Walmart-TikTok Close to Strike A Business Deal

WEB DESK: Walmart-TikTok are close to striking a deal as former’s CEO, Doug McMillon, believes that this would be a major business opportunity to expand their “social commerce.”

With its headquarters in Bentonville, Arkansas, Walmart is a multinational chain of discounted retail departments, grocery stores, and hypermarkets.

Formerly known as Musical.ly, TikTok is a video sharing and streaming application with over a 100 million users, allowing them to share 15 to 60 second videos.

Walmart, in collaboration with Microsoft in an offer for TikTok, has speculated to have consented to purchase 7.5% shares of the company to be renamed as TikTok Global.

CEO of Walmart, Doug McMillon, said the multinational retail corporation wanted to secure a share in the popular video sharing application, TikTok, as it viewed social media as a major window of opportunity.

The deal includes Chinese parent company ByteDance and Oracle.

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McMillon mentioned that the retailer was discussing the deal with ByteDance about the various approaches towards making “social commerce” simpler as well as captivating for American buyers.

The idea behind this collaboration is essentially that if a viewer on TikTok identifies an item that appeals to them they would be able to purchase it in a matter of minutes, a trend that has already been introduced in China.

This is a step towards making social commerce simpler and more intriguing for consumers in America.

McMillon said that by working with China, the companies could ultimately raise the momentum of shipping once a TikTok user selects an item for purchase.