TikTok’s E-commerce Boom in 2024: US Sales to Hit $5 Million Per Session

TikTok’s E-commerce Boom in 2024: US Sales to Hit $5 Million Per Session

In 2024, TikTok continues to break records and expectations with its meteoric rise in e-commerce. In the first half of the year, TikTok’s livestream shopping sessions have regularly exceeded $1 million in the US, with the UK trailing close behind at over $800,000. As we approach November, Southeast Asia is poised to see daily Gross Merchandise Value (GMV) surpass $100 million, a testament to TikTok’s growing dominance in the e-commerce landscape.

Adding to this momentum, TikTok’s cross-border e-commerce initiative introduced the “100 Million Club,” eliminating the $2 million threshold required to open an Amazon store. This move has set the stage for explosive growth in the second half of the year.

TikTok Shop’s Global Expansion

In Southeast Asia, TikTok Shop has become a standout performer, particularly in Thailand, where GMV has surpassed $20 million in a single day. Even more impressively, Thailand has outpaced Indonesia, a market traditionally seen as a leader in the region. Meanwhile, TikTok Shop’s beta launch in Spain marks the beginning of a new era for e-commerce in Europe, showing that TikTok’s expansion is far outpacing market expectations.

Highlights from the 2024  TikTok Ecosystem Development White Paper

The “2024 H1 TikTok Ecosystem Development White Paper,” published by FastMoss, offers a comprehensive analysis of TikTok’s e-commerce landscape. This in-depth report features interviews with leading brands and influencers in the short video space, such as BetterAlt (a major US brand on TikTok and Amazon), Alle (a top US influencer), Charzreviews (the leading UK influencer), and louissescarlettFamily (Indonesia’s top influencer). Their insights provide a window into the transformative changes taking place on TikTok.

The white paper spans seven sections and 101 pages, exploring everything from TikTok’s basic data and major events to livestream sales, TikTok Shop, products, influencers, the advertising market, and the fully managed market.

Key Insights from the White Paper

1. TikTok Basic Data and Major Events of 2024 

The white paper highlights the growing number of US e-commerce sellers joining TikTok, while Southeast Asian consumers increasingly favor shopping on the platform. In the US, health supplements lead the top products, dominating six of the top eight bestsellers.

2. TikTok Livestream Sales Ecosystem

Livestream sales in the US have surpassed all expectations, with beauty and personal care products representing 72% of the top 50 livestream sales. Notably, influencer @iamstormisteele broke $1 million in a single livestream session in June 2024.

In Indonesia, the top TikTok Shop livestream event was “DISKON 10THN ATHENA!!! ❤️,” which attracted nearly 5 million viewers and generated Rp185.84 billion in sales.

3. TikTok Product and Small Store Ecosystem

The report also delves into the sales distribution for various categories on TikTok Shop. In Indonesia, beauty and personal care accounted for 44% of the top 50 livestream products.

4. TikTok Influencer Ecosystem

TikTok influencers continue to drive brand visibility and sales. The top US influencer in H1 2024 was Alle, with a GMV of $5.86 million, while Charzreviews led the UK market with a GMV of £2.52 million.

5. TikTok Advertising Ecosystem

TikTok’s advertising reach has grown to 1.05 billion global users, representing 13.1% of the world’s population. E-commerce ads dominate the top 15 ad campaigns in various countries.

6. Fully Managed Market Development

In the US, sports & outdoor products led the top 50 shops, with NcmRyu generating $10.07 million in sales.

7. Predictions for TikTok’s Growth in  2024

Based on data, the report forecasts:

• US livestream sales will exceed $5 million per session by November.
• Southeast Asia’s daily GMV will surpass $100 million.
• 2 million US influencers will sell through storefronts by the end of the year.