2024 will be a make-or-break year for TikTok Shop

10 months ago 52

2023 was a big year for social commerce. With the growth of apps like Flip and the launch of TikTok Shop in the U.S. in September, it felt like more of the world was finally catching up to the full convergence of social media and shopping that’s been the norm in China for years.

But that hasn’t been without its challenges. According to Insider Intelligence, social commerce will make up almost 6% of all retail sales in the U.S. by 2026, and around 40% of TikTok users plan to make at least one purchase on TikTok next year. Yet TikTok Shop is on track to lose $500 million in 2023, as TikTok has spent billions in building up its e-commerce business.

So far, customers and merchants are embracing TikTok Shop. A report from this month from The New Consumer found that 93% of TikTok Shop users are satisfied and 92% would shop there again.

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