Get ready for TikTok to push more in-app purchases, with some users now seeing a new ‘Order Center’ panel in the appwhich keeps track of any product you have bought, looked at, or even might be interested in, on the app.
As you can see in this example, posted by a social media expert matthew navarrathe new ‘Order Center’ now appears for some users along with the ‘Edit Profile’ option in the app.
Tap on it and you’ll be taken to a dedicated eCommerce screen, where you can keep track of every aspect of your TikTok shopping experience, including payment details, items you’ve tagged, recommendations, order status, and more.
It’s TikTok’s latest move towards e-commerce, which has already been a winner on the Chinese version of the app. In fact, the most of the revenue generated by Douyin, the Chinese variation of TikTok, now comes from in-stream ecommerce integrationswhich has also facilitated new avenues for creator monetization, through brand partnership integrations that enable more organic in-app promotions.
As such, TikTok is also very interested in pushing the same on TikTok, although recent signs have suggested that Western audiences are not embracing social commerce with the same enthusiasm as those in the Chinese market.
just last week, Facebook Announced which is shutting down its experiments with live in-app purchases, starting in October this year. Meta, of course, has other financial pressures to contend with, and has been working to streamline its operations, focusing on its biggest push in the metaverse.
But even so, the fact that Meta is willing to stop experimenting with live trading altogether would suggest that it hasn’t had a good response to its initial experiments, which may not bode well for TikTok’s plans (note : Meta will continue with its live shopping experiences on Instagram).
But TikTok needs e-commerce to work, especially from a revenue-sharing perspective.
Many TikTok creators have already expressed their frustration on the inconsistent and low payment amounts available through TikTok creator backgroundand without in-stream ads to directly monetize content, you need alternate angles to provide revenue-generating tools, or you risk losing your top stars to YouTube.
And while TikTok is the app of the moment, it could still fall out of favor if that happens, with the app’s big stars moving exclusively to YouTube, which has also seen strong growth in adoption of Shorts, its TikTok clone functionality. . .
That’s why TikTok continues to push ahead with eCommerce additions like this, despite a general lack of enthusiasm in most Western markets, which has even seen TikTok itself. scale back your live shopping ambitions in Europe due to low adoption and internal conflicts.
But for TikTok, this has to happen, and for parent company ByteDance, which is also dealing with the impacts of the current economic downturn, it has to happen now.
As such, you can expect to see a lot more eCommerce options in your TikTok feed as we head into the holiday push. Whether you want them or not.
The Central African Republic plans to create a “crypto hub” for the purposes of using crypto in the country.
According to the Reuters report, the Central African Republic has announced its intention to create a “hub of crypto to attract investors in crypto and increase the use of crypto in the country. The country plans to create a digital national bank, facilitate bitcoin land chats and develop a wallet crypto. The development comes a month after making bitcoin a recognized legal tender in the country.
A plan for a hub crypto : the project gogo
The Central African Republic has announced its desire to become a global cryptocurrency hub. Sango Project this is the name of the plan. The government produced a 24-page web presentation explaining the proposed project. He plans to create a national digital bank, facilitate bitcoin land cats and develop a wallet crypto.
Following the presentation, the government will provide the natural resources that will tell them that gold, diamonds, and uranium plus are accessible to crypto companies, and that a “citizenship for investment” program is underway. a workable tax return and no corporate taxes to attract new citizens. I foresee gogo calls for the creation of “a country’s first government-mandated legal center for cryptocurrency”.
Also to be discovered: FTX is reportedly looking to acquire 3 brokerage start-ups as part of its move into equity trading.
The first country in Africa to legalize Bitcoin
In April, the Central African Republic became the first country in Africa to adopt Bitcoin as a legal entity. The country has one of the least developed economies in the world and agriculture is a major contributor to its gross domestic product. According to the World Bank, the Central African Republic’s economic output in 2020 is over $2.38 billion, placing it at the bottom of the United Nations Human Development Index.
However, their decision to give Bitcoin legal tender raised concerns within the International Monetary Fund (IMF). He is not happy with the Central African Republic’s intention to legalize cryptocurrencies and accept Bitcoin as legal tender.
El Salvador is the first country to adopt Bitcoin as legal tender, allowing individuals to purchase goods and services with cryptocurrency. However, skeptics point out that current Bitcoin adoption is unsatisfactory.
Bonus: South Korean authorities have contacted local exchanges to freeze LFG’s activities.