TikTok Aims for $17.5 Billion US Shopping Business, Taking on Amazon

$ByteDance(FT0001)$ ByteDance's TikTok is looking to expand its US e-commerce business significantly, targeting a merchandise volume of up to $17.5 billion in 2024. This ambitious goal poses a challenge to $Amazon(AMZN.US)$ and other competitors like Temu and Shein.

TikTok Shop leverages its social media influence and viral videos to engage buyers, aiming to offer an alternative to traditional e-commerce platforms. ByteDance's revenue growth surged in 2023, surpassing industry giants $Meta Platforms(META.US)$ and $TENCENT(00700.HK)$ .

TikTok's unique shopping format, integrated into its social media app, has already gained traction in China, competing with $BABA-SW(09988.HK)$ and $JD-SW(09618.HK)$. The company is now focused on global expansion, particularly in the US and Latin America, where it plans to launch its e-commerce operations.