TikTok Shop aims for 10x growth in U.S. and more
Jan. 5, 2024 | By Mindshare
TikTok is setting its sights on growing its TikTok Shop U.S. business tenfold to as much as $17.5 billion in 2024, according to a new report from Bloomberg. In addition, the company is also looking to launch TikTok Shop in Latin America soon.
TikTok Shop allows users to find and directly purchase products used in live videos, tagged in content shown on their ‘For You’ page, pinned on brand profiles or marketed in a “Shop” tab. The company officially launched TikTok Shop in the US in September 2023 and with its ambitious new growth goal, TikTok would not only be looking to take on Amazon, but also fellow Chinese-owned companies Temu and Shein, both of which have become popular in the U.S. But TikTok has something the others don’t - an extremely popular social media network that could leverage viral videos to reach buyers.