Targeting the US market! TikTok may expand its e-commerce business tenfold this year

TikTok , the popular global short video platform owned by ByteDance, recently discussed its goal of expanding its U.S. e-commerce business tenfold to $17.5 billion by 2024, according to people familiar with the matter. However, this goal may be adjusted depending on the specific progress of the business.

The 2024 goal set by TikTok will not only have an impact on Amazon's business, but will also affect other e-commerce giants including Chinese platforms.

However, as the world's second largest electronics market, the United States is a battleground for cross-border platforms, so it is understandable that TikTok plans to expand its business in the United States this year. In addition to the United States, the news also mentioned that TikTok also plans to expand its business in Latin America this year.

Slightly different from other e-commerce platforms, TikTok Shop not only has the convenience of shopping platforms such as Amazon, but also the entertainment of social platforms.

Like Douyin in China, TikTok Shop allows users to discover and purchase their favorite products while watching short videos in the APP. With this convenient shopping method, TikTok Sho has also attracted many consumers overseas.

In the United States, TikTok offers free shipping and subsidies to influencers who hawk electronics, clothes and cosmetics in their videos and live broadcasts.

TikTok said that during Black Friday and Cyber ​​Monday last November, more than 5 million new American customers purchased products on TikTok.

According to Bloomberg, TikTok's total global merchandise value last year was approximately US$20 billion, with Southeast Asia contributing most of the performance.

However, TikTok said in a statement that the numbers speculated by Bloomberg were not accurate, but did not provide more specific details.

In addition to the US market, it is not clear what sales targets TikTok Shop has set in other markets . It is worth mentioning that TikTok's parent company ByteDance's revenue in 2023 exceeded US$110 billion, an increase of more than 30%.

TikTok

USA

E-commerce business