TikTok Plans To Vigorously Expand U.S. E-commerce Business
Jayson 08 Jan 2024 09:22
According to reports, TikTok's global e-commerce merchandise value is expected to reach approximately $20 billion in 2023, with the Southeast Asian market contributing most of its sales.
TikTok's total merchandise sales were expected to reach $20 billion last year, with Southeast Asia accounting for the bulk. On December 11, 2023, TikTok officially announced a strategic cooperation with GoTo Group. TikTok's Indonesian e-commerce business, which has been banned before, will be merged with Tokopedia, the GoTo Group's e-commerce platform. After the merger, Tokopedia will be controlled by TikTok, and TikTok will obtain 75% of the shares of the new entity.
According to two people familiar with the matter, TikTok is currently looking to expand sales in the United States and Latin America and plans to promote its e-commerce business in the coming months.
TikTok currently has approximately 150 million users in the United States. ByteDance, the parent company of TikTok, is obviously planning to export its e-commerce model to the world.
In September last year, TikTok officially announced that TikTok Shop would be launched in the US market. In November, more than 5 million new U.S. customers bought something on TikTok, driven by Black Friday and Cyber Monday deals.
TikTok's total merchandise sales were expected to reach $20 billion last year, with Southeast Asia accounting for the bulk. On December 11, 2023, TikTok officially announced a strategic cooperation with GoTo Group. TikTok's Indonesian e-commerce business, which has been banned before, will be merged with Tokopedia, the GoTo Group's e-commerce platform. After the merger, Tokopedia will be controlled by TikTok, and TikTok will obtain 75% of the shares of the new entity.
According to two people familiar with the matter, TikTok is currently looking to expand sales in the United States and Latin America and plans to promote its e-commerce business in the coming months.
TikTok currently has approximately 150 million users in the United States. ByteDance, the parent company of TikTok, is obviously planning to export its e-commerce model to the world.
In September last year, TikTok officially announced that TikTok Shop would be launched in the US market. In November, more than 5 million new U.S. customers bought something on TikTok, driven by Black Friday and Cyber Monday deals.
