Douyin Denies the Rumored “3 Trillion yuan GMV Target”

Chinese media reported on Thursday that Douyin e-commerce has prioritