What’s new in social media commerce?
In this week's podcast from Egypt Business.com, we learn how TikTok, YouTube and Onlyfans are making use of social commerce, and what's in it for you!
250 billion dollars are generated from social commerce in China alone. The platforms ensnare influencers and make it easier for them to earn money there. At OnlyFans, it's part of the business model. TikTok is always ahead and now wants to compete with Amazon.
Shopping with YouTube
YouTube Shorts is expanding its shopping features. In future, users will be able to buy
products directly in the app. The way it works is that creators tag products from their own shops in their videos. It is not yet known when the function will be activated in Germany.
Another new feature is an affiliate programme through which influencers receive a commission when a product recommended by them is purchased. It has already been known for a few weeks that influencers will be paid 45 per cent of the advertising revenue from next year.
Beam simplifies checkout
Social commerce is booming in Southeast Asia. Only payment is still a problem. Many online retailers rely on social media and messaging apps, which leads to a low conversion rate. The founders of the Thai start-up Beam want to solve this problem. The result is an app that offers a "one click" payment method.
TikTok relies on in-app
TikTok is turning into an online marketplace with its own shop, thus competing with Amazon. Initially, however, the shop will only be offered in the USA. According to information from the Verge, TikTok is already looking for warehouse staff. This suggests that logistics will also be taken over.
Onlyfans helps influencers
So far, Onlyfans has limited itself to the distribution of digital products. Through a collaboration with Spring, creators can now also sell merchandise. To do this, creators only have to set up a shop at Spring ?? which is integrated into the Onlyfans profile. There is no commission.
Germans online for 3 hours, while in Egypt, it’s 8 hours!!
According to the new online study of German TV, only 3.6% of the population over the age of 14 are not online at all. Mostly, these are women over 70. Young people, on the other hand, are online almost five hours a day. In Egypt, on the other hand, 82 % of the population is online and for an average of eight hours a day.
Torsten is author of 25 books and one of Germany's leading digital marketing experts. He is keynote speaker and giving seminars and workshops.