![]() In this Legal Update, we provide information on the enterprises subject to BE-12 reporting and the key requirements for filing the survey.īEA collects information about and conducts research and analysis on the US economy, which it uses to produce data and statistics for governmental and public use. ![]() Unlike the annual BE-15 survey, which collects similar information upon notice from BEA, all business enterprises subject to the reporting requirement must file the BE-12, regardless of whether they have been contacted by BEA to file. The BE-12 must be filed by all US business enterprises, including branches, in which a foreign person owns or controls, directly or indirectly, 10 percent or more of the voting securities or an equivalent interest. 1 BEA has not yet released the forms for this year’s BE-12 survey but has announced that the forms are due in May and identified some new features. It may also mean that competitors such as Amazon will withdraw spending on ads and listings on TikTok which could be detrimental to ByteDance’s eCommerce plan.This year is the BE-12 Benchmark Survey year for the foreign direct investment reporting requirements of the US Department of Commerce’s Bureau of Economic Analysis (“BEA”), a survey that was last conducted in 2018. Yet the model could be successful, as Raven concludes: “If ByteDance sees success with ‘Trendy Beat’ it is probable that more social media platforms will follow suit. TikTok Shop has never seen huge success in Western markets, possibly because of consumer concerns and general wariness around buying from social media.” ![]() Like Amazon and SHEIN, this is essentially promoting mass-produced products and impulse buying, neither of which align with the current consciousness around sustainability. Essentially, they are narrowing the choice for consumers on TikTok.”īut what of the quality? Here Raven is more circumspect: “However, from what we can see, the products they are selling are relatively cheap and easy to make. With the economic basis of the model, Raven establishes: “ByteDance is essentially trying to take charge and have full ownership of their eCommerce sector – by manufacturing the products themselves, like Amazon and SHEIN have done, and gauging interest before selling, they can corner the market without relying on other brands and businesses. This means that they can anticipate what users are forming an interest in and then meet the demand accordingly.” In terms of market penetration, Raven finds: “It also seems that ByteDance is leveraging their user knowledge and TikTok algorithm to find out which products are going viral on the app, an edge that Amazon and SHEIN can’t gauge without actual purchases and searches. In terms of the basis of the development, Raven continues: “This is a move away from their existing eCommerce platform, TikTok shop, as it positions themselves as the platform and the seller AKA a one-stop-shop for all your in-app purchases.” When exploring this feature, users will see products that have gained popularity or have gone viral on the app, from pet-hair removers to ear wax extractors.” Raven begins my explaining what this latest development in ecommerce is: “From what can be gleaned from UK users, ‘Trendy Beat’ appears to sell products made and sold by ByteDance, rather than simply linking to items from other eCommerce brands. ![]() So, what does this mean for the future of e-tail? (retail conducted via the Internet)Ĭhris Raven, CEO at business growth agency Heur has provided Digital Journal with his opinion on what the ‘Trendy Beat’ initiative entails and what this means for the future of social media and e-tail. Whilst their feature TikTok Shop – which has seen significant growth in Asia but has not quite gained the same traction in Western markets – makes it so users can buy products directly from brands, everything on ‘Trendy Beat’ is made, sold and shipped from ByteDance itself, much like e-tail firms Amazon and Shein. have come across “ Trendy Beat ”, a seemingly new shopping feature on the app and the Financial Times confirmed the feature as part of TikTok parent company ByteDance’s so-called ‘Project S’, which aims to expand their eCommerce offering. In the past couple weeks, TikTok users from the U.K. What TikTok’s TrendyBeat means for the future of e-tail ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |