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TikTok Challenging Amazon, Plans To Expand US e-Commerce Business To $17.5bn

By Our Reporter

Bloomberg reports that TikTok plans to expand its U.S. e-commerce business tenfold this year to US$17.5 billion, which will pose a serious threat to Amazon – a greater threat.

The source, who asked not to be named, said ByteDance’s internal meetings in recent weeks discussed the 2024 product sales target for the U.S. TikTok Shop, TikTok’s e-commerce business. Of course, this goal may be adjusted based on how the business is progressing.

TikTok Challenging Amazon, Plans To Expand US e-Commerce Business To $17.5bn

In addition, the Information also stated that TikTok plans to increase the platform’s commission and eliminate subsidies.

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The company is said to have informed sellers on Wednesday local time that it will increase commissions on most items from the current 2% + 30 cents per transaction to 8% in the coming months.

TikTok Shop will also reduce subsidies for some merchants and limit offers to best-selling items, a person familiar with the matter said, as the company currently cuts spending on the service.

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