A Bustling Year for SMBs on TikTok
After a year of 2023 that saw a remarkable rise in the small and medium-sized business (SMB) community on the platform, TikTok continues to promote SMB support activities, starting with the TETastic with TikTok program - sales growth in Hanoi, January 13. The event aims to discuss and update the consumer picture, equip creative advertising strategies and solutions, helping businesses - especially SMBs, confidently seize opportunities, promote comprehensive business results on the occasion of the Lunar New Year 2024.
As of the end of November 2023, it is recorded that there are more than 2.8 million Vietnamese micro, small and medium enterprises (MSMEs) operating on the TikTok platform. Businesses participate in content creation, advertising, sales, bringing attractive entertainment and commercial content, along with a variety of quality and reputable product options for users. The top 5 best-selling product categories on TikTok Shop include: Fashion, home & living, health & personal care, electronics, beauty.
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| TikTok supports more than 2.8 million small, medium and micro enterprises on the occasion of Tet Giap Thin 2024 |
Accompanying the development of MSMEs, TikTok continuously deploys training programs, equipping them with knowledge, operational skills, content creation, tools, and support solutions. In 2023, more than 140 free weekly training sessions and seminars will be held, helping to improve competitiveness, brand recognition, and optimize operations on the platform for more than 50,000 MSMEs.
In particular, over the past year, TikTok has actively coordinated with ministries, agencies, and organizations across the country to increase digital trade opportunities for businesses and local products. Notably, the OCOP Market program in cooperation with the Ministry of Agriculture and Rural Development on TikTok has helped more than 3,000 MSMEs from 30 provinces and cities nationwide consume local agricultural products, surpassing the sales threshold of VND 100 billion.
In parallel, in the first collaboration with TikTok, the Vietnam Online Shopping Day - Online Friday 2023 program directed by the Ministry of Industry and Trade achieved unexpected success when the hashtag #onlinefriday attracted more than 1 billion interactions, creating a total of 50,013 successful orders in just 60 hours of online shopping. The activities created conditions for businesses and local people to diversify their business methods on digital platforms, expand sales channels and potential customer base, while improving digital transformation capacity, promoting tourism, and contributing to local socio-economic development.
TETastic with TikTok - a great opportunity for SMBs near Tet
As an activity to kick off support for SMBs during Tet and throughout the year, TETastic with TikTok - boost sales brings many open conversations, sharing sessions and practical discussions, sketching the picture and consumption trends of Tet, enhancing creativity and discovering effective creative solutions to help SMBs boost revenue... In particular, within the framework of both offline and online events, TikTok experts directly supported and consulted 1:1 for businesses having problems in the process of using marketing tools on the platform.
Along with the rise of the shopping and entertainment trend (Shoppertainment), short-form videos are the best medium to influence users' trust and purchasing behavior. According to a report conducted by TikTok on users' shopping behavior in Vietnam during the 2023 holiday season, 69% of users prioritize watching short-form videos to learn about products and services. Of which, 84% of users are convinced to buy products and services of the brand. Another analysis by TikTok in the period of September 2022 - December 2022 also showed that, compared to sellers on TikTok Shop who do not use TikTok advertising, the TikTok Shop sales community that uses advertising achieves an average of 112% higher total sales volume (GMV).
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| Mr. Jason Song, Marketing Director of SME Asia Pacific, TikTok introduces opportunities for MSMEs |
In order to help businesses maximize the above opportunities and keep up with the advertising trend at the beginning of the year, TikTok introduced a system of diverse advertising solutions during the event. Notably, the intersection between content and commerce to increase the effectiveness of communication campaigns and revenue. The diversity in content creation will help small and medium-sized businesses take full advantage of the potential of the Shoppertainment trend - combining entertainment and shopping experiences. Thereby helping users feel comfortable when viewing advertising content, easily converting viewers into potential customers. In addition, sellers are also supported in building advertising funnels suitable for each marketing purpose with 3 levels from awareness, consideration to action to achieve the goals of expanding coverage to potential customers, promoting interest and interaction and activating purchase actions.
TikTok also emphasizes the potential for breakthrough interactions between brands and users with an endless loop model. After brands create suitable entertainment content, users will continuously explore, interact, consider and naturally form shopping trends. Users attracted by the appeal of the content will proactively care about and interact with the brand. Purchasing will also become a part of entertainment and users are willing to share their feelings with friends, connecting with the consumer community after purchasing and using the product. This creates an attractive cycle between brands, consumers and the community, bringing sustainable value and nurturing continuous growth for businesses. TikTok believes that this will be an opportunity for businesses to increase traffic and orders during the 2024 Tet shopping season.
Joining TikTok Shop in October 2022, Rhys Man, a personal care brand for men, aims to boost sales and create a seamless and continuous shopping experience for users. Through the implementation of affiliate marketing campaigns combined with the effective use of shopping advertising solutions such as video shopping ads, Livestream shopping ads and product shopping ads, Rhys Man has recorded significant growth, currently revenue on TikTok contributes to 50% of the brand's total revenue.
Mr. Jason Song, Marketing Director of Small and Medium Enterprises, Asia Pacific, TikTok, said: "Small and medium enterprises have always been an important pillar to help boost the economies of countries in the region in general and Vietnam in particular. However, the investment potential in online sales and digital marketing of this community group has not been fully exploited. "TETastic with TikTok" will be our first effort in 2024, to continue supporting small and medium enterprises to improve their digital transformation capacity through training programs, consulting and marketing tools on the platform. We hope TikTok can become a driving force for Vietnamese SMBs to develop sustainably and contribute more strongly to the national economy."
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