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Threat For Amazon? TikTok Planning Massive US E-Commerce Expansion With $17.5B Revenue Goal: Report – Meta Platforms (NASDAQ:META), Amazon.com (NASDAQ:AMZN)

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Threat For Amazon? TikTok Planning Massive US E-Commerce Expansion With $17.5B Revenue Goal: Report - Meta Platforms (NASDAQ:META), Amazon.com (NASDAQ:AMZN)

ByteDance Ltd-owned TikTok is reportedly planning a massive expansion of its U.S. e-commerce business. The Chinese social media powerhouse aims to reach revenues of $17.5 billion, posing a unique threat to the e-commerce behemoth Amazon.com Inc AMZN.

What Happened: Insiders revealed that the U.S. version of TikTok Shop is set for a drastic increase in merchandise volume by 2024. TikTok’s unique model, which blends online entertainment with impulse buying, could challenge not only Amazon but also Chinese e-commerce platforms like PDD Holdings Inc PDD owned Temu and Shein, as per Bloomberg report.

By leveraging its extensive social media reach and viral videos, TikTok plans to attract potential buyers. With the majority of its $20 billion in global gross merchandise value generated in Southeast Asia last year, TikTok is now focusing on boosting sales in the U.S. and Latin America.

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ByteDance’s revenue saw an approximately 30% surge in 2023, surpassing $110 billion and outpacing the growth of social media competitors like Meta Platforms Inc and Tencent Holdings Ltd.

See Also: Crypto Experts Eye Sky-High Bitcoin Values In 2024: What’s Driving The Bullish Predictions?

TikTok Shop, one of ByteDance’s fastest-growing features, offers users the opportunity to purchase items while browsing through a feed of short videos and live streams. The company hopes this unique format will provide an alternative to Amazon or Sea Ltd‘s SE Shopee.

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Why It Matters: This ambitious expansion plan comes after TikTok’s decision to increase its seller fees from 2% to 8% plus a $.30 commission fee. This move was aimed at boosting sales to its platform after the company reportedly lost more than $500 million in its growing e-commerce vertical last year.

Earlier, ByteDance had made a strategic decision to exit the gaming industry and shut down its main brand, Nuverse. This move allowed the company to focus more on its e-commerce and social media platforms.

The company’s e-commerce ambitions have been evident, as they have been attempting to rival Amazon by transforming into a hub for e-commerce. TikTok’s strategy included covering shipping and discounts while still paying full price to sellers for each sale in exchange for creating product videos for the platform. With around 150 million U.S. users, TikTok’s e-commerce expansion could significantly reshape the industry.

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Read Next: Elon Musk Confirms Tesla Hid ‘Easter Egg’ In Cybertruck After Customer Found This Hidden Feature, Freaked Out

Image Via Shutterstock


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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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