According to a report by Bloomberg News on Wednesday, citing people familiar with the subject, TikTok, which is owned by ByteDance, is hoping to more than quadruple the scale of its international e-commerce operations to as much as $20 billion in goods sales this year. The company will be depending on development in Southeast Asia to achieve this goal.
According to the article, this growth is in comparison to last year’s $4.4 billion in gross merchandise value, which represents the worth of all things sold through the business’s online marketplace TikTok Shop. Additionally, the report mentioned that the company is placing its bets on markets such as Indonesia.
A request for comment from Reuters was not immediately met with a response from TikTok.
Customers are able to make purchases through the app itself during live broadcasts thanks to the e-commerce infrastructure that TikTok offers.
This new development comes at a time when the firm is under increased scrutiny from governments and authorities around the world because to concerns that China could use the app to gather user data or advance its own goals.
According to the article, the corporation is also making efforts to boost its sales in both the United States and Europe.
The previous year, it was claimed by the Financial Times that TikTok was going to enter a collaboration with TalkShopLive, which is situated in Los Angeles, in order to debut its live shopping platform in the North American market by outsourcing its operations.