Nearly $6 Million in GMV in Just Two Months! MyDepot Enters TikTok’s U.S. Market, Leading the Home Goods Trend

In recent years, China’s furniture industry has seen rapid growth in cross-border e-commerce, becoming a vital part of the export economy. According to the China E-Commerce Research Center, China’s cross-border e-commerce furniture exports reached approximately $50 billion in 2023, marking a 20% year-over-year increase. This growth is driven by global recognition of the high quality and unique design of Chinese-made products.

Chinese cross-border e-commerce furniture exports cover a wide range of products, including office furniture, home furniture, and outdoor furniture. Home furniture — such as beds, sofas, and tables — holds the largest market share, accounting for over 60% of total exports. North America, particularly the U.S. and Canada, is the primary market for these products, with significant demand for mid-range and high-end furniture.

Among the many brands and suppliers venturing into the global furniture market, a company from Shenzhen has successfully penetrated the industry by focusing on an online retail platform for furniture and home goods.

MyDepot, a cross-border e-commerce platform specializing in the sale of furniture, home decor, and home goods, was founded in 2015 and is headquartered in Shenzhen, China. Operated by Shenzhen Qianya International Supply Chain Technology Co., Ltd., MyDepot aims to provide global consumers with high-quality home products through efficient supply chain management and excellent customer service.

Initially, MyDepot operated under a traditional e-commerce model, combining B2C (business-to-consumer) and B2B (business-to-business) approaches:

B2C Business: MyDepot sells products directly to consumers via its website and other major e-commerce platforms like Amazon, eBay, and Wayfair.

B2B Business: MyDepot offers bulk purchasing services to global retailers, distributors, and wholesalers, helping them expand their product lines and market share.

As TikTok continues to rise as a global social media platform, it is reshaping the shopping experience with its powerful blend of content and e-commerce. MyDepot has recognized this shift and proactively embraced the change. The company not only established a TikTok U.S. MCN (Multi-Channel Network) agency and a platform to match products with influencers but also launched a TikTok Shop for U.S. furniture in mid-May 2024. The results have been impressive: as of August 8, 2024, the shop has sold over 80,000 items, generating a total GMV of $5.34 million, with an average order value of $66.75.

In the past 30 days, the shop offered 191 products, with 164 of them being active, achieving an impressive 86% activation rate. The estimated sales for the shop during this period are $3.8 million, accounting for over 70% of the total sales, and this growth is expected to continue at a rapid pace.

🔍 Want to see further details and data on Little Shop? Click on the “Read More” link or copy the link to open it in your browser: MyDepot TikTok Analytics Profile by EchoTik

The shop primarily features mid-range and affordable indoor furniture, with prices ranging from $23.99 to $399.99. The most popular price range is $40-$60, with an average price of $93.97.

Among the best-sellers from May to August, the drawer chest stands out, particularly the 9-drawer version, which has sold over 56,000 units across two links, contributing more than $2.82 million in GMV, accounting for over 50% of the shop’s total GMV. The 5-drawer version is also popular, with over 5,200 units sold and an estimated GMV of $260,000.

These chests come in popular basic colors like brown (wood color), black, white, and gray. Made from waterproof fabric and MDF board, these chests are more affordable and durable than solid wood furniture. They are large, sturdy, and made with a steel frame and wooden top, offering ample storage and strong support. They can be used as TV stands and are perfect for bedrooms, hallways, living rooms, closets, or dorm rooms, making them ideal for families with multiple children or those living in small spaces.

Besides indoor drawer chests, loungers and swing chairs, suitable for both indoor and outdoor use, have also become popular. MyDepot’s swing chair link includes six chair options, including rocking chairs, egg-shaped chairs (without swings), and egg-shaped swing chairs (available in four cushion colors: light gray, dark gray, light blue, and brown). Priced between $119 and $326, these chairs are expected to sell nearly 3,000 units in two months, with a total estimated GMV of over $548,000 and an average order value of $182.71, placing them in the mid-to-high price range. Electric massage chairs priced above $100 are also in high demand.

MyDepot currently offers hundreds of SKUs, with a rapidly growing activation rate and sales. In addition to drawer chests and chairs, there are other promising products, such as mirrors (including full-length mirrors, free-standing full-length mirrors, and LED full-length mirrors), bedding and soft textiles (mattresses), as well as height-adjustable desks and expansion stand brackets.

The shop mainly drives sales through short videos, with the number of short videos produced and the sales trend being consistent over the past 30 days. Over 90% of sales come from influencer-driven promotions. Because the company was an early adopter of TikTok Shop’s influencer business model, it has a significant advantage in finding suitable influencers for product promotion.

According to EchoTik’s June report for TikTok Shop U.S., the monthly GMV reached nearly $500 million, with textiles and soft home goods making their debut on the list, and men’s clothing GMV grew by over 70% month-over-month. Compared to September 2023, when TikTok Shop U.S. officially launched, the sales of home goods, health, household appliances, textiles, and soft home goods categories have grown more than 100 times. Large furniture sales increased by over 560 times, and the health category grew nearly 300 times.

One of the main challenges faced by the cross-border furniture e-commerce industry is logistics and supply chain management. Transporting large furniture products is costly and time-consuming, so optimizing logistics is crucial for businesses. However, the high capital barriers and necessary measures mean that China’s furniture export market is still in an unsaturated stage.

Since the launch of TikTok Shop U.S. in 2023, EchoTik, as one of the first teams to focus on market data research, has consistently observed China’s leading cross-border furniture e-commerce companies entering the market. This reflects the strong confidence and trust that Chinese suppliers and sellers have in TikTok Shop. It is expected that in the future, more leading players in the furniture industry will join the platform, enriching the product categories and improving the shopping experience.