TikTok sets sights on Amazon with goal of growing e-commerce tenfold

ByteDance’s (BDNCE) TikTok is aiming to 10x the merchandise volume of its U.S. e-commerce business to as much as $17.5B in 2024, looking to take a piece of a market that is currently dominated by Amazon (AMZN), Bloomberg reports.

TikTok’s majority of revenues come from Southeast Asia. The firm is currently looking to increase sales in the US and Latin America, where it intends to start an online store in the upcoming months.

TikTok Shop is one of the fastest-growing features for ByteDance (BDNCE). ByteDance revenue climbed about 30% in 2023 to more than $110B, surpassing projections.

ByteDance (BDNCE) seeks to expand its e-commerce business worldwide. TikTok is offering free delivery and other subsidies to influencers. More than 5M new customers in the US bought something on TikTok in November, aided by Black Friday and Cyber Monday sales, as per the report.

Recently, in a $1.5B agreement, TikTok bought a 75% stake in GoTo Group’s Tokopedia e-commerce division in Indonesia.