ByteDance-owned TikTok expects to quadruple the size of its global e-commerce operation to sell $20 billion worth of merchandise this year, relying on growth in Southeast Asia, Bloomberg News reported Wednesday, citing people familiar with the matter.
This increase compares to last year’s total merchandise value of $4.4 billion, which represents the total value of products sold through its online marketplace TikTok Shop, the report said, adding that the company is betting on markets such as Indonesia.
TikTok did not immediately respond to Reuters’ request for comment.
TikTok’s e-commerce platform allows customers to purchase products through in-app links during live broadcasts.
The development comes as the Chinese-owned company faces scrutiny from the government and regulators as China may use the app to collect user data or advance its interests.