September 2023 marked a turning point in social media history with the launch of TikTok Shop in the US.
TikTok Shop figures
TikTok Shop accounted for 68% of social shopping’s gross merchandise value (GMV).
But its customers aren’t just loyal to the platform. They also shop on Amazon (97%), Etsy (55%), Temu (39%), Old Navy (38%), Shein (37%), and eBay (32%).
81% of TikTok Shop sales came from repeat customers. In November 2023, that number was just 64%.
While TikTok prides itself on its shopping success, a serious threat looms over the ‘Protecting Americans from Foreign Hostile Controlled Applications Act’ proposed by Reps. Mike Gallagher and Raja Krishnamoorthi. If passed, the legislation could require parent company ByteDance to sell TikTok or face a ban.
