Shopify and TikTok partner up to launch TikTok Shopping

Karthik Subramanian

Shopify, the eCommerce staple, and TikTok, the short-video platform, have partnered up to launch TikTok Shopping where merchants would be able to add purchase tabs to their videos to bring in an organic shopping experience.

Turkey payments system TROY is live

With this launch, users who have TikTok for Business accounts would be able to attach shopping buttons and tabs to the videos and make it a mini online storefront so that the viewers would be able to see the products in the videos and if they wish to buy any of them, they can do so at the click of a few buttons. This provides a win-win situation for the shop as well as the viewers who would not need to search for the items. For TikTok, it is also a way to further monetize the videos and ensure that its viewers do not need to go outside of the app for purchases.

“Creators are paving the way for a new kind of entrepreneurship where content, community, and commerce are key,” said Harley Finkelstein, president of Shopify, in the joint announcement. “By enabling new in-app shopping experiences and product discovery on TikTok for the first time, Shopify is powering the creator economy on one of the fastest-growing social and entertainment platforms in the world.”

This will be further enhanced to include product links in the future where viewers would be able to click on products that are tagged in the videos and they would be taken to the storefront within the app or to the online store of the merchant who sells the merchandise. This is another step forward in the field of social commerce that has been growing strongly of late and is expected to dominate the online shopping space in the future.

“Our community has transformed shopping into an experience that’s rooted in discovery, connection, and entertainment, creating unparalleled opportunities for brands to capture consumers’ attention,” said Blake Chandlee, president, global business solutions at TikTok, in the joint announcement. “TikTok is uniquely placed at the center of content and commerce, and these new solutions make it even easier for businesses of all sizes to create engaging content that drives consumers directly to the digital point of purchase.”

Shopify has also partnered with Affirm to launch the buy now pay later (BNPL) feature on its storefronts which is expected to further encourage users to shop by allowing the purchase amounts to be repaid in installments.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”