ByteDance’s gross merchandise volume in China grew 76% to $208 billion in 2022, according to a report by The Information, citing unknown sources, with knowledge of the internal data.
Consumers in China reportedly spent $208 billion (1.41 trillion yuan) buying things on ByteDance’s Douyin video app, the Chinese equivalent of TikTok, in 2022, an increase of 76% from 2021.
Meanwhile, the company's gross merchandise volume in Southeast Asia, grew to $4.4 billion as shoppers on TikTok in the region more than quadrupled their spending, the people said.
TikTok’s Chinese parent company, ByteDance, is now making plans to step up its e-commerce efforts to replicate its growth in the U.S., Brazil, Spain, and Australia.
However, this growth comes at a time when TikTok is facing what could be a possible ban in the U.S., where some lawmakers are trying to push the ban of the app due to national security concerns.