Popular short-form video platform TikTok aims to bring the size of its global e-commerce operations to a staggering $20 billion in 2023, which is nearly more than four times of its current size, sources familiar with the matter told Bloomberg.
According to the report, the company had a gross merchandise value of $4.4 billion last year, which represents the total value of goods sold through TikTok Shop, its online marketplace.
The company will mainly focus on South Asian markets like Indonesia, and is also planning to expand its sales in the United States and Europe, sources who asked to remain anonymous added.
Last October, Financial Times reported that TikTok was in discussions with California-based TalkShopLive for the launch of its live-shopping service in the United States.
A month later, Semafor reported that the company began testing TikTok Shop in the country, allowing users to purchase products directly within the popular app.
The company has commented on Bloomberg’s report.