TikTok is planning to launch a set of tools this year to help creators monetize their presence on the social media app. It will focus primarily on social commerce, according to a report from Financial Times. Social commerce is a key piece of Douyin, TikTok’s Chinese counterpart, and an area TikTok’s been exploring outside its home country for a couple years now. 2021 could be the year it goes mainstream on TikTok.
TikTok isn’t the only one investing in social commerce, though. Facebook (NASDAQ: FB) and its Instagram subsidiary are pouring money into new social commerce features. Similarly, Snap (NYSE: SNAP) is planning to run a lot of experiments around e-commerce in 2021. Both companies notably released TikTok clones within their apps last year.