May Douyin Give Tmall, JD a Run for Their Cash?
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Ramping up its e-commerce initiatives over the past yr, Douyin’s GMV in 2020 topped $77 billion, greater than thrice that of 2019.
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By launching its personal fee service, Douyin has began to shut its e-commerce loop. However Douyin Pay is unlikely to provide WeChat Pay and Alipay — accountable for 90 p.c of all cell funds in China — critical competitors anytime quickly.
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Like Tmall and JD, Douyin has rolled out its personal flagship shops to assist guarantee product authenticity and increase gross sales. Already, magnificence giants and homegrown manufacturers have applied the brand new function, with the L’Oréal Group seeing $3.4 million in GMV inside every week. Learn extra Jing Every day
China Enters Summer time With Field Workplace at Full Throttle
Thus far in 2021, China’s field workplace restoration has been pushed by record-high gross sales over the February Chinese language New 12 months, April Tomb-Sweeping and Could 1 Labor Day holidays, propelled by crowd-pleasers like “Detective Chinatown 3,” “Hello, Mother,” “Sister,” and Zhang Yimou’s “Cliff Walkers.” The Lunar New 12 months introduced in $1.22 billion (RMB7.82 billion) in seven days, a 33% improve over 2019. The April pageant weekend marked a brand new vacation report of $128 million (RMB817 million), whereas probably the most aggressive Labor Day weekend of all time raked in unprecedented gross sales of $265 million (RMB1.7 billion). Learn extra Selection