Just what bricks-and-mortar dealers wanted—another extremely wealthy and ubiquitous online competitor. Bloomberg, the business news service, reported yesterday that TikTok, the Chinese social media behemoth, is aiming for a tenfold increase in its U.S. e-commerce business in 2024.
Bloomberg, though the numbers were immediately denied by TikTok, claimed that TikTok Shopping is aiming at US$17.5 billion in merchandise volume this year.
Even at that huge revenue, TikTok would remain a minnow in comparison to Amazon’s almost US$600-billion in revenues. However, TikTok has an obsessive following among Generation Z consumers, who are just entering the workforce.