Social commerce marketplace TikTok Shop has launched a new initiative in the UK to help new businesses “thrive” and hit 1 million pounds in revenue on the platform.

The '£1 Million Club,' aims to help new merchants grow on the social media platform through a series of special incentives and support at no extra cost for new sellers onboarded from June 23 to September 30.

The scheme is offering new businesses of all sizes across fashion, beauty, and lifestyle up to 90 days 0 percent commission-free sales, free storage, seller support priority service and training to access the latest market trends and operational skills to improve their operational capabilities.

In addition, TikTok will provide free fulfilment through Fufilled by TikTok to help merchants optimise inventory management and logistics distribution, reduce logistics costs, and improve distribution efficiency, as well as work with them on a marketing plan using the platform's insights to accurately reach target consumer groups.

TikTok Shop targeting new sellers with free commission, storage and training

Jan Wilk, head of operations at TikTok Shop UK, said in a statement: 'We are committed to helping both big brands and small businesses supercharge sales outside of traditional channels.

“Through launching our new '£1 Million Club' plan, we hope this package of e-commerce solutions and resource support will help UK businesses to grow rapidly by putting their products in front of new audiences. There really is no better time to launch your business on TikTok Shop with 0 percent fees and our unparalleled support to help grow members of TikTok Shop's £1 Million Club’.”

The launch comes after make-up artist Mitchell Halliday, the founder and chief executive of Made By Mitchell, became the first-ever UK business to hit 1 million US dollars in sales in one day on TikTok Shop. The trending beauty brand's success was supported by a 12-hour live marathon, which saw one product sell every single second.

TikTok Shop has also seen sportswear brand Puma report a 737 percent increase in weekly revenue via an affiliate programme, and 57 percent of Asos' transactions after launching on the social commerce marketplace were from new customers, which the platform said demonstrates the opportunity for fashion and beauty businesses.