Top 13 TikTok Shop Statistics for 2024
Over recent years, TikTok has evolved far beyond its origins as a platform for sharing lighthearted lip-sync videos. It has transformed into a powerful engine for social commerce, connecting digital entertainment with the world of online retail. TikTok Shop, introduced in mid-2021, initially began as an experiment in select Asian markets before spreading to the UK and, most recently, to the US in late 2023. By embedding the shopping experience within the platform, TikTok has now positioned itself as a destination for users who prefer to shop without leaving their favorite social media hub. Business account holders can sell directly through TikTok, utilizing both live shopping features and shopping videos.
But how impactful has TikTok Shop truly been? What sort of revenue has it raked in? And what products are flying off its digital shelves? Here, we explore a collection of notable statistics, unveiling the growing influence of TikTok’s shopping arm.
The Top 13 TikTok Shop Statistics for 2024:
- Southeast Asia Accounts for Over 80% of TikTok Shop’s Revenue, Though Sales in the U.S. and U.K. are Rising Significantly
- Southeast Asia Dominates with 95% of TikTok Shop’s Sales by Volume
- 11% of U.S. Households Have Made a TikTok Shop Purchase
- Indonesia Hosts Over 50,000 TikTok Shops
- The Leading Categories: Womenswear, Underwear, Beauty, and Personal Care (Around 15,000 Shops in Each Category)
- Muslim Fashion Represents Nearly 5% of All Stores and 4.5% of GMV (Gross Merchandise Value)
- Beauty and Personal Care Products Reign as the Top-Grossing Category on TikTok Shop
- In February 2024, TikTok Shop Captured Over Two-Thirds of Social Shopping’s Total GMV
- More Than 80% of Sales Come from Repeat Customers on TikTok Shop
- Shoppers with Incomes Between $55,000 and $90,000 are the Biggest Spenders in the U.S.
1. Southeast Asia Leads TikTok Shop Revenue, with Significant Growth in the U.S. and U.K.
Since its debut, TikTok Shop has become a commercial powerhouse in Southeast Asia. As of now, the platform has amassed a staggering $11.09 billion in GMV. Gross Merchandise Value refers to the total value of goods sold over a period through online transactions. Southeast Asia’s top five markets collectively hold over 80% of the platform’s total GMV in the past year:
- Thailand: $2.85 billion GMV (25.66%)
- Vietnam: $2.31 billion GMV (20.79%)
- Malaysia: $1.63 billion GMV (14.68%)
- Philippines: $1.44 billion GMV (12.98%)
- Indonesia: $1.34 billion GMV (12.05%)
In comparison, sales in the U.S. and the U.K. are still gaining momentum, with the U.S. accounting for $853.32 million GMV (7.70%) and the U.K. at $603.35 million GMV (5.44%). The lag is largely due to the later rollout of TikTok Shop in these regions. Nonetheless, American and British shoppers tend to spend more per purchase, giving these nations a higher GMV than their share of sales volume.
2. Over 95% of TikTok Shop’s Sales Volume Stems from Southeast Asia
Unsurprisingly, the vast majority of TikTok Shop’s sales come from its initial test markets in Southeast Asia. A staggering 95.88% of the platform’s sales volume originates from countries like Thailand, the Philippines, Malaysia, Vietnam, Indonesia, and Singapore.
The breakdown of total sales volume is as follows:
- Thailand: 512.79 million sales (25.84%)
- Philippines: 500.51 million sales (25.22%)
- Malaysia: 311.03 million sales (15.67%)
- Vietnam: 296.21 million sales (14.93%)
- Indonesia: 272.9 million sales (13.75%)
- United States: 45 million sales (2.27%)
- United Kingdom: 42.39 million sales (2.14%)
- Singapore: 3.4 million sales (0.17%)
As TikTok Shop continues to expand into newer regions, these numbers are bound to shift, but for now, Southeast Asia reigns supreme.
3. 11% of U.S. Households Have Made a TikTok Shop Purchase
TikTok Shop’s impact on the U.S. is steadily growing. Data from Earnest Analytics shows that 11% of U.S. households have made a purchase since the platform’s debut in the country. November 2023 saw a 145% surge in sales compared to the previous month, with U.S. purchases in February 2024 spiking by an impressive 219.4% since the platform’s introduction.
