TikTok, owned by ByteDance, intends to develop its global ecommerce operations to catch up with up to USD 20 billion in merchandise sales this year, according to a report by Bloomberg News.
According to the report, the company is counting on growth in Southeast Asia, especially targeting markets like Indonesia.
This goal represents significant growth compared to the last year’s gross merchandise value of USD 4.4 billion resulting in TikTok Shop, its online marketplace.
TikTok’s ecommerce platform allows users to buy products through links within the app, especially during live broadcasts.
Additionally, the company is actively working on boosting its sales in the United States and Europe.
In the related matter, it was reported last year that TikTok plans to partner with TalkShopLive, based in Los Angeles, to outsource its operations and launch a live shopping platform in North America.
