In 2024, TikTok is looking for a 10-fold increase in e-commerce
According to the plans and news about TikTok in 2024, it will be a good business year for this social network. TikTok is looking to increase business relations with Western countries, and its plan this year is to expand its business level tenfold. We will talk more about this issue in this article.
Tik Tok business development policies in 2024
Besides the global version, TikTok also has a Chinese version. Some time ago, the possibility of in-app purchases and online payments was provided for TikTok users, and Chinese users welcomed it.
That's why ByteDance Ltd wants to grow its e-commerce business in the US and the West tenfold to $17.5 billion this year. This means that it has officially entered the competition with Amazon.
TikTok is looking to merge entertainment and instant shopping into the US version of TikTok in 2024. TikTok and some other Chinese entertainment companies want to attract more US users. What will happen to them in 2024 remains to be seen.
TikTok users are worried about its owners
The importance and power of TikTok in the market are not hidden. TikTok was active this year, especially during the New Year and Black Friday, improving its instant purchase. But users showed little enthusiasm.
Western audiences are worried about the Chinese ownership of the company, and this reason has made them less willing to buy online from this social network. However, TikTok is still increasing its overall spending to improve in-app purchases.
TikTok is still satisfied and is looking to attract more audiences. More than 5 million US users joined the social network on New Year's and Black Friday, and users spent more than $3.8 billion on the app during 2023.
A significant amount of these users were Americans. Of course, these purchases in TikTok of the United States were mostly virtual purchases and the purchase of coins that could later be converted into currency in the real world.
TikTok uses the excitement of instant shopping
Chinese retailers like Temu are fast becoming a significant force in Western markets. A new strategy is to provide cheaper products than the market price to attract the audience while they are of low quality. TikTok has embraced this method of selling.
He is even thinking of collaborating with famous influencers on this social network, providing them with goods and products for promotion, and considering a unique discount code and a coupon for buyers on their behalf.
Many plans have been reported for TikTok's economic year, and there are still many challenges and issues to be resolved. The main problem of this social network will be the prominent company Amazon. Amazon has a lot of power and has been seeking to remove and ban the use of this social network for a long time. But who will finally win this battle?
TikTok has a tough road ahead of it to increase revenue in 2024. While users love it, they show little desire to make instant and online purchases in this program. But there are many "ifs" about how to buy on this social network. TikTok must convince teenagers and young people to purchase and create new opportunities for themselves. But Amazon will still be lobbying in Washington. It remains to be seen whether he will finally successfully ban TikTok in America. We will write the latest news about the world of social networks here.