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After 2000, the e-commerce market was mainly dominated by business-to-business (B2B) transactions due to consumer mistrust after going through the 1997's financial crisis in Southeast Asia and the bubble burst. The only way e-commerce companies could re-enter the business-to-consumer (B2C) market was to earn
E-commerce is big business for ByteDance. In China, consumer spending on Douyin—the Chinese version of TikTok—increased by 76% year-on-year in 2022 to hit $195 billion, The Information reported .
Ministry of Cooperatives and SMEs further said that TikTok should establish a legal entity in Indonesia, and acquire a permit to operate e-commerce, in accordance to Minister of Trade Regulation No. 31 of 2023. [40] In December 2023, TikTok's parent company, ByteDance acquired 75% shares of Tokopedia, leaving only 25% shares owned by GoTo. [41]
As of 2023, Shopee is recognized as the largest e-commerce platform in Southeast Asia, with a total gross merchandise volume (GMV) of $47.9 billion. [4] This figure represents nearly half of the total GMV of the Southeast Asian market. [5] The platform also facilitates online buying and selling for consumers and sellers in East Asia and Latin ...
TikTok has completed its deal to take control of Indonesia's biggest e-commerce platform, which has allowed the Chinese social media giant to restart for its online shopping business in the country.
In September, Indonesia banned e-commerce transactions on social media, a major blow for TikTok, which had pledged to invest billions of dollars in Southeast Asia, including Indonesia, the region ...
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