TikTok will try to boost its new online marketplace, TikTok Shop, by funding heavy discounts for the holiday shopping season, starting on October 27th, reports Bloomberg. The social video site reportedly hopes that by subsidizing up-to-50 percent discounts, it can gain a foothold with US holiday shoppers, who turn out in droves for big sales at retailers like Amazon and Walmart every year in November.
Bloomberg says a TikTok spokesperson confirmed the plans, with official Black Friday deals starting at 8PM on November 23rd and deals for Cyber Monday running from November 28th to November 30th.
TikTok rolled out TikTok Shop in the US last week, offering to hold and ship sellers’ products using its own fulfillment centers and launching an affiliate program for creators who sell products through their videos. The company reportedly hopes to move $20 billion worth of products this year worldwide, and the holidays will be a big part of that. After all, people in the US spent more than $20 billion online during Black Friday and Cyber Monday alone last year.