The battle to help SMBs leverage retail media continues apace as TikTok Shop UK rolls out GMV Max in the UK, an AI-powered campaign management tool to help SMBs and brands more effectively manage their ad strategy on the social media-cum-marketplace site.
The move comes hot on the heels of Amazon’s launch of Amazon Retail Ads, which is aimed at allowing smaller sellers to benefit from selling their own ad inventory. While Amazon and TikTok are coming at the SMB space from opposite ends with these launches, both show how SMBs are becoming a key battle ground for retail media networks as they start to mature.
The UK launch of GMV Max follows its successful rollout in the US last year, where sellers using GMV Max saw an average of 30% increase in GMV.
Available for products and LIVE shopping sessions on TikTok Shop, GMV Max automates campaign creation – including audience targeting, bidding and creative selection – to optimise campaign performance by seamlessly identifying and scaling high-performing assets for sellers on the platform. TikTok claims that it can cut campaign set up time in half.
Managing and running performance ads on TikTok Shop can demand a vast number of creative assets and time uploading new creatives, monitoring ad group performance, as well as pausing or scaling campaigns based on real-time results. This can and has been a barrier to many SMBs leveraging TikTok and other sites retail media offerings. GMV Max reduces these barriers on TikTok Shop, making campaign management simpler and more efficient, freeing up time so that sellers can focus on increasing profitability and scaling their business on the site, says the company.
Beyond ROAS?
Unlike other ad solutions that aim to maximise ROAS, GMV Max promises to improve businesses’ bottom line. Instead, TikTok claims that sellers can choose an ROI target that aligns with their business goals to use as a benchmark, allowing them to set a realistic and effective target tailored to their growth strategy.
In the UK, TikTok Shop now has more than 200,000 active small businesses and is now used for more than 6,000 LIVE shopping sessions every day. GMV Max is the latest development in TikTok Shop’s commitment to making it even easier for businesses of all sizes to be discovered and sell on TikTok Shop.
Jan Wilk, Head of Operations, TikTok Shop UK says: “GMV Max handles the heavy lifting when it comes to advertising so that sellers can spend less time on operational tasks and more time growing their businesses. GMV Max isn’t just a tool; it’s the key to unlocking a smarter, more profitable TikTok advertising strategy. Businesses have seen great success since its launch last year in the US, and we are looking forward to this game-changing feature now being available in the UK to supercharge sales for businesses on our platform.”
GMV Max is the latest solution rolled out by TikTok Shop to help sellers maximise sales through the platform, following its recent update to enable publishers’ accounts to access TikTok Shop to use their video content to recommend, curate and showcase products in app, and earn a commission.
Other key features that GMV Max supports include:
- Sourcing and deploying all available TikTok Shop content – including affiliate – in the form of a single, automated paid advertising campaign.
- Automating end-to-end campaign creation and optimisation for paid advertising campaigns.
- Maximising total sales – including organic – with incremental GMV that would not otherwise be attainable, in order to keep GMV to ad spend ratio stable.
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