ByteDance’s Douyin Challenges E-commerce Titans Alibaba, JD, and PDD with Staggering 46% Growth in 2024

ByteDance's Douyin is quickly becoming a formidable competitor to e-commerce powerhouses Alibaba, JD, and PDD. The short-video platform experienced a 46% increase in gross merchandise value for the year concluding in July 2024, according to a company executive.

The short-video platform from Beijing, which is actively branching out into the e-commerce industry, reported a 46% year-on-year increase in gross merchandise volume (GMV) from August 2023 to July 2024, according to Wei Wenwen, the head of Douyin's e-commerce division, during a corporate gathering in Shanghai on Monday.

Although the growth rate was less than the 80% increase Douyin observed from May 2022 to April 2023, and the triple surge it experienced in 2021 following the introduction of its online shopping division in 2020, it still exceeded the recent results of well-known shopping websites in China.