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Analysts expected oil to surge above $200 but China has quietly kept prices half of that—and can’t for much longer

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Marc Lore’s robots make 500 burrito bowls an hour. A human can make 45
RetailTikTok

TikTok signs partnership with Shopify to launch in-app shopping

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
August 24, 2021, 12:59 PM ET
Video Poster

TikTok is taking the next step in its evolution as a social media app: letting users shop directly from the platform.

The company has unveiled a partnership that will let Shopify merchants who have a TikTok account add a shopping tab to their profiles, enabling customers to buy directly from the app. It’s the first time TikTok has allowed this sort of e-commerce.

A pilot version of the shopping tab has been launched in the U.S. and U.K. and will spread to additional countries in the coming months.

TikTok has been a boon for product discovery and music discovery for its users, who tend to skew young. Converting that awareness to sales is a priority for both the social media company and corporate users. (Many other social media sites and apps are exploring this area now as well.)

How big is the potential market? A study by research firm eMarketer predicts sales via social media apps could hit $50 billion by 2023.

“Our community has transformed shopping into an experience that’s rooted in discovery, connection, and entertainment,” said Blake Chandlee, president of global business solutions at TikTok. “These new solutions make it even easier for businesses of all sizes to create engaging content that drives consumers directly to the digital point of purchase.”

It’s quite a turnaround for TikTok. For months, Donald Trump tried to ban the popular short-video app, due to its ownership by Chinese technology company ByteDance, calling it a security threat that could spread misinformation.

Earlier this year, the app removed some videos of Trump, saying they violated the company’s misinformation policy.

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About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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