Latest news with #US490
Yahoo
12 hours ago
- Business
- Yahoo
TikTok Adds ‘Countdown Bidding' for Livestream Auctions
This story was originally published on Social Media Today. To receive daily news and insights, subscribe to our free daily Social Media Today newsletter. TikTok has added 'Countdown Bidding' as a new option for product listings in selected seller live-streams, which is essentially a virtual auction that's run within TikTok Live. As you can see in this example, Countdown Bidding activates an eBay-style auction for your listed products within the livestream, so that viewers can bid on a specific highlighted item. That can help to increase interest in your stream, and boost sale prices, by involving users in a live push to get the item As explained by TikTok: 'Using Countdown Bidding is easy. First, sellers must create a listing for the item in their shop. To prevent shopper confusion, we label the listing clearly as "auction only", which disables the option to add the item to their cart. Sellers must provide all the usual details required for collectibles or pre-owned luxury listings, so shoppers have all the details they need to inform their bidding. Sellers can then pull that listing into a LIVE when using the Countdown Bidding feature, and set a starting bid price and timeframe.' From there, your live viewers can submit bids, which are visible to the audience and the seller. The winner pays at the conclusion of the stream, and the sale is finalized. So all-in-all, a pretty straightforward process. Though it's not available for all product types as yet. 'For now, Countdown Bidding is only available in the collectibles and pre-owned luxury categories.' In addition, TikTok's also raising the price cap on in-app sales from $7,600 to $13,000, in order to better cater to sales in these categories. TikTok continues to push its in-stream shopping options, as it looks to convert its massive audience reach into a bigger business. Live sales, in particular, have been a big winner for the app in other markets, and it's hoping that, eventually, Western users will warm to its in-stream sales options, which will then facilitate significantly more revenue opportunities. Indeed, the Chinese version of TikTok, called 'Douyin,' generated $US490 billion in gross merchandise sales (GMV) in 2024, a 30% increase year-over-year. TikTok reportedly generated around $US30 billion in GMV in 2024, so you can see why the TikTok team is increasingly keen to focus on this element. And while it hasn't caught on as yet, there are signs that TikTok users are growing more interested in its shopping options. In addition to Countdown Bidding, TikTok is also now listing eye and ear care products for sale in the app, while it's also running a major promotion in the U.K. to boost in-stream sales this Summer. Maybe, as younger TikTok-aligned audiences grow up, this will become the new norm, in searching for and buying items in–stream. And with hundreds of billions in growth potential, you can expect to see TikTok continue to push the option. Recommended Reading TikTok Provides New Insights into Top Performing Ad Copy via 'Keyword Insights'
Yahoo
4 days ago
- Entertainment
- Yahoo
TikTok Launches Community Fest Event to Highlight Live Creators
This story was originally published on Social Media Today. To receive daily news and insights, subscribe to our free daily Social Media Today newsletter. TikTok has launched its latest 'Community Fest' live content event, which will showcase some of the app's top live creators, as part of a broader push to spark more interest in its live-stream offerings. TikTok's Community Fest aims to highlight the value of live-streaming for community building, and maximizing connection with your audience in the app. As per TikTok: 'Running from June 15th through July 5th, Community Fest is TikTok LIVE's global, in-app event designed to spotlight our vibrant LIVE creator community. Think of it as the warm-up act to LIVE Fest 2025 - TikTok's months-long global festival celebrating all things LIVE. Community Fest gives creators a chance to grow their audiences, deepen real-time engagement, and celebrate the power of connection through TikTok LIVE.' TikTok LIVE Fest, which it's been running since 2023, is a bigger showcase of the app's live content, with Community Fest highlighting the more specific elements of using live-streams for maximizing audience engagement, and building an active community in the app. 'From cooking and music to education, fishing and gaming and so much more, Community Fest is an invitation for everyone, whether going LIVE, gifting, or just tuning in, to come together, support one another, and share the moments that matter most.' TikTok is very keen to get more people using its live-streaming element, not only for the community aspects, and driving more engagement, but also as a part of its broader eCommerce push, and getting people to buy products in-stream. In China, the local version of TikTok, called 'Douyin,' has seen huge success with in-app shopping, generating around $US490 billion in gross merchandise sales (GMV) in 2024, a 30% increase year-over-year. Live-stream shopping reportedly contributed 60% of that activity. For comparison, TikTok reportedly generated around $US30 billion in GMV in 2024. The immediacy and engagement of live streams helps to enhance shopping interest and activity. And while that compulsive behavior can also have negative consequences as well, you can see why TikTok would be so keen to showcase this as an opportunity, in order to build more hype around live-streaming, both as a means to connect, and eventually, to guide more users towards its shopping experiences. Which remains its big target. TikTok continues to revise and reform its shopping push, in order to relay its popularity into becoming an online shopping superpower. Thus far, Western audiences haven't been as keen on such as those in Asian markets, but there are signs that TikTok shopping is catching on. The platform recently reported that TikTok Shop sales have increased 120% year-over-year in the U.S., while American brands and creators have also hosted over 8 million hours of LIVE shopping sessions. So there is reason for TikTok to be enthusiastic about the opportunity, which is why its Community Fest and LIVE Fest events could take on additional importance this time around. Add to this the fact that TikTok could still be ejected from the U.S., with the White House recently extending its sell-off negotiation window till September, and there's even more impetus for the platform to maximize its opportunities while it can, both as a means to maximize its revenue, and showcase its growing relevance within the U.S. market. So while it may not be a big event in general terms, it's a significant promotion and showcase for TikTok. TikTok has also announced that it's expanding its LIVE Fest event series to more regions, including Japan, the Middle East and North Africa, as part of a broader celebration of live creators. It's also launched a new "LIVE Journey" activation in the app, which aims to gamify live-stream participation: So, clearly, TikTok's looking to boost enthusiasm for its live-stream offerings, however it can, with a view to the broader opportunities that it can bring. Sign in to access your portfolio
