TikTok Shop, the platform's e-commerce arm, achieved a massive milestone during Black Friday 2024, tripling its gross merchandise value (GMV) compared to the previous year. This surge cements TikTok Shop's growing influence in the U.S. e-commerce space and highlights its potential to disrupt traditional retail giants.

Here are the key takeaways from TikTok Shop's Black Friday performance:

Record-Breaking Growth

• On Black Friday alone, TikTok Shop hit over $100 million in single day sales - triple from Black Friday last year.

• TikTok Shop saw a 165% annual increase in shoppers for the two days between Black Friday and Cyber Monday.

• 1/3 of the purchases on TikTok Shop between November 13 and December 2 were from SMBs; 2/3 of the purchases came from enterprise brands like Crocs and Fenty Beauty.

Impact on the Broader E-Commerce Landscape

TikTok Shop's unprecedented growth is reshaping the competitive e-commerce environment. With U.S. retailers struggling to meet TikTok's engagement-driven sales strategies, the platform has become a critical space for brands aiming to tap into Gen Z and millennial buyers.

We’re now seeing the shifts hit the creator economy, with brands on TikTok Shop opting for affiliate deals over influencer sponsorships during BFCM to try and drive more trackable conversion.

Live Shopping Is Here to Stay

• Nicki Minaj (@nickiminaj) had the highest-viewed TikTok Shop LIVE in history, with over 172 million total viewers of her Pink Friday Nails LIVE and garnering 115 million likes.

• During the BFCM campaign, brands and creators hosted nearly half a million LIVE shopping sessions, totaling over 660K hours.

• CEO and Founder of Canvas Beauty Brand, Stormi Steele (@iamstormisteele), surpassed $2 million in sales during her Black Friday LIVE, setting a new record for the highest sales during a single LIVE.

But live shopping isn’t just a TikTok trend. At Ghost Agency, we hosted all-day livestreams. While most brands opted to stream on TikTok, a handful selected Instagram or on-website instead.

With social commerce now being embraced by brands both large and small, we may start to see websites that resemble social pages.

If you’re a brand seeking to TikTok-ify your site, consider speaking with Firework, Hello LiSA, or Ghost Retail.

News 📰

Ready for this week’s social commerce and media news? Grab a cup of coffee, tea, or a shot, and dive in.

Twitch 👾

• Antisemitism concerns led JPMorgan and AT&T to pull ads (Bloomberg)

• Streamer Kai Cenat has reached around 720k paid subscribers, breaking Twitch records (CNBC)

Amazon

• Amazon announced that this BFCM week was its biggest ever in terms of sales and quantity of items sold (About Amazon)

Meta 🌐

• Meta launched a Thread for Creators hub, indicating that they will be making an effort to educate and grow creators (Social Media Today)

• Instagram released new updates to the Broadcast Channel for greater community engagement (My Smart Price)

YouTube 🎧

• YouTube released their Global Culture and Trends Report for 2024, with the top topic being the 2024 Presidential Election (YouTube)

About Me

Hi, I’m Nicole! I’m a Gen Z social commerce entrepreneur and TikTok creator. I’m the Co-Founder of Ghost Agency, a social commerce company that supports brands and influencers with content and livestreams. Ghost Agency is one of the first TikTok Shop Partner agencies and we’ve been mentioned in The Information and Business Insider.

Thanks for reading my newsletter. If you’d like to connect with me, you may do so via email or LinkedIn. Feel free to reach out if you have any requested topics, general inquiries, or Ghost Agency questions.

LinkedIn | [email protected]