TikTok shelves European e-commerce plan, eyes US growth
TikTok has shelved its plans to launch its rapidly growing e-commerce business in major European markets, instead focusing on growth in the US market. TikTok has postponed its plans to roll out its shopping platform in Spain, Germany, Italy, France, and Ireland. Analysts say this move aims to strengthen its market position in the US, where the company has 170 million monthly active users. TikTok has also set a new growth target, expecting US market sales to increase tenfold to $17.5 billion this year.