TikTok Shop美国2025上半年：规模扩容、渠道多元，未来潜力如何释放？

Core Insights - TikTok Shop in the US is showing strong growth momentum in H1 2025, with GMV reaching $5.8 billion, a 91% year-over-year increase, driven by significant monthly transactions exceeding $1 billion in March and June [1] - The platform is diversifying its sales channels, with short video GMV share decreasing from 58% in 2024 to 50%, while live streaming and mall channels increased to 14% and 36% respectively, indicating a shift towards a hybrid shopping experience [1] - The number of merchants on the platform grew from 398,000 to 475,000, and the number of influencers surpassed 15.3 million, creating a vast content production matrix [1] Category Structure - The category structure is experiencing a "new and old alternation," with children's fashion leading the industry with a growth rate of 1204.8%, while health foods and non-sport collectible cards also entered the top three [2] - The average transaction price for food and beverage categories increased by 21.3%, rising from $17.85 to $21.66, while home textiles saw a decline of 20.5%, reflecting varying competitive dynamics across categories [2] Influencer Ecosystem - The influencer ecosystem is undergoing significant restructuring, with approximately 851,000 influencers participating in content-driven sales, representing 5.57% of the total [4] - The proportion of short video sales increased from 63.37% to 67.11%, while live streaming sales decreased from 7.67% to 5.92%, indicating a shift in sales strategies [4] - The top ten influencers by GMV in H1 2025 featured nine newcomers, with GTPlayer Shop leading at $13.2 million GMV, and CozyNest setting a record with $1.01 million in a single live stream [4] Store Ecosystem - The store ecosystem is characterized by concentration, with 752 stores achieving over $1 million in GMV, and 36 stores surpassing $10 million [4] - Among the top ten stores, five are new brands, collectively generating $11.8 million GMV and selling 2.86 million items, with 77.7% of GMV coming from video channels [4] Global Market Dynamics - TikTok Shop's global GMV reached $26.2 billion in H1 2025, with Indonesia leading at $6 billion and Malaysia experiencing a 150% growth rate, reaching $2.7 billion [6] - Despite a decline in the US market ranking, the 21.3% increase in average transaction price and expanding merchant base indicate strong growth potential [6] Market Development Stage - The US market is still in the "ecosystem formation stage," with gaps in live streaming maturity and MCN ecosystem compared to China's Douyin and Southeast Asian markets [8] - The easing of "TikTok ban" risks, continued platform investment, and deepened localization efforts are injecting new momentum into market growth [8] - For merchants and influencers, understanding category iteration trends, optimizing content formats, and focusing on target user groups will be key to standing out in a competitive landscape [9]