According to reports, TikTok is planning to boost its US e-commerce volume to $17.5 billion by 2024, which is 10 times its current level. This move is seen as a challenge to Amazon’s supremacy.
The social media platform aims to leverage its strong social video following and viral content to convert users of entertainment apps into customers. By 2023, the company was projected to reach $20B in gross merchandise value, primarily from Asia. Presently, the company is looking to boost sales in the U.S. and Latin America.
The TikTok Shop, introduced in September in the U.S., experienced a swift increase in usage thanks to influencers promoting products and running promotions. As TikTok expands its infrastructure and tools, it has brought in executives from e-commerce giants like Amazon.
The U.S. government may want to reduce TikTok’s influence on young people, but the company seems determined to expand even more in 2024. With its popular growth and worldwide users, TikTok is becoming a strong competitor in the global online retail industry.
