For the first time since debuting its e-commerce unit in 2020, China’ TikTok Douyin has publicly released GMV figures for this growing part of its business.
The President of Douyin E-commerce, Wei Wenwen, revealed that the platform’s gross merchandise value increased by more than 80% in the past year. Gross Merchandise Value refers to the sum of money made through sales of merchandise.
In the past year, Douyin’s e-commerce live streaming has averaged over 2.9 billion views per day, e-commerce-related searches have exceeded 400 million per day, and the platform has sold over 30 billion items throughout the year.
The news comes amid Douyin’s push to diversify its income streams amid an uncertain economic environment. Douyin’s own food delivery service Douyin Supermarket also went live in January.
It was also announced at the conference that Douyin will funnel 10 billion RMB (1.4 billion USD) into helping merchants grow their businesses on the platform. Wei added that the platform will also stay devoted to “investing in social welfare, protecting intangible cultural heritage, and helping rural revitalisation” in line with recent government initiatives.