This week, a lot has happened again on the overseas social platform Tuke. Tuke will take everyone to have a look together.

Remarkable Achievements

1. Tuke’s 2023 Performance Peaks, Brand Value Soars

Tuke achieved impressive results in 2023, with sales expected to increase by30% year-on-year, reaching110 billion USD. Especially, Tuke squeezed Google and Facebook’s market share in the US advertising business, and saw growth in overseas markets such as the US and Southeast Asia. In addition, Tuke’s brand value rose by11.39% in 2023.

2. Tuke Shop’s Double Holiday Conversion Rate Reaches 115%

Tuke Shop’s fully managed US double holiday promotion report: the hashtag #TukeShopHolidayDeals reached an exposure of486 million; the mall’s single-day click peak reached122%; product click conversion rate was115%.

Policy Updates

1. Tuke Shop Launches Fully Managed Deposit Policy

Tuke Shop cross-border e-commerce will launch a fully managed deposit policy. Starting fromJanuary 18, 2024, it applies to merchants operating in the fully managed mode, including both existing and new merchants. After successful onboarding, merchants need to activate the settlement wallet and complete deposit authorization. The platform will reserve1,000 yuan RMB as a fully managed merchant deposit, which will be used to compensate for product quality incidents and other situations.

2. Tuke Shop US Free Shipping New Policy

Tuke Shop has launched a free shipping promotion in the US. First-time buyers with order amounts over5 USD will enjoy free shipping, and repeat customers with order amounts over20 USD can also get free shipping. Tuke will reimburse up to 40 USD for standard shipping and 80 USD for express shipping, and provide sellers with different shipping options.

3. Tuke Shop US Sales Platform Fee Rises to 8%

Tuke Shop US plans to increase seller sales commission, with most products’ transaction fees rising to 8%. The adjustment will be carried out in two phases: from April 1, order commission will increase from2% to 6%, and after July 1, it will further rise to8%. Categories with higher prices such as electronics, real estate, and collectibles will have lower fees. This move aims to reduce the number of low-quality sellers and counterfeit product merchants, improving platform quality.

Southeast Asia Region

1. Tuke Indonesia GMV Doubled Last Week

According to EchoTuke data, last week’s top Tuke Shop GMV products: Indonesia skincare set ranked first, with GMV about 477,400-645,900 USD, more than doubling; Thailand three-piece clothing set still ranked first, with GMV about 1.7-2.3 million USD; Malaysia lipstick ranked first, with GMV about 228,900-309,600 USD.

2. Foreign E-commerce Accounts for 86% of Indonesian Market

Indonesian media reports show that foreign e-commerce has occupied86% of Indonesia’s market share. Before Tuke Shop closed, 32% of users shopped on Tokopedia. 88% of Indonesian consumers actively shop online, with an average monthly online shopping expenditure of about 198 yuan RMB per person.

3. Vietnam E-commerce Cosmetics Sales Grow Over 70%

Vietnam’s e-commerce platform sales of cosmetics and beauty products grew by74% in the first 10 months of this year, reaching22.2 trillion VND. Serums, sunscreen, and moisturizers are the best-selling product lines, with the beauty product group growing the most, reaching191%. Obviously, Tuke Shop’s entry has brought significant market share to e-commerce platforms, and overall sales are expected to exceed8 trillion VND.

4. Malaysian E-commerce Platforms Affected by Tax Policy

In 2024, Malaysia implemented a 10% sales tax on low-value goods, causing prices of overseas purchased products on many e-commerce platforms to rise. This policy makes it more difficult for consumers and cross-border sellers to sell overseas.

Focus on 2024

New Opportunities in E-commerce Industry in 2024

The new opportunities in the e-commerce industry in 2024 can be summarized by three keywords: fully managed model, AI tools, and store live streaming. Fully managed model: the platform is responsible for store operations, warehousing, delivery, after-sales service, etc.; Application of AI tools: AI can help e-commerce reduce costs and improve operational efficiency; Rise of store live streaming: store live streaming has become a new trend in the e-commerce industry, with brands and merchants hoping to control their own traffic.

Summary:

In 2023, Tuke achieved great success amid challenges and opportunities. In 2024, Tuke will surely continue to soar. For overseas brands and merchants, this is a new opportunity to enter the e-commerce industry. Seizing this opportunity and meeting the challenges is the key to achieving greater success in the e-commerce market.