TikTok is aiming to increase the size of its e-commerce business in the US to $17.5 billion, according to a report from Bloomberg.
The target would increase the ByteDance-owned app’s selling activity by around ten times, helping it rival e-commerce giant Amazon.
People familiar with the matter told Bloomberg that the targets had been discussed at internal meetings and were subject to alteration.
Retail Systems has reached out to TikTok for comment.
The newswire said that the majority of sales on TikTok’s app take place in South East Asia, with the company now looking to grow its income in the US and Latin America.
TikTok launched TikTok Shop in the US in September last year. At the time, the social media platform said that it wanted to take advantage of the increasing number of people using the app to share products.
Citing a study by McKinsey, TikTok said that 70 per cent of people using the app have discovered brands and products through the platform while 83 per cent said TikTok plays a role in their purchase decisions.
Last month TikTok Shop relaunched its Indonesian business by merging with GoTo-owned e-commerce company Tokopedia. TikTok Shop withdrew from Indonesia in October 2023 following the country’s decision to ban sales on social media in a bid to protect local businesses.