Sources say that TikTok e-commerce aims to reach US $50 billion in GMV next year, and Southeast Asia will keep pace with the United States.

CTOnews.com December 19 news, According to 36 krypton, TikTok e-commerce business (TikTok Shop) has set a $50 billion (CTOnews.com note: currently about 357 billion yuan) GMV (total commodity transactions) target for 2024, Compared with this year's 20 billion more than doubled.

Since 2021, TikTok e-commerce has covered Indonesia, Britain, Thailand, Vietnam, Malaysia, Philippines, Singapore, the United States, Saudi Arabia, Spain, Brazil, Japan and other countries and regions.

According to sources, TikTok e-commerce has achieved $13 billion in GMV results in Southeast Asia, including more than $4 billion in Indonesia alone and about $3.5 billion in Thailand.

In September this year, TikTok officially launched e-commerce services in the United States, as well as a "Fulfilled by TikTok" program to help merchants store, select, package and deliver goods, as well as a secure payment system developed in cooperation with third parties.

TikTok told the media that in the testing phase, 200,000 merchants in the United States have settled in TikTok e-commerce. Among them, L'Oréal, Benefit, Olay and e.l.f. Many brands have joined or are planning to join TikTok Shop. In addition, more than 100,000 TikTok people participate in TikTok e-commerce services. TikTok said that in a survey, 70% of users said they found new brands and products on TikTok, and 83% said TikTok played a role in their purchase decisions.