Jofie Yordan · · 1 min readTikTok Shop bets on SEA to reach $20b revenue target in 2023: report
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TikTok Shop is targeting US$20 billion in sales this year, betting on rapid growth especially in Southeast Asia, Bloomberg reported, citing people familiar with the matter.
The ecommerce arm of ByteDance was launched in Southeast Asia about a year ago. As our previous analysis shows, the platform is rapidly catching up with other competitors.
It reportedly recorded a gross merchandise value of US$4.4 billion in the region last year, a 363% increase from the previous year.
TikTok Shop allows users to buy and sell products directly on the TikTok app. Previously, buyers had to click on affiliate links and complete the transaction on Shopee, Lazada, or other marketplaces.
Currently, the TikTok Seller app is in fourth place in terms of downloads for the past 30 days, according to Data.ai. It’s also ranked in the top four in Thailand, Vietnam, Malaysia, and the Philippines for the same metric.
Indonesia is considered TikTok Shop’s most promising market in Southeast Asia. The archipelago has about 113 million TikTok users, the second largest in the world after the US.
Editing by Thu Huong Le and Jaclyn Tiu
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