TikTok eyeing a lion’s share of US e-commerce market, to take on Amazon

News Snapshot:

ByteDance-owned TikTok is eyeing a lion’s share in the e-commerce market in the US, and has an ambitious goal of increasing merchandise shipment to $17.5 bn in 2024, as reported by the South China Morning Sea. This move places TikTok in direct competition with e-commerce giants like Amazon and fellow Chinese-owned retailers Temu and Shein, which have gained traction among younger American consumers. The 2024 merchandise volume objective for TikTok Shop in the US, known for merging online entertainment with impulsive buying, was discussed in internal meetings recently, and though subject to change based on business performance, signals the platform’s...