation to the social media giant that is TikTok.

Retail Economics, recognised as the market leader for retail insight data analysis, recently released a report in partnership with TikTok. Let's take a look at some of the key findings...
 

• The UK's social commerce market is booming, currently standing at around £7.4 billion in value. This figure is set to more than double over the coming years, reaching a whopping £16 billion by 2028 and representing well over 43% of the projected global value. 
• If this figure is reached, which it certainly looks set to do, it would mean that social commerce would account for 10% of the total e-commerce market in the UK, jumping from 6% at the present time. This rate of growth is a massive four times higher than that of e-commerce sales overall.
• 56% of online consumers in the UK have bought a product on social media, either checking out within the app itself or through a link shown on shoppable content. For people under the age of 45, this figure skyrocketed to 73%. 
• 24% of Millennials, equating to just under one in four, buy products through social media at least once every month.
• TikTok is the undisputed leader in the penetration of social commerce, with 44% of users in the UK using the platform to make a purchase.
• At 54%, in excess of half of online shoppers find it 'more satisfying' to discover products on social media platforms than in physical stores or on retail websites.
• Around 75% of TikTok users said that they were 'likely to buy from brands they've seen directly on TikTok Shop'.
• 82% of the UK's TikTok users engage in 'shopping-related activities'. These include viewing live shopping events, following brands and browsing products. When global use is taken into account, this figure leaps to an overwhelming 99% of users!   
   

Brickweb was one of the UK's first TikTok Shop partners and so we have unmatched knowledge and experience in this dynamic and fast-growing sector. We're able to rapidly and seamlessly integrate the TikTok Shop experience with our custom e-commerce websites as well as with The Brick Factory, our game-changing business automation tool for the custom printing industry.

Every tick tock of the clock is a moment wasted if you're not on TikTok Shop! Get in touch with us today and let's talk about YOUR business. You haven't got a moment to lose and you've got everything to gain...