In September 2023, ByteDance launched TikTok Shop in the US, an e-commerce platform built right into the company’s social media network, TikTok. At the moment, the shopping platform from the Chinese company isn’t very popular in the US, and therefore, it doesn’t pose a serious threat to other players in the region but that’s going to change soon.
According to a new report from Bloomberg, ByteDance aims to increase the revenue from TikTok Shop in the US this year to $17.5 billion, a ten times increase compared to last year’s numbers. The company’s goals for 2024 pose a big threat to Amazon in the country, which is the largest e-commerce platform in the region. It also poses a threat to other Chinese online shopping firms in the US, including Shein and Temu. If ByteDance manages to achieve its goal, it could cause a significant loss to the three companies.
Commenting on the matter, TikTok, in a statement, said “The speculated US merchandise sales figures represented by Bloomberg are inaccurate.” Unlike its competitors, ByteDance has TikTok’s social media reach to increase sales and revenue. So, those goals don’t seem unrealistic. That being said, only time will tell if TikTok Shop gains traction in the US or not.
