On Monday, Society Pass Incorporated, a Singapore-based e-commerce entity listed on NASDAQ as SOPA, witnessed a notable surge in its stock price. The uplift comes as the company disclosed plans to launch TMG Social, a digital retail advertising platform focused on live commerce, targeting the Thailand market.
The newly introduced platform aims to carve out a significant presence within the burgeoning social commerce sector. TMG Social is designed to empower brands by facilitating the creation of shoppable posts embedded with product tags and clickable links, simplifying the consumer shopping experience directly from social media interactions. One of its hallmark features includes a "Shop Now" button connected with trending challenges on TikTok, allowing users to purchase featured items seamlessly while engaging with popular content.
Launching this platform through its subsidiary, TMG Incorporated, Society Pass leverages TMG's existing focus on digital marketing and live selling services operated across a vast network of influencers and content creators. TMGX, a component under TMG, boasts a creator economy encompassing more than 10,000 users, representing a considerable resource for driving traffic and conversions on behalf of brands.
The social commerce segment TMGX intends to address is substantial. Bain and Company estimates this market's value at approximately $90 billion, highlighting its importance and growth potential. This competitive landscape includes prominent players such as TikTok, Shopee, and Lazada, all of whom utilize live-stream videos to showcase and sell products to consumers online. Among these, TikTok Shop holds particular relevance for U.S.-focused audiences.
According to Kriangkrai Chaimonglol, CEO of TMGX, the new live selling services emphasize measurable outcomes, accounting for real-time sales conversions and delivering transparent analytics. The platform prioritizes performance by diligently tracking gross merchandise value (GMV) generated from every sales campaign it supports.
The announcement had an immediate effect on Society Pass’s stock value. At the time of reporting, SOPA shares had increased by 28.02%, reaching a trading price of $2.33, according to Benzinga Pro.