Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizen Xiao Zhan for the clue delivery! CTOnews.com, June 21 (Xinhua) according to the Financial Times, TikTok is trying to enter the online shopping market through its "Project S" program.

TikTok's global revenue in 2022 was $3.5 billion (CTOnews.com Note: currently about 25.13 billion yuan), up nearly 60 per cent from $2.3 billion in 2021.

In recent weeks, British users have begun to see a new shopping feature called "Trendy Beat" in the TikTok app to promote items that are popular in short videos, such as ear spoons.

According to documents and people familiar with the matter, all the products promoted by TikTok are shipped from China and sold by a company registered in Singapore, which belongs to byte jump.

This model is similar to the way Amazon makes and promotes goods and represents a huge shift in TikTok's existing shopping market. To put it simply: allow other suppliers to sell goods through TikTok Shop and then charge a small commission.

TikTok says it is currently testing the feature. "We have been exploring new ways to enhance the community experience and we are in the early stages of experimenting with new shopping features," the company said. "

The plan is internally known as "Project S", according to six people familiar with the situation. Byte Jump is building an online retail unit to challenge platforms such as Shein and pinduoduo's overseas purchase of Temu, they added.

Project S is led by byte-beating e-commerce director Bob Kang, who recently came from Shanghai to coordinate the work of TikTok's London office, according to two employees. TikTok said Kang was in the UK for a variety of reasons and reported to Shou Zi Chew, the app's chief executive.

According to people familiar with the matter, Project S aims to take advantage of TikTok's knowledge of the current hot products so that byte jumps can acquire or make them on their own. The company is aggressively promoting Trendy Beat products on TikTok in the hope of surpassing its competitors, according to people familiar with the matter.

TikTok says the brand uses a network of suppliers to produce products for its Trendy Beat products. Two employees said that in order to boost the ecommerce business, byte jump had recruited staff from Shein.

It follows news that TikTok plans to more than quadruple its global e-commerce business this year to $20 billion in merchandise sales, relying mainly on rapid growth in Southeast Asia.

In 2022, TikTok Shop successively entered Singapore, Malaysia, Indonesia, the Philippines, Vietnam, Thailand and other Southeast Asian countries, and made a name for itself in the local market. Data show that TikTok Shop's GMV in Southeast Asia reached $4.4 billion (currently about 31.592 billion yuan) in 2022, a more than quadrupling increase from 2021.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.