Last Updated: August 24, 2023, 17:35 IST
Washington D.C., United States of America (USA)
TikTookay continues to work on new options for the US market
TikTookay continues with its efforts to introduce new options for customers within the US the place it additionally faces questions on information safety.
TikTookay is reportedly planning to ban hyperlinks to outdoors e-commerce web sites comparable to Amazon, because it ramps up its procuring platform within the US.
The transfer is seen as a manner for the corporate to power individuals to make use of TikTookay Shop in the event that they wish to buy an merchandise that they see on the app, stories ‘The Information’. According to the report, TikTookay Shop is on observe to lose greater than $500 million within the US this yr.
“TikTookay Shop, the app’s nascent procuring service, is anticipated to lose greater than $500 million within the US this yr,” said the report, citing sources.
The loss reflects TikTok’s heavy investment in hiring, building a delivery network and “subsidising merchants that offer double-digit–percentage discounts and free shipping,” the report added. Consumers within the US are spending round $3-$4 million a day on TikTookay Shop. The firm expects this determine to exceed $10 million by the top of the yr.
TikTookay, the brief video platform owned by ByteDance, launched on-line procuring service TikTookay Shop in 2021, beginning in Indonesia. The procuring platform has turn out to be a powerful participant in Southeast Asia.
Last week, e-commerce large Sea reportedly stated it is going to bump up investments in its on-line procuring enterprise Shopee throughout all markets as Chinese firm TikTookay’s procuring enterprise expands into new territories.
(This story has been edited by News18 workers and is printed from a syndicated news company feed – IANS)
Source web site: www.news18.com
