TikTok Marketplace Monitor｜August, 2024
The first decrease of GMV in the past six months
OVERVIEW
In August 2024, TikTok Shop USA reported a total sales volume of $657 million, marking a 4.24% decline month-over-month — the first decrease in the past six months. The platform's daily average sales reached $21.2 million.
Last month, TikTok Shop's top 10 categories generated $440.3 million in Gross Merchandise Value (GMV), reflecting a 6.6% drop compared to the previous month.
The top three categories accounted for 38.78% of the total GMV, with Beauty & Personal Care contributing 18.81% and Womenswear & Underwear making up 14.46%.
Category Analysis
In July, Menswear & Underwear was the only category to experience a decline in GMV.
However, in August, only three of the top 10 categories — Womenswear & Underwear, Menswear & Underwear, and Home Supplies — showed slight growth, with month-over-month increases of 2.67%, 3.43%, and 0.93%, respectively.
In contrast, Sports & Outdoor and Phones & Electronics categories experienced the steepest declines, with GMV falling by 15.76% and 15.62%, respectively.
Additionally, two new entrants from the Furniture and Food & Beverage categories made their way into the top three items, while CAKES body covers maintained its leading position with $4.47 million in sales.
Vendors Spotlight
Among the top five familiar names from last month, only 1st-ranked MyDepot and 5th-ranked Wavytalk posted positive growth, while the others all saw slight declines despite minimal changes in their rankings.
The gap in GMV between the top-performing and 10th-ranked stores has narrowed. In July, the top shop posted $7.24 million in GMV, while the 10th-ranked store reached $2.92 million. By August, the top GMV decreased to $5.86 million, while the 10th spot increased slightly to $3.13 million.
Notably, for the first time, a Furniture retailer, rather than a Health or Beauty & Personal Care store, secured the top position with $5.86 million in monthly sales.
Amid the overall decline for most sellers, MyDepot saw its monthly sales surge by 86%, from $3.15 million to $5.86 million, climbing from 7th to 1st place. This growth was driven by the strong performance of its 9-Drawer Dresser, which ranked second on TikTok Shop USA's product list, generating $4.04 million in sales with 75,950 units sold, accounting for 68.94% of the store's total revenue.
Another notable entry is Drink Nello from the Food & Beverage category, which secured the 9th spot. The food & beverage sector rarely appears on the top rankings, but this month Drink Nello's best-seller ranked third, generating $3.2 million in sales with 193,250 units sold, contributing nearly 100% of the store's revenue.
Last month, the Upholstery Deodorizer Household Scented from Mavwicks Fragrances LLC sold 174,000 units, resulting in $1.07 million in sales. This month, the product maintained its strong performance, generating $1.1 million in sales, helping the shop break into the top 10 list.
In addition, among the top 10 stores, only Halara US operates as a full-service store, while the remaining nine are all labelled as local stores.