This just in! TikTok is reportedly considering launching its very own online retail store in the United States as early as next month. This move would not only allow the company to enter the e-commerce market but also offer customers a wide range of goods from China. Think kitchen gadgets, toys, and other household items. With existing competitors like Amazon, Shein, and Temu, TikTok is poised to make a big splash with its newly envisioned 'TikTok Shop.' Keep an eye out for the TikTok Shop tab within the app, where businesses can sell their products to TikTok's huge user base in exchange for paying a commission.
The company is still working on establishing itself in the e-commerce market. They launched TikTok Shop in other territories at the end of 2022, but haven't gained much traction yet. In the UK, they're also trying out something called 'Trendy Beat', where products are sold and shipped by a Singapore-based company owned by ByteDance. They've applied for a trademark for 'Trendy Beat' in the United States, so it seems like an expansion of their UK test.
While e-commerce is booming for TikTok in Asia, especially in Southeast Asia, it's a different story in Europe and North America. According to Forrester Research analyst Sucharita Kodali, European and North American consumers aren't as likely to buy products from social networks. However, they may use them to discover new products.
TikTok has big plans for its e-commerce venture and aims to quadruple its gross merchandise value to $20 billion in 2023, compared to $4.4 billion in sales last year.
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