This year, TikTok will pull in 22 times the ad revenues of fellow fast-grower Mercado Libre ($1.02 billion), but Latin America鈥檚 largest ecommerce retailer will rapidly ascend the advertising ranks in the coming years. Click here to view our full forecast for digital ad revenue growth by company worldwide. Amazon will get a growth boost from its OTT video service.
Nico Le Bourgeois, head of US Shop operations, will now report to Mu Qing, a former ecommerce vice president at Douyin who now oversees TikTok鈥檚 global ecommerce business. He previously reported directly to Bob Kang, ByteDance鈥檚 ecommerce head. How we got here: There are a few potential reasons for the layering. ByteDance is unhappy with TikTok Shop鈥檚 US performance.
The boom times for ecommerce and retail have largely passed. 鈥淚t鈥檚 going to be harder [for retailers] to identify pockets of growth and opportunity. But, the good news is that it鈥檚 not going to be that roller coaster of demand fluctuations that has been challenging for retailers to navigate over the last couple of years,鈥� our analyst Blake Droesch said.
However, both ecommerce retailers saw only slight increases in daily active users, with Shein鈥檚 UK daily active users growing 5% MoM and Temu鈥檚 growing 10%. While the increase in ad spend was heavily concentrated on the UK and France, the platforms also boosted spend in Germany, Spain, and Italy.
PayPal partnered with Verifone to pair the point-of-sale (POS) provider鈥檚 hardware with Braintree鈥檚 payment processing and ecommerce capabilities, which are being rebranded as PayPal Enterprise Payments. This can help the company, which dominates ecommerce checkout, make inroads in store.