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TikTok targets monumental expansion of US TikTok shop in 2024

Published on 10.01.2024 by Tracey Chizoba Fletcher

TikTok is setting ambitious growth targets for its U.S. e-commerce platform, TikTok Shop, aiming for a tenfold increase to reach an impressive $17.5 billion in 2024, a recent Bloomberg report suggests. The report reveals that this aggressive sales target, subject to revisions throughout the year, was a topic of internal discussion at TikTok.


TikTok major positions

This strategic move positions TikTok to compete not just with e-commerce giant Amazon but also with rising Chinese e-commerce players Temu and Shein, which have gained popularity in the U.S. market. Unlike its competitors, TikTok boasts a highly influential social media platform, potentially using its viral content to attract consumers.


Global success of TikTok’s eCom

Bloomberg's earlier reports highlighted TikTok's global e-commerce success, noting a $20 billion gross merchandise value last year, predominantly in Southeast Asia. Now, TikTok is keen on replicating this success in the U.S. market. Furthermore, the company is exploring an expansion into the Latin American market with the launch of TikTok Shop. However, TikTok has refuted the accuracy of Bloomberg's speculated U.S. sales figures.

Significant growth was observed during the Black Friday and Cyber Monday shopping period, with TikTok Shop attracting over 5 million new U.S. customers. This surge is notable considering TikTok's user base of approximately 150 million in the U.S.


TikTok’s plan to increase sales

In related news, a report from The Information revealed TikTok's plans to increase its sales commission from 2% to 8% per transaction. Despite this hike, TikTok's commission rates remain lower than Amazon's, which are around 15% for most products.

Launched in September 2023, TikTok Shop in the U.S. offers a unique shopping experience. Creators can tag products in their content, enabling in-feed and live video purchases. Brands have the option to curate product portfolios on their profile pages. The platform also features a dedicated shopping tab, providing users with product search capabilities, personalized recommendations, and various categories to explore, alongside order management functionalities.