TikTok aims to more than quadruple the size of its e-commerce operations to as much as $20 billion in merchandise sales this year, relying on growth in Southeast Asia, Bloomberg News reported.
The significant increase compares to last year’s $4.4 billion in gross merchandise value, representing the worth of total goods sold through its online marketplace TikTok Shop. The company is betting on markets such as Indonesia.
TikTok’s e-commerce platform lets customers purchase goods through links on the app during live broadcasts.
ByteDance-owned TikTok is also working to expand its sales in the US and Europe.
Financial Times last year reported that TikTok is in talks to enter a partnership with Los Angeles-based TalkShopLive to launch its live shopping platform in North America by outsourcing its operations.
