Douyin bytedance pay china wechat pay11/9/2023 ![]() ![]() As the number of gamers keeps growing, more and more tech companies find such thriving market tempting and Bytedance is one of them. In 2020, China’s mobile gaming vaunted a market value of around 210 billion RMB: compared to 2016, the industry turnover experienced an incredible 45% rise in just four years. Defying the titan of China’s gaming industry: Bytedance vs Tencent However, competing with major payment service providers that enjoy a pervasive presence on Chinese consumers’ lives is going to be a very difficult task to achieve. Considering that during April 2021 users spent on average 27 RMB on the short-video platform, this is therefore a considerable discount. ![]() In addition, Douyin is granting a 2 RMB deduction to all shoppers using its brand new payment solution to make their purchases. Although during the first two months of 2021 the platform’s in-app payment was listed in the “Other payment methods” submenu, starting from March it moved among recommended payment methods, below Alipay but above WeChat Payment. Thus, in an attempt to break the duopoly, in the middle of January 2021 Douyin launched its own payment tool: Douyin. Indeed, WeChat Pay and Alipay currently manage about 90% of all mobile payments in China. Source: Douyin, L’Oréal official flagship store Douyin Pay grants independence from other large tech companiesĪnother significant challenge for Bytedance’s subsidiary consists in cutting expenses resulting from processing fees to other payment service providers. Similar to WeChat, Douyin e-commerce relies on a constellation of mini-programs, which allow users to access several services without ever leaving the APP. ![]() Thus, in August 2020, Douyin banned embedding external links on livestreams, in an attempt to cut ties with third-party platforms and encourage both merchants and consumers to utilize its in-house stores. Indeed, until last year, sellers could add links redirecting to marketplaces, such as TMall and JD, to their videos and livestreams: when KOLs’ fans wanted to buy a product, they actually went to visit another platform to purchase it. Nevertheless, all that glitters is not gold: about 60% of the platform’s GMV in 2020 came to third parties, while sales on Douyin stores just accounted for around 20% of the total. On the verge of creating its own e-commerce ecosystem During their livestreams, KOLs usually introduce items that are likely to suit their audience’s tastes, give their viewers the chance to see the products in action and immediately answer their fans’ questions, thereby turning their videos into premium advertising tools. Last year live sessions on Douyin generated more than 500 billion RMB in Gross Merchandise Volume (GMV), therefore it is not surprising that many brands actively recruit KOLs and KOCs for their Douyin marketing strategy. When talking about Bytedance’s short-video platform, the word “livestream” immediately springs to mind. Douyin is a golden goose for all kinds of brands The platform even created an interactive mini game to engage users and encourage them to don’t miss the offers. Douyin started its 618 strategy by launching a pre-sales campaign on May 25th, and then provided a wide range of discounts, vouchers and live streaming promotional events for the entire festival period. Moreover, the APP is currently building its own e-commerce ecosystem and this year it joined 618, China’s second most important shopping festival, officially entering into competition with big online retail giants, such as TMall, Taobao and JD. With this in mind, consumers belonging to such age range are those who made the largest amount of purchases online during the pandemic and that last August the platform reached more than 600 million daily active users, Douyin can be a great tool for brands eager to intercept potential customers and generate new leads. According to data, young people between 19 and 40 years old, living in New-Tier-1, Tier-2, Tier-3 and Tier-4 cities account for about 80% of Douyin users. Owned by the Chinese tech company Bytedance, this APP allows users to upload and share videos under one minute long, but what makes it so special is its ability to tailor content recommendations on members’ interests and tastes through its sophisticate algorithm.
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