NIQ announced this via a press release, which also revealed new sales metrics on TikTok Shop. The initiative will provide brands and retailers with insights into product performance on the platform, including sales volume, value and market share.
NIQ also reported that sales of health and beauty products were up 26% compared to pre-launch sales in August.
Launched in September, TikTok Shop is a way for viewers to purchase items from within the popular app. NIQ’s metrics and insights from this new platform can be invaluable in understanding consumer behavior and sales performance.
“We are excited to launch our new sales measurement on TikTok Shop,” said John Busardo, senior vice president and beauty and OTC vertical leader at NIQ. “TikTok Shop is a fast-growing platform and brands and retailers need to understand how their sales are doing. “products are performing on this. Our new metric will give them the information they need to make informed decisions about their TikTok Shop strategy.”
The new sales measurement tool from NIQ can help understand product performance as well as identify growth opportunities, the press release states. It can also help with marketing campaigns and product development. “This innovation represents a major step forward in improving retail performance analysis and consumer insights in the industry,” he says.
September results are slightly different from partial launch results for the health and beauty category. The most popular products were facial skin care, cologne and perfume, lip cosmetics, body lotions and treatments, and deodorants.