TikTok reportedly wants to take on Amazon and 4x its shopping business this year — but it faces big challenges
TikTok wants to"more than quadruple" the size of its ecommerce business to as much as $20 billion in sales this year,That would be a huge increase from the $4.4 billion in sales TikTok Shop did last year, and the bulk of the growth would come from markets in Southeast Asia like Indonesia, where livestream shopping is very popular, according to Bloomberg.
TikTok Shop is available in seven regions in Asia. It launched in the UK in 2021 and is in"beta" in the US. TikTok has been trying to ramp up its US offering by giving merchantsTikTok is looking to increase sales in the US and Europe and have consumers see it as an alternative to Amazon, but the realities of the current market mean those places would make up a much smaller slice of this year's $20 billion goal, Bloomberg reported.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Longtime Amazon Executive Jeff Blackburn Elected to Roku Board of DirectorsThe recently retired executive most recently oversaw Amazon's streaming and content businesses across Prime Video, Amazon Studios, Audible and Amazon Music, among other divisions.
Read more »
Social Media Targeted in EU Consumer Group Complaint About Crypto AdsEU consumer lobby beuc wants tougher action against social media networks with 'misleading' crypto ads. jackschickler reports.
Read more »
3 California colleges rank among the top 10 for startup founder grads3 California universities are in the top 10 for churning out startup founders who have gotten funding since 2022
Read more »
Skepticism sounds smart. It isn't.Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Apple headset: No mention of the metaverseInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Prince Harry & Meghan Markle Are Being Criticized for Courting 'Too Much Attention' in Their Post-Royal LifePrince Harry and Meghan Markle might be following this insider's advice.
Read more »