Amazon knows how to defend its title: According to insiders, TikTok is hoping to grow the size of its U.S. e-commerce business to $17.5 billion this year. That puts them directly at odds with everybody’s favorite e-commerce juggernaut, Amazon, as well as China-based firms like Temu and Shein. 

The lofty new goal follows intense growth in Southeast Asia, as well as the success of the platform’s Shop function, which allows users to make purchases within the app while scrolling. According to TikTok, more than 5 million new U.S. customers bought something on the platform in November. 

Put on your reading glasses: A lengthy new report commissioned by Shopify and conducted by IDC (International Data Corporation) goes deep into the nitty gritty of how companies are looking at e-commerce in 2024 — and how their current goals might shape the future. 

There are a ton of important insights to explore in the report, but one of the biggest takeaways is the fact that 74% of retailers consider it “very or extremely important” to enhance personalized shopping experiences and see digital platforms like Shopify as central to that goal. According to the report, companies view digital commerce as a crucial part of understanding "customer’s preferences and behaviors.”