TikTok has invested billions of dollars in its e-commerce efforts, so it’s not surprising that it’s still looking for solutions to the problems it’s currently facing with government regulations.
Last month, Indonesia banned TikTok Shop to protect the country’s micro, small and medium enterprises (MSMEs). Buyers can still shop using the links provided in the posts but they can no longer buy from the platform directly.
Clearly, this adds more friction to the buyer’s journey, causing more people to flock to other e-commerce platforms instead. Indonesia’s Minister of Cooperatives and SMEs Teten Masduki said that about 20 percent of consumers chose to transfer to sites like Shopee and Lazada after the ban.
Recently, people familiar with the matter reported that TikTok is considering investing in Indonesia’s GoTo Group to save its e-commerce arm. The details of the deal are still unclear, but it’s possible that the companies will build a new e-commerce platform altogether.
None of the parties gave their official statements yet, and the deal could still fall through. However, the reports only strengthen the fact that the social media app is doing its best to be more than a space for dance trends and reaction videos.
One of the best things we did for our business was attending mastermind sessions (we talked about it in a podcast episode). During these sessions, we gather with fellow entrepreneurs to discuss our wins and challenges and keep each other accountable to make sure our brands are heading in the right direction.
Starting November 29, we’re bringing these masterminds to EcomCrew Premium on a weekly basis. We’re meeting every Wednesday to answer your business-related questions and give you the latest updates in the world of e-commerce.
Amazon Top Terms
Take a deep dive into the last two weeks and explore the Amazon top 10 search terms that have seen a surge in popularity from November 5 to November 18—the weeks before Black Friday.
Some of these products are flying off the virtual shelves, thanks to the early Black Friday discounts. The “tymo ring plus hair straightener comb” snagged the #6 spot, going from 80 units a day to a whopping 803 units a day in the last few days.
Our podcast episode E476: Preparing Your Business for Black Friday, dives deep into the strategies behind the scenes—perfect for anyone riding this pre-Black Friday wave!
Shopify sellers broke records as Black Friday sales reached $4.1 billion this year. This represents a 22% YoY increase.
Here are some of the highlights provided by Shopify:
- The United States, United Kingdom, and Canada are the top-selling countries, while London, New York, and Los Angeles are the top cities with the highest sales.
- The average cart price was $110.71.
- 15% of the total orders were made across borders.
Last year, Shopify reported $7.5 billion in sales over the Black Friday Cyber Monday weekend. We have yet to see if it breaks that record this year.
Trained. Amazon will launch its AI Ready initiative and train 2 million people by 2025 to meet the demand for AI talent.
Filtered. Temu listings have infiltrated Etsy, and the platform is doing its best to remove them from the site
Acquired. Amazon seller software Seller Labs has been acquired by AO2 management, an e-commerce solutions agency.