4. Indonesia Boasts Over 50,000 TikTok Shops
In Indonesia alone, more than 50,000 sellers are active on TikTok Shop, reflecting the platform’s explosive growth in Southeast Asia. Out of a total of 264.48K stores globally, Indonesia claims a 20.52% share, the highest of any country.
Here’s the breakdown of the number of shops across key regions:
- Indonesia: 54.28K stores (20.52%)
- Thailand: 48.37K stores (18.29%)
- Vietnam: 46.38K stores (17.54%)
- Malaysia: 34.23K stores (12.94%)
- United States: 31.29K stores (11.83%)
- Philippines: 30.78K stores (11.64%)
- United Kingdom: 16.38K stores (6.19%)
- Singapore: 2.74K stores (1.04%)
5. Womenswear, Underwear, Beauty, and Personal Care Dominate TikTok Shop Categories
TikTok Shop offers an array of product categories, yet some stand out more than others. Leading the charge are Womenswear, Underwear, and Beauty & Personal Care, each housing nearly 15,000 stores. These categories alone account for a significant portion of the platform’s overall activity, showing that apparel and personal care are essential for TikTok shoppers.
6. Muslim Fashion Claims Nearly 5% of All TikTok Stores and GMV
Reflecting the cultural significance of its largest user base, Muslim fashion makes up a prominent share of TikTok Shop’s commerce. Approximately 5.59% of all stores (12.95K) on the platform are dedicated to Muslim fashion, contributing 4.88% of total sales (96.92 million products) and generating $506 million in revenue.
7. Beauty & Personal Care Emerges as the Highest-Grossing Category
When considering Gross Merchandise Value, Beauty & Personal Care stands out as the dominant category, with a GMV of $2.49 billion, making up 22.50% of total sales. Other top categories include:
- Womenswear & Underwear: $1.39 billion GMV (12.56%)
- Menswear & Underwear: $893.54 million GMV (8.06%)
- Food & Beverages: $759.84 million GMV (6.85%)
- Health: $600.42 million GMV (5.42%)
- Muslim Fashion: $506 million GMV (4.56%)
8. TikTok Shop Commands Over Two-Thirds of Social Shopping GMV in February 2024
According to Earnest Analytics, TikTok Shop’s influence on social commerce is formidable. In February 2024, it captured 68.1% of all social shopping GMV, leaving competing platforms like Whatnot (31%) and Instagram Checkout, Facebook Shop, and Flip App (combined 0.9%) far behind.
9. More Than 80% of TikTok Shop’s Sales Come from Returning Customers
TikTok Shop has succeeded in cultivating a loyal customer base. By February 2024, a remarkable 81.3% of its sales came from repeat buyers, showing that the platform has effectively retained its initial wave of consumers.
10. TikTok Shop’s Biggest U.S. Spenders Earn Between $55K and $90K Annually
Data from the Earnest Analytics study reveals that U.S. shoppers with annual incomes between $55,000 and $90,000 represent the platform’s most lucrative demographic. These shoppers have quickly become TikTok Shop’s largest spenders, aligning with the median income in the U.S.
11. 18-24 Year-Olds are 3.2x More Likely to Use TikTok Shop than the Average Shopper
Although relatively affluent shoppers tend to dominate spending, TikTok’s younger audience still actively uses TikTok Shop. Those aged 18-24 are 3.2 times more likely to make purchases on TikTok than the average shopper.
12. TikTok Shop Projected to Lose Over $500 Million in 2024
Despite impressive growth, TikTok Shop is not yet a profit-generating venture for ByteDance. In fact, the company expects a loss of over $500 million in 2024 as it aggressively expands into new regions. These losses stem largely from the company’s massive investment in U.S. marketing and the high infrastructure costs required to scale TikTok Shop to an increasingly global audience.
13. TikTok Shop Sells Over 9 Million Items Daily
TikTok Shop’s rapid rise is underscored by its daily sales volume, with the platform selling over 9.6 million items per day globally. The largest contributor to this massive figure? Southeast Asia, which boasts over 9.2 million daily sales.
Final Thoughts
TikTok Shop’s swift emergence as a social shopping juggernaut signals the growing fusion of entertainment and e-commerce. With impressive numbers from Southeast Asia and a rapidly growing presence in the U.S. and U.K., TikTok Shop has become an essential part of the global retail landscape. And while it’s still grappling with profitability, the platform’s immense potential is clear, thanks to its loyal and fast-expanding user base.
The article above was originally published on this website: influencermarketinghub.
