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TikTok is reportedly making a big effort to boost its new online marketplace TikTop Shop with heavy discounts during the holiday shopping season. Bloomberg reported that the social media giant’s discounts on its marketplace could begin in October 27, which would give the company a jump on the Black Friday-Cyber Monday and extended holiday season.
The social video site could offer discounts of up to 50%, in a concerted effort to gain traction with American holiday shoppers. A TikTok spokesperson only confirmed plans to offer Black Friday deals starting November 23 and Cyber Monday deals running from November 28 to November 30.
The TikTok Shop just rolled out in the US, and the company has launched an affiliate program for creators who sell products through their videos. The push for additional holiday sales is part of the company’s goal to ship $20 billion worth of products worldwide this year. Verb Technology Company (VERB) and iPower (IPW) are two stocks that have risen this past week following the announcements of TikTok referral programs.
In recent holiday seasons, retail giants Amazon (NASDAQ:AMZN), Walmart (WMT) and Target (TGT) have increased their combined share of online holiday sales, while retailers and department store operators have ceded their online market share.