New Marketplace Opportunity
Tiktok is one of the newest popular social media. It is originated in the People’s Republic of China in the name Douyin. Tiktok itself has a new feature called Tiktok for Business which are giving the chance for brand creators and business marketers to create a business account in Tiktok and market their products towards Tiktok users. Their way of promoting business is tagging them with relevant topics and present them to Tiktok users which are usually browsing videos on these topics. Tiktok is a new player in the business promotion segment of social media, there are Facebook, Instagram and Whatsapp (all of them are owned by Facebook Inc.) which are older players of product promotions with all of their marketplace services.
The argument of this essay is Tiktok is a new marketplace opportunity that can be used by marketers to promote their products. It will be supported by literature reviews below.
Tiktok is a new social media that is effective for marketing because it is has an efficient and effective feature (Stankova, 2020), which are 60 seconds video that can be seen by other users (Choudary. Goutham. Arya., 2020). These videos did not take too much time for viewers and viewers could see the content effectively. Also, Tiktok has the algorithm to make users look at certain tags tailored to their frequently watched video (Xu. Yan. Zhang., 2019) Marketing videos can be presented using these means and also gain viewers effectively. Tiktok itself is also known for it’s homogenous content, but marketers could try to make new content that is different than the usual content. Moreover, they can use challenges inside Tiktok to market their products.
Tiktok is a new marketplace opportunity if marketers could sell their products inside Tiktok. Marketers are usually using Tiktok to promote and advertise their products. But with a new insight, people can also use Tiktok as a new marketplace. The easiest way for people to use Tiktok as their marketplace is when they promote their products, they linked these products to another platform such as Tokopedia or other e-commerce platforms. They can also link them to other social media platform with marketplaces that are able to do transactions. Tiktok for business is nearly the same with the usual Tiktok but it is used by business accounts and also can easily pinpoint videos on relevant tags so users can watch them (Tiktok, 2021). Tiktok will also ask users about questions that are relevant on their frequently watched videos, challenges and also tags they follow so they can be moved to the profile of the business that may be interesting for them.
This can be improved however, both by users and also Bytedance (the company that developed Tiktok). Business users can put how to buy these products in the description of the video or put links into their website/other platform. While Bytedance can improve their app by making a marketplace platform inside Tiktok. With these improvements, it will be more viable for Tiktok to be used as marketplace platform and it is also already had the potential to be a new marketplace in the Internet.
Conclusion
The conclusion of this essay is Tiktok has the potential to be a new marketplace opportunity in the Internet. This is because Tiktok itself is effective to be used as a marketing opportunity for business. Although this can be improved both by users and Bytedance using two means which are users had to post links to other platform which are more suitable for e-commerce and Bytedance can use this opportunity to set up a marketplace in Tiktok.
References :
Choudary, Nilam. Gautam, Chitra. Arya, Vivek. (2020). Digital Marketing Challenge And Opportunity With Reference To Tiktok-A New Rising Social Media Platform. IJMER. Retrieved from https://www.researchgate.net/publication/345064726_DIGITAL_MARKETING_CHALLENGE_AND_OPPORTUNITY_WITH_REFERENCE_TO_TIKTOK-A_NEW_RISING_SOCIAL_MEDIA_PLATFORM
https://www.tiktok.com/business/en/
Stankova, Monika. (2020). The Comparative Analysis Of Social Media Platforms To Identify A Competitive Advantage Of Tiktok. International Journal of Arts and Commerce. Retrieved from https://www.researchgate.net/publication/342624710_THE_COMPARATIVE_ANALYSIS_OF_SOCIAL_MEDIA_PLATFORMS_TO_IDENTIFY_A_COMPETITIVE_ADVANTAGE_OF_TIKTOK/link/5efd9a16a6fdcc4ca444a07a/download
Xu, Li. Yan, Xiaohui. Zhang, Zhenwu. (2019). Research on the Causes of the “Tik Tok” App Becoming Popular and the Existing Problems. Journal of Advanced Management Science. Retrieved from lhttp://www.joams.com/index.pjjjjjjhp?m=content&c=index&a=show&catid=76&id=477ggh