TikTok Shop’s global gross merchandise value (GMV) surged to $33.2 billion in 2024, more than doubling year-over-year, Momentum Works said Monday.

The United States emerged as TikTok Shop’s largest market, achieving $9 billion GMV — a remarkable 650 percent year-over-year growth — just 16 months after its launch in September 2023, Momentum Works and Tabcut said in their new report.

The U.S. surpassed Indonesia to become TikTok Shop’s largest market. This was followed by Indonesia, Thailand, and Vietnam.

It is noted that since launching in the U.S. market 16 months ago, TikTok Shop has quickly kickstart a number of initiatives, and has achieved some early results in 2024, including: 398,000 stores and 11 million influencers, who created 17 million videos and 4 million live stream sessions.

Influencers generated $5.4 billion in GMV (60 percent of total GMV) through videos and live streams, while videos contributed 58 percent of GMV, outperforming shops (32 percent) and live streams (10 percent).

Live commerce is still in its early stages in the U.S., with fewer than 8 percent of influencers relying solely on live streaming.

The top U.S. TikTok Shop live streaming session in 2024 achieved $2.1 million GMV over 14 hours, attracting 2.3 million viewers.

With only four of the 4 million live sessions generating more than $1 million in 2024, it is just the beginning for huge potential for growth in this channel, said the report.

“In 2024, TikTok content e-commerce experienced astonishing growth, and we are confident that this growth will be even stronger in 2025, forming a synergy with shelf e-commerce and offline retail” said Jensen Wu, CEO and co-founder of Tabcut.

“In this expansive growth track, from developed to developing countries, effectively utilizing the rapidly evolving artificial intelligence (AI) capabilities over the past two years to achieve low-cost, high-efficiency global content creation is both a challenge and an opportunity for everyone,” he added.

Jianggan Li, Founder and Chief Executive Officer of Momentum Works, added the $9 billion GMV in its first full year of operations is not trivial, and TikTok Shop probably would have far more ambitious targets for US, as well as for its impending launch across Europe and Latin America.

“TikTok Shop has become a catalyst for video and live commerce in the U.S. With Amazon testing live commerce, and platforms like Google/YouTube and Meta collaborating with partners, the competitive landscape is evolving rapidly,

“While uncertainties remain, all stakeholders—from brands to logistics providers—must stay agile to capitalize on this opportunity,” he added.

Momentum Works, headquartered in Singapore, is a venture outfit that leads insights on the digital ecosystem in emerging markets, through research, consultancy, community engagement and venture building.

Tabcut is a third-party TikTok data analysis platform widely used by top sellers on TikTok.

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