This document is EchoTik's "TikTok Shop 2024 Annual Report," which provides an in-depth analysis of e-commerce data for TikTok Shop in 2024, explores its development trends, consumer purchasing behavior, and platform features, and offers data support for merchants.
1. Global Overview: TikTok Shop's estimated total global sales in 2024 exceeded $27.3 billion, with the US market accounting for the largest share at approximately $7.5 billion, nearly 30% of total sales; Thailand and Indonesia accounted for 21% and 15% respectively. Multiple country sites saw significant GMV growth, such as Thailand and the US. TikTok's ad placements performed strongly in 2024, with its influence in the e-commerce advertising market continuously expanding, and many e-commerce platforms increasing their advertising investment on TikTok.
2. Europe and America Site Analysis: The US market's total GMV surpassed $7.5 billion, with the care and beauty category consistently ranking TOP1, and mainstream GMV contributions concentrated in the $20 - $30 range. The UK market's total GMV was about $1 billion, with care and beauty also being the leading category. Various categories are sold at low prices, but GMV contributions are relatively balanced.
3. Southeast Asia Site Analysis: The annual total GMV of Southeast Asian sites reached $18.7 billion, with Thailand and Indonesia leading. Thailand's market GMV exceeded $5.7 billion, with care and beauty maintaining a long-term lead; Indonesia's market GMV was $3.4 billion, with care and beauty also dominating. Sites in Vietnam, the Philippines, Malaysia, and Singapore each have their own characteristics, and the Southeast Asian market overall is dominated by low-priced goods.
4. 2024 Key News Summary: Includes the timeline of the TikTok US "Sell or Ban" incident, the completion of the merger between TTS Indonesia and Tokopedia, TikTok users being able to purchase Amazon products within TikTok, the Canadian government ordering the closure of TikTok operations, and the launch of TikTok Shop in Spain, Ireland, and Mexico, among other major events.
5. Future Trend Forecast: It is expected that TikTok Shop will continue to maintain rapid growth in 2025, especially after the lifting of the US "Sell or Ban" bill, which is likely to further expand its market share. As the platform expands in global markets, compliance and localization will become key factors.
