Short video platform Douyin is Taste of Future Sister-in-law (2023)aiming for an ambitious RMB 4 trillion ($552.3 billion) goal in e-commerce transactions this year, according to local media outlet 36Kr. The figure represents an increase of more than 30% on the transactions completed by the TikTok sibling app in 2023, the report added. Douyin’s online retail business expanded to the trillion yuan scale in just six years, boosted by its huge number of daily active users, and its model of marrying video-sharing with shopping is now well established. The target comes as the ByteDance-owned app continues to eat into the market shares of China’s older e-commerce players. Rival Alibaba, which recorded a GMV of RMB 7.97 trillion from its Chinese consumer-facing businesses in the fiscal year 2022, didn’t disclose figures for the following year, instead saying that its Taobao and Tmall platforms saw mid-single-digit year-over-year declines in order volumes. [36Kr, in Chinese]
