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1.
An acronym standing for

Too Embarassed To Buy In The Shops

Tetbits are things like condoms, sex toys, pornography and anything else you would feel embarrassed to be seen buying in the shops.
Dave was ususally too scared to be seen buying condoms and other tetbits.
by Unlucky4Sum September 27, 2010
 
2.
Stands for "Too Expensive To Buy In The Stores" (or Shops? Especially in UK) and means items that are nearly always cheaper to buy over the Internet.
The growth in online shopping is largely due to it being less expensive and more convenient to buy many items (referred to some as TETBITS) over the internet.
by waynettaslob October 18, 2010