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TikTok Shop Rumored to Shelve Plans to Expand Into Europe and Latin America
Jayson 03 Jun 2024 08:03
According to foreign media reports, TikTok has shelved plans to launch e-commerce business in major European countries and focus on the US market.
Bloomberg quoted people familiar with the matter on Friday (May 31) as saying that TikTok has shelved plans to launch the shopping platform Shop in Spain, Germany, Italy, France and Ireland as early as July, and has also shelved plans to promote Shop to Mexico and Brazil.
These people familiar with the matter said it is unclear whether or when ByteDance will resume its progress in entering the above markets.
The report said that the move may surprise many sellers in the region, but it reflects ByteDance's goal to gain a foothold in the United States and prove its value to local sellers and consumers.
People familiar with the matter said that ByteDance's leadership wants to focus on its most profitable market to prevent a possible ban on it in the United States.
Data shows that TikTok has about 170 million users in the United States, and the company hopes to increase its US GMV 10 times to US$17.5 billion this year.
A TikTok spokesperson declined to comment on the report, saying that the company is "demand-driven." "We've seen the positive impact of TikTok Shop and we're excited to continue trialing this new business opportunity," the spokesperson said.
Bloomberg quoted people familiar with the matter on Friday (May 31) as saying that TikTok has shelved plans to launch the shopping platform Shop in Spain, Germany, Italy, France and Ireland as early as July, and has also shelved plans to promote Shop to Mexico and Brazil.
These people familiar with the matter said it is unclear whether or when ByteDance will resume its progress in entering the above markets.
The report said that the move may surprise many sellers in the region, but it reflects ByteDance's goal to gain a foothold in the United States and prove its value to local sellers and consumers.
People familiar with the matter said that ByteDance's leadership wants to focus on its most profitable market to prevent a possible ban on it in the United States.
Data shows that TikTok has about 170 million users in the United States, and the company hopes to increase its US GMV 10 times to US$17.5 billion this year.
A TikTok spokesperson declined to comment on the report, saying that the company is "demand-driven." "We've seen the positive impact of TikTok Shop and we're excited to continue trialing this new business opportunity," the spokesperson said.
