ByteDance-owned TikTok plans to revolutionize the global e-commerce market and increase sales to up to $20 billion, focusing particularly on Southeast Asia.
The e-commerce platform allows users to purchase products through links in the app during live broadcasts.
TikTok is expanding its presence in the United States and Europe and is partnering with TalkShopLive to launch its live shopping platform in North America by outsourcing its operations.
TikTok aims for a breathtaking revenue increase of up to $20 billion in e-commerce.
Massive expansion expected; Image: Vogue Business
TikTok, the ByteDance-owned company, is planning a revolutionary expansion of its e-commerce business. According to insider information from Bloomberg News, the popular social media platform aims to quadruple its global merchandise sales to up to $20 billion, with a particular focus on Southeast Asia.
Compared to last year's estimated gross merchandise value of $4.4 billion, this ambitious move is a milestone. TikTok believes that the Indonesian market, in particular, holds enormous opportunities.
TikTok's e-commerce platform allows customers to purchase goods through links in the app during live broadcasts.
This development takes place amid increasing scrutiny faced by the Chinese company from governments and regulatory authorities. Concerns about China potentially leveraging the app for data collection or advancing its own interests are in focus.
Additionally, the company plans to expand its sales in the United States and Europe, according to the report.
Last year, the Financial Times reported that TikTok would partner with Los Angeles-based company TalkShopLive to launch its live shopping platform in North America, outsourcing its operations.
With this daring move, TikTok aims to revolutionize the e-commerce landscape and set new standards. The combination of live entertainment and shopping experience promises an exciting future for the platform's users.
A company spokesperson stated, "We are determined to change the way people shop and provide a unique e-commerce experience. With our strong presence in social media and the growing demand for online purchases, we are confident in achieving our ambitious revenue goals."
TikTok is going all-in and enthusiastically venturing into the world of e-commerce. It will be fascinating to observe how the company evolves and the impact it will have on the global market.
