TikTok Shop plans to grow its business to $17.5B this year as it competes with other online marketplaces in demand. The company is aiming to leverage viral videos to reach buyers and compete with other incredibly low-priced Chinese-owned companies Temu and SHEIN, but also major online retailers like Amazon. And it’s attractive for sellers, even as commission cuts have been raised from 2% to 8%, which is still considerably lower than Amazon’s average seller fees. It should come as no surprise that nearly half of Gen Z find TikTok to be the most addictive social media platform, feeding into the heavy influence that creators have on viewers and the products they’re promoting—which makes in-app shopping all the more valuable. (TechCrunch)
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