TikTok is battling it out with the big dogs in online shopping, and it’s starting to pay off.
In July, US spending on its e-commerce platform, TikTok Shop, was greater than online spending at major retailers like Target, Costco, and The Home Depot, according to US credit and debit card transaction data compiled by the customer-intelligence firm Consumer Edge.
TikTok Shop accounted for about 2% of online US retail spending last month, up from around 1.2% a year ago, per Consumer Edge’s analysis.
That jump in market share is “massive,” said Michael Gunther, SVP of Research & Market Intelligence at Consumer Edge.
TikTok is serious about taking on…
