TikTok is preparing to challenge amazon's Prime Day event in July. The social network Announced On Thursday, TikTok shop will hold a “Deals For You Days” sales event in the US starting July 9.
The announcement comes a few days after amazon revealed that its annual Prime Day sales will take place on July 16 and 17.
The historic success of Prime Day has led other retailers, both large and small, to co-opt the day for competitive sales. Now you can count TikTok among those doing the same.
TikTok says the sales event will offer deals on fashion and beauty products, backyard entertaining essentials, decor, summer reading bestsellers, and more. Much like amazon’s Prime Day sales, the TikTok shop will offer exclusive deals on select products. The sales event will offer exclusive sales on products from L’Oréal Paris, Maybelline New York, NYX Professional Makeup, Our Place, Too Faced, and Zwilling USA.
During the sales event, brands and retailers will participate in short video content challenges and LIVE shopping events, where they will be able to interact with their followers and share their favorite products and bestsellers. LIVE events will offer discounts on popular products in real time.
TikTok has been betting big on its e-commerce efforts and aims to grow its TikTok shop US business tenfold to $17.5 billion this year. With this upcoming deals event, TikTok is looking to take on one of the largest sales events in the US. It's worth noting that while this specific event appears to be aimed at amazon, TikTok shop is also looking to take on companies from Chinese owned Temu and Shein, both of which have become popular in the US.
Last year, Bloomberg amazon-sea” target=”_blank” rel=”noreferrer noopener nofollow”>reported that TikTok was expected to amass around $20 billion in global gross merchandise value in 2023 and that most sales were made in Southeast Asia. TikTok is now investing in bringing that success to the US.
TikTok's ambitions for its e-commerce product are not surprising, as social commerce sales are expected to increase in the coming years. According to eMarketer ForecastsSocial commerce sales are expected to more than double to $144.5 billion by 2027, from $67 billion in 2023.
