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TikTok is calculate to grow the size of its TikTok Shop U.S. business tenfold to as much as $ 17.5 billion this class , accord to a young write up fromBloomberg . The report indicates that the 2024 merchandise loudness goal was recently discussed internally within the company , and could be remediate as the year come on .
With this goal , TikTok would not only be take care to take on Amazon , but also fellow Chinese - have companies Temu and Shein , both of which have become popular in the U.S. But TikTok has something the other two companies do n’t , which is an extremely democratic societal media meshwork that could leverage viral videos to pass buyer .
As Bloomberg previouslyreported , TikTok was on track to roll up around $ 20 billion in global earthy merchandise time value last year . A majority of the sales were seen in Southeast Asia . TikTok is now interested in play that success to the U.S. In addition , the report says the society is planning to plunge TikTok Shop in Latin America in the coming month .
“ The conjecture US merchandise sales figures represented by Bloomberg are inaccurate , ” TikTok say in a statement .
The report indicates that during the Black Friday and Cyber Monday time of year in November , more than 5 million young U.S. client purchase something via TikTok Shop . For context , the social media app presently has around 150 million users in the U.S.
The news comes a day afterThe Informationreported that TikTok will protrude raising the commission it charges on most items from 2 % up to 8 % per dealings . TikTok Shop has also started to reduce some subsidies for merchants . It ’s deserving noting that these commissions are still considerably lower than Amazon vendor fee , which are about 15 % for most production category .
TikTok Shop , which officiallylaunched in the U.S. in September 2023 , lets creators tag products to allow users to buy production from in - feed videos and alive video . Brands can make their own product portfolios , which can be accessed from their profile pages . TikTok Shop also hasa dedicated tabthat lets user search for different detail , find products through passport , browse items in unlike categories and manage their orders .
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TikTok to invest $ 1.5B in GoTo ’s Indonesia e - Commerce Department business Tokopedia
