NIQ announced this via a press release also announcing their new measurement of sales in TikTok Shop. The initiative will give insights into product performance within the platform including sales volume, value and market share for brands and retailers.
NIQ also reports that health and beauty dollar sales were up 26% from the pre-launch sales in August.
TikTok Shop, which launched in September, is a way for viewers to purchase products within the popular app. NIQ’s measurements and insights of this new platform may become invaluable in terms of understanding consumer behavior and sales performance.
"We are excited to launch our new measurement of sales in TikTok Shop,” said John Busardo, senior vice president and beauty & OTC vertical lead at NIQ. “TikTok Shop is a rapidly growing platform, and brands and retailers need to understand how their products are performing on it. Our new measurement will provide them with the insights they need to make informed decisions about their TikTok Shop strategies."
The new sales measurement tool that NIQ is providing can help to understand product performance as well as the identification of growth opportunities, the press release states. It can also help marketing campaigns and product development. “This innovation represents a major stride towards enhancing retail performance analysis and consumer insights within the industry,” it says.
The September results differ slightly from the soft 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.