![]() ![]() And Douyin’s share of the pie is only going to get bigger as it has now started allowing all brands – including foreign brands – to apply to sell products on the platform directly through cross-border e-commerce.Īs Sandra Weiss from RedFern Digital notes, “Brands can now sell directly on Douyin without setting up a domestic entity or establishing a business license within mainland China. Douyin was already a top player in this category, having reached a GMV from live streaming of $1.5 trillion in 2022 and launched Douyin Mall, a shopping interface like Tmall that can be accessed directly from the app. In the past few years, the social commerce platform Douyin (China’s version of TikTok) has been making waves as it establishes itself as a leader in e-commerce live streaming (also called live commerce) and short videos. In this article, we review some of the latest developments in the social commerce field so that you can choose the right platforms for your brand.įoreign brands can now sell directly through Douyin But the winds of change are increasingly blowing consumers towards social commerce platforms like Douyin, Xiaohongshu (RED) and Kuaishou, that bring together entertainment and shopping. The rise of over 200 million Gen Z’ers as a driving consumer force is setting new trends in communicating with target customers, the most salient of which is the decentralisation of the e-commerce landscape.įor years, Alibaba’s Tmall and rival JD.com have been the first port of call for both consumers and international brands. It’s clear that Chinese consumers are very comfortable buying online, but how and where they buy is continuously in flux, presenting both challenges and opportunities for international brands. Attempts to pin down the value of the country’s e-commerce market vary, but they are always in the trillions, with estimates suggesting the market will be worth over US$3.5 trillion (£2.8 trillion) by 2024. So should you still be putting all of your eggs in Tmall’s basket or should you be taking a more diversified approach?Ĭhina is the world’s leading e-commerce market, generating 50% of all global transactions. WeChat paid 53 million yuan ($8.2 million) to be the exclusive interactive platform for the event in 2015 while Alipay paid 268.8 million in 2016, according to Yicai Global.Platforms like Douyin and Kuaishou are occupying an increasing share of China’s lucrative e-commerce market. ![]() Obtaining third-party payment business licenses through acquisition has become common practice among Chinese internet giants since the central bank stopped issuing new ones indefinitely in 2016.Īccording to Chinese business news outlet LatePost, Douyin won the rights to be the exclusive “red packet” partner of China Central Television’s (CCTV) Spring Festival Gala this year, a massive advertising opportunity highly contested among tech companies due to the wide viewership of the program. Tencent -backed on-demand services company Meituan and Didi have both rolled out microloan services. ![]() Online deals giant Pinduoduo unveiled its Duoduo Wallet payment app in December while ride-hailing firm Didi launched Didi Pay in July, an e-payment platform that can be used for the company’s services including ride and taxi hailing, bike sharing, and public transportation. It has also been hiring globally, and notably in Singapore, for a team to build cross-border payments solutions. (Source: Min.news)īeijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay. Users are now able to select the Douyin Pay option on the short-video app. It also continues to offer payment options from Ant Group’s Alipay and Tencent ’s WeChat Pay.īyteDance, together with Bilibili, Meituan, Pinduoduo and Didi, are the latest companies to vie for a share of China’s payments sector which is currently dominated by Alipay and WeChat Pay, amid the Chinese government’s crackdown on monopoly practices in the country’s internet sector.Īlipay and WeChat Pay account for more than 90% of the mobile payments market in China, according to iResearch. The new payment service allows users to link their accounts to a number of lenders including Bank of China, China Construction Bank and Agricultural Bank of China to make purchases within the app, which has 600 million daily active users. SEE ALSO: ByteDance’s Douyin Releases 2020 White Paper on Travel Vloggers The establishment of Douyin Pay “is to supplement the existing major payment options, and to ultimately enhance the user experience on Douyin,” the company told Pandaily on Wednesday. Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market.
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