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ByteDance’s TikTok plans to expand its U.S. e-commerce business to $17.5 billion in 2024, a tenfold increase, posing an even greater threat to Amazon.
This ambitious goal competes with other Chinese companies, Temu and Shein. TikTok Shop, which relies on social media presence and viral videos to attract buyers, reached $20 billion in global merchandise worth last year. The company is looking to expand sales in the U.S. and Latin America, and plans to launch an e-commerce business in the coming months.
TikTok Shop allows users to purchase items in major social media apps, hoping to be an alternative to Amazon or Shopee.
(Source: Bloomberg Image source: freepik)
