TikTok is ramping up efforts to bolster small businesses on its platform with the launch of two new initiatives aimed at promoting in-stream shopping. Under the umbrella of “Supporting Our Artisans and Retailers (SOAR) Together,” the social media giant has introduced funding and training programs to empower retailers.
The first initiative focuses on empowering women-owned businesses through a specialized 6-week training program. This program is meticulously crafted to equip female entrepreneurs with the necessary skills and strategies to thrive within TikTok’s vibrant marketplace. By providing tailored guidance, TikTok aims to enhance visibility and efficacy for women-led ventures, ultimately fostering their growth and success on the platform.
In addition to training, the second initiative offers financial support to small businesses looking to leverage TikTok’s in-stream shopping features. This funding is designed to alleviate barriers and encourage businesses of all sizes to explore and utilize the app’s e-commerce capabilities effectively.
TikTok’s latest efforts underscore its commitment to supporting the diverse community of artisans and retailers that utilize its platform. By combining educational resources with financial backing, TikTok not only aims to empower individual businesses but also seeks to enrich the overall shopping experience for its global user base.
TikTok says that “The TikTok Economic Impact Report 2024 found that more than three-quarters (81%) of young female entrepreneurs under 30 agree or strongly agree that to stay competitive their business needs to continue to use and improve upon their TikTok marketing content. We’re thrilled to support the growth of women-owned businesses and selected 15 U.S. businesses to participate in the program that represent the breadth and diversity of entrepreneurs on TikTok Shop.”
Addressing the potential hesitation from US businesses for relying on TikTok Shop due to potential ban, the company says that “We’re excited to support 30 LGBTQIA+ owned businesses in the US with scholarships for StartOut’s Founders Program, where they’ll gain invaluable insights on how to grow and scale their business. Program participants will receive resources, mentorship, and networking opportunities, in addition to StartOut’s Founders Program memberships.” It looks like TikTok has decided that they have to address the situation as of now rather than waiting for what’s to come.
