The news: TikTok Shop is now almost as large as eBay, according to data from analytics firm EchoTik.

• The marketplace’s global gross merchandise value (GMV) hit $19 billion in Q3, not far off eBay’s $20.1 billion.
• Between $4 billion and $4.6 billion of those sales took place in the US, up 125% QoQ, making it TikTok Shop’s largest single market.

The secret sauce: TikTok Shop’s performance is remarkable considering its US debut was only a little over two years ago. In that time, the marketplace has used its social influence to become a hyper-effective product discovery and recommendation engine, while also plowing money into discounts and incentives to increase its appeal to buyers and sellers.

TikTok Shop is holding true to that strategy this holiday season.

• The marketplace is offering service partners tens of thousands of dollars in cash incentives and ad credits to encourage the production of shoppable content and drive sales, per Digiday.
• At the same time, it—like many other retailers—is extending its holiday promotion window to gain more spending. TikTok Shop’s Black Friday and Cyber Monday event runs from November 12 through December 1, featuring deals, limited releases, and exclusive products from the likes of Gap, Meta, Samsung, and JBL.
• From November 18 to December 8, US shoppers who use Venmo at checkout can get $15 off purchases of $45 or more, in addition to other holiday discounts.

Our take: TikTok’s ability to blend shopping and entertainment is turning the platform into an ecommerce powerhouse. While price concerns and value are top of mind for consumers this holiday season, so too is the desire to shop for fun—an itch that TikTok Shop is perfectly placed to scratch.