TikTok sibling Douyin has reportedly sold nearly RMB 2 trillion ($274.2 billion) worth of goods in the e-commerce business in the first ten months of this year, representing a 60% growth year-on-year. Over 65% of these sales were generated through short videos and live-streaming, according to the local outlet LatePost. The emerging influence of the short video platform has attracted a flurry of branded merchants to sell on Douyin, with a figure conducted by investment bank CICC showing not only Chinese brands like Proya but also international giants L’Oréal and Lancome experienced higher year-on-year increases in GMV on Douyin compared to Alibaba’s Tmall marketplace during this year’s Singles Day bonanza. [LatePost, in Chinese]
