TikTok Shop has Launched E-commerce Features for its U.S. Users

75%   

TikTok Shop has now launched in the U.S., introducing e-commerce capabilities to its 150 million American users. This expansion enables users to discover and purchase products directly within the app through shoppable videos and live streams. Despite of legal concerns, 75% of U.S. marketers expected to surge their spending on TikTok in the next 12 months. 

5%

The U.S. advertising industry is projected to see a 5% growth in 2023, reaching $360 billion and increasing another 4.2% in 2024. This year the Digital platforms, which include search, social, commerce, retail media and digital video platforms have seen a 64% surge in digital platform advertising, as reported by Madison and Wall. 

0.6% 

U.S. consumer prices surged by 0.6% in August, contributing to a 12-month increase of 3.7%, with gasoline prices driving over half of the monthly rise, as reported by the U.S. Bureau of Labor Statistics. Excluding food and energy, inflation rose by 4.3% over the past year, marking the highest monthly increase of 2023.

0.7%    

The U.S. Bureau of Labor Statistics revealed that in August, wholesale prices experienced their most significant surge since the previous summer. Producer price index prices, when seasonally adjusted, rose by 0.7% in August, marking the most substantial increase since June 2022 when they climbed by 0.9%. Additionally, final demand goods prices in August surged by 2%, mirroring the largest advance since a 2.1% rise in June 2022. 

43%  

According to a May SurveyMonkey report, 43% of U.S. adults cite discounts as their primary incentive for subscribing to services. Digital media subscriptions are the most popular category, followed by delivery services, gaming, and food and groceries. In the advertising realm, spending on subscription OTT connected TV platforms is projected to increase by 40.5% this year, reaching $7.54 billion. 

51.3%    

About 51.3% of global marketing leaders state that cost is the significant obstacle in embracing AI and automation in marketing operations as per Algomarketing. Surprisingly, the study found that US-based marketers were less likely to adopt AI technology, with only 26.7% using AI tools in the last three years, compared to 54.5% in Australia and 45.3% in the UK. 

88%  

A survey by the American Bankers Association reveals that 90% of banks view social media as a crucial aspect of their operations, with 88% actively maintaining their social media accounts. Their preferred platforms include Facebook 95%, LinkedIn 75%, and Instagram 62%, while others like X (formerly Twitter) 41%, YouTube 39% and blogs 19%. Interestingly, only 7% of banks utilize TikTok, despite its rapid growth, and a mere 4% engage with Snapchat, which is popular among Gen Z mobile users for ephemeral content.