Chinese video platform Kuaishou has more than 250 million monthly active users who use its video search function. At the Kuaishou Photosynthetic Creators Conference earlier today, Li Yan, the head of Kuaishou Search, announced that the search feature is used by half of the platform’s total monthly users. The tool is used to find video related to certain topics, brands, celebrities or products.
This news comes just a day after the LatePost news reported that Kuaishou has set its e-commerce gross merchandise value (GMV) goal at 750 to 800 billion RMB ($116 – $123 billion) in 2021 which is over double last year’s value. Kuaishou’s GMV reached 381.2 billion RMB ($58.7 billion) in 2020, which marks an increase of 539.5% from 59.6 billion RMB in 2019. In addition, the average repeat purchase rate increased from 45% in 2019 to 65% in 2020.