TikTok’s ambitious goal is to reach $20 billion in ecommerce sales, quadrupling its global operations. Bloomberg reported that the social media app will focus on growing its consumer base in Southeast Asia while also expanding its reach in the U.S. and Europe. With its success in app store spending, TikTok Shop combines entertainment with impulse buying, giving advertisers the opportunity to reach a massive audience and, more importantly, a consumer base more likely to convert.
To achieve this goal, TikTok is shifting its focus from its primary source of income – advertising revenue, which has been reportedly falling – to the $17 trillion ecommerce industry. TikTok’s model has already found success in its sister app, Douyin, a major ecommerce player competing against Amazon and Shopee in China. TikTok hopes to establish a similar presence in the U.S.
In the midst of potential bans on TikTok downloads in several U.S. states, the social media app has introduced security measures to address national security concerns and has given partners, like Oracle Corp., the chance to review its technology. With 150 million users in the U.S. alone, TikTok is fighting against the ban to continue exporting American culture worldwide while also expanding its ecommerce operations.
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