TikTok rolls out new features that will largely increase revenue opportunities on the platform

The percentage of social media users have seen a large growth over the past decade. Social media have now become increasingly common amongst all ages, with a lot more signing up on it every day. According to a survey almost 16 people sign up on a social media site each second, this is a surprisingly large number which proves that the social media industry despite being one of the largest industry is still growing on an increasing rate. This immensely growing industry surely does attract a lot of entrepreneurial minds and investors that develop newer and innovative social media platforms every now and then.

While newer platforms keep coming in and try to capture a portion of the market, it becomes difficult for the already established social media sites to hold together their share of social media industry, this leads onto them being severely competitive. A recent example is that of social networks and video platforms including YouTube and Instagram coming up with their own version of the TikTok video format, in order to grab the user base that TikTok has been able established in a small amount of time.

TikTok while being the youths favorite and the fastest growing platform out there realized that in order to survive in this industry, it should also keep innovating and keep trying out techniques that other social sites are adopting to increase revenue and attract a larger amount of users to its platforms.

Recent techniques that are being incorporated by almost every social media platform out there includes increasing e-commerce activities on their platforms and making their platform more monetization friendly for creators. TikTok being the platform that is known to be fast with innovation and updates have already started to plan and test both these features.

To increase the e-commerce activity on its platform, TikTok has planned an ever awaited ecommerce store on its platform, the ecommerce feature is said to be fully integrated and will provide users with a complete shoppable experience within the platform. The link for accessing the product will be provided to the users above the TikTok video’s description. With this TikTok will make the process of watching a product in a TikTok and then moving forward to buy it pretty easy.

H/T: Karine Hsu

While this will be an amazing opportunity for businesses that want to sell through TikTok, it will also provide TikTok creators to integrate products and earn a decent amount of money through it. While talking about giving its creators a way to make revenue, TikTok, as per Insider, has also rolled another new way for its creators to earn and that is earning revenue through tipping.

TikTok have now given some of its creators the ability to attach a gift button onto the bottom of their video, this tipping button will allow viewers to tip the creator if they like the video. The button on the bottom of the video that asks the viewers to send a gift to creators, if they love the video. The amount of people that send a gift to the creator will be displayed on top of the comment section icon onto the right of the TikTok video.

While one of these feature is still under planning and the other one under testing, once both of them release, they will prove to be very beneficial for the growth of TikTok.

Read next: TikTok’s new collaboration with Vimeo and Canva will change the outlook of marketing on the app
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