TikTok is expanding its TikTok Shop marketplace and entering the luxury goods market, offering premium bags, watches, and sneakers worth thousands of dollars. This marks a new stage in the platform's development as a place not only for cheap goods but also for high-end online shopping. This is stated in a Bloomberg article, writes UNN.
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Among the offerings are Hermes and Chanel bags worth up to $11,000, rare sneakers from Louis Vuitton and Nike, as well as Rolex and Cartier watches. Most items are sold through second-hand resellers, who often use artificial intelligence to confirm product authenticity and find new buyers among TikTok's global audience.
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Given the previous perception that "it's something like a dollar store," this is phenomenal. You wouldn't even have guessed that such a perception existed a year and a half ago.
TikTok is actively promoting its Shop business to international markets, including Brazil, Japan, Mexico, France, Italy, and Spain. Despite cutting its internal sales targets in the US earlier this year, the company remains optimistic about the potential of its e-commerce division, which is planned to remain under the control of its Chinese parent company ByteDance.
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This demonstrates that TikTok aims to position itself not only as an entertainment platform but also as a serious player in the luxury online shopping market, opening up new opportunities for leading brands in direct-to-consumer sales.