Do we really have a ‘goldfish memory’?
It’s been suggested that people now have an attention span of just 8.25 seconds, which means we have been surpassed by the humble goldfish with its 9 second memory.
Our ability to stay focused has diminished and on TikTok Shop, the sellers who excel are those that understand how to make every second count.
The app is driving significant sales and here are three ways that sellers are harnessing speed to drive growth:
1. The Hook
Buyers approach marketplaces like Amazon with a pretty clear idea of what they are looking for but different rules are in play on TikTok Shop.
The strongest performers recognise that TikTok Shop is a stage for entertainment and discovery and know how to engage viewers in seconds, starting with a compelling headline.
The good news is there are only two ways to write an effective headline hook – you need to either inform or intrigue.
Example one: Inform
“I swapped £160 straighteners for these £20 pair and I don’t regret it one bit”
Anyone deciding to take a look at this seller’s video (4 million views to date) is aware of what they’ll be pitched – they are clearly informed that they can save money on a popular product in the headline. This matters as ‘discovery’ is huge on TikTok Shop, with 55% of its users making impulse purchases after watching content.
Example two: Intrigue
“This tripod is making people go viral”
Keeping audiences engaged and entertained fuels viral sales and the first 10 seconds of content is critical.
This seller has hooked 13 million views to date. First, the video obscures what the item is, the hidden item adds to the intrigue, prompting users to watch, and follow up with a smart move at 10 seconds in by displaying the caption: ‘binge worthy content hack coming up’.
This copywriting device extends the intrigue which is then paid off by demonstrating how their product solves a problem for the buyer by sharing a tip on how to create a ‘bird’s eye’ view when filming.
2. Go Hybrid
What do buyers want?
It is hard to argue with Peter Larsen, VP of Buy with Prime and Amazon Multi-Channel Fulfillment, who said they want a “convenient, fast, and predictable experience”.
Spotting huge growth potential in TikTok, Amazon now enables TikTok users to complete purchases entirely within the TikTok app. Plus its ‘Buy with Prime’ allows sellers on the app to offer a convenient checkout experience, real-time delivery estimates, easy returns and 24/7 shopper support.
The space has enormous potential and sellers know that slowing down the payment process leads to attrition and abandoned baskets. With marketplaces offering a hybrid approach to managing the end-to-end customer journey, invaluable seconds can now be saved when viewers click ‘buy’.
TikTok Shop is growing fast with over 150 million U.S. users and with close to 40% making purchases after watching content. It’s estimated that the number of in-app customers will rise to 67% of users by 2026.
It makes sense for marketplaces to offer services beyond their own platform and it is good news for sellers. This hybrid approach can turbocharge the already impulsive nature of TikTok purchases and allow sellers to scale their operations quickly.
3. Cash Flow Means Growth
Maintaining healthy cash flow ensures that a business can meet its short-term obligations and key amongst them are payments to suppliers.
Isn’t it great when a product goes viral?
Well, mostly. With its low upfront costs, TikTok Shop has few barriers to entry and a well-crafted sales pitch which captures buyer imagination can see orders rocket. This creates a unique challenge for sellers.
The immediate need is to replenish stock but smart sellers with high-growth potential also recognise that there is a need to build longer-term relationships with customers.
Key to managing a serious sales spike and converting the activity into appeal over time is cash flow.
Avoiding stock outages, scaling up infrastructure and customer service capacity, along with identifying which products will prompt additional or repeat purchases all demand investment.
Growth burns cash which is why next day payouts are essential to maintaining high-growth potential.
Waiting for 14-60 days for marketplace payouts throws the breaks on businesses which could otherwise boom. At Storfund, we see how much immediate payments from marketplace sales matters to our customers.
One client told us that daily payments allowed his company to double its turnover in a year.
It seems making every second count really is a gamechanger. Get in touch to find out how to get started.
