TikTok Shop partners with Venmo to boost festive shopping discounts

In a strategic move ahead of the festive shopping season, TikTok Shop has announced a significant partnership with digital payment service Venmo. This collaboration was unveiled at a panel and brand event in New York City last week, marking a new chapter for the e-commerce platform as it gears up for Black Friday and Cyber Monday.

Under this partnership, TikTok Shop is offering a promotional deal to its U.S. customers — particularly enticing for those new to the platform. From November 30 to December 2, first-time buyers can avail a 25% discount on purchases totalling $45 or more, with a cap of $20 by using Venmo for payments. Returning users are not left out, as they are also eligible for a 25% discount on spending $85 or more, with discounts reaching up to $35 when selecting Venmo at checkout.

Alexis Sowa, Vice President and General Manager of Venmo, expressed enthusiasm for the partnership, highlighting its potential to reshape community-driven commerce. Sowa noted the significance of TikTok Shop as a discovery-led platform where shoppers can find gifts and everyday essentials, particularly praising the introduction of a secure and streamlined payment experience.

The event in New York City also featured a panel discussing rising trends and the pivotal role of consumer influence in e-commerce. Hosted by Nicolas Le Bourgeois, Head of U.S. Operations at TikTok Shop, and Kelsie Johnston, Head of Beauty and Personal Care, the panel delved into how hashtags like #TikTokMadeMeBuyIt are transforming shopping behaviours. By integrating small businesses and allowing creators to flourish, TikTok Shop aims to democratise commerce, facilitating a platform where brands and consumers alike can thrive.

The influence of TikTok Shop has been particularly evident among beauty and retail brands. Representatives from brands such as August, BK Beauty, Blackline Car Care, and Peter Thomas Roth were present at the event, sharing insights on how TikTok Shop’s visibility has propelled their products to viral success. The platform’s impact is not confined to Gen Z, but extends across diverse consumer demographics.

Highlighting the potential of social media to drive sales, the panel referenced success stories like that of Peter Thomas Roth’s Instant FirmX eye cream, which skyrocketed in popularity after a TikTok video by user @trinidad1967 went viral, amassing almost 50 million views. Similarly, The Face Shop’s Mucin Peptide 8 serum gained significant traction following viral videos by influencers.

The upcoming holiday season will witness TikTok Shop’s “Brand Palooza” campaign between November 13 and 27, offering exclusive deals from renowned brands including Phillips, Benefit Cosmetics, and The Ordinary. As part of its festive initiative, TikTok Shop will host a series of live shopping events, potentially featuring well-known personalities.

Additionally, TikTok has recently emphasised its commitment to maintaining a safe and reliable shopping environment. According to its latest Intellectual Property Rights report, from July 2023 to June 2024, TikTok banned over 5 million products and revoked more than 30,000 creator and influencer selling permissions to ensure a protective ecosystem for its users.

To extend support to sellers and creators, TikTok Shop plans to host matchmaking events in Los Angeles and New York, facilitating collaborations that can lead to broader reach and heightened sales growth. Through initiatives like its Affiliate app, TikTok Shop continues to adapt and innovate, striving to maximize success for all parties involved in its rapidly growing e-commerce platform.

Source: Noah Wire Services