The social media app aims to lure inflation-battered shoppers to its new online marketplace.
TikTok Plans Steep Holiday Discounts, Bringing Amazon Price WarPhoto credit should read CFOTO—Future Publishing/Getty ImagesikTok plans to offer steep holiday discounts in a monthlong campaign that will begin in late October, according to documents reviewed by Bloomberg. The social media app aims to lure inflation-battered shoppers to its new online marketplace, taking the first shot in a price war with established competitors Amazon.com Inc. and Walmart Inc.
The company is betting that the busy holiday period — when U.S. shoppers are projected to spend as much as $284 billion, according to Deloitte — will be a key time to stand out with discounts that compel shoppers to spend money on its new marketplace, whichThe popular app is known primarily for short, viral videos, and has more than 150 million monthly active users in the U.S., TikTok said earlier this year.TikTok launched its Shop marketplace tab in the U.S.
Popular sale days like Black Friday and Cyber Monday are expected to play an especially important role in shoppers’ holiday plans this year, as consumers who have been hobbled by inflation will be particularly attracted to deals, according to a shopper survey by United Parcel Service Inc. The app is already making itself known to consumers as a place for cheap products — many of them from China. The company offered free shipping and 20% off coupons to users ahead of the introduction of the designated shopping tab. The new marketplace puts price front-and-center in large font, and discounts are highlighted.
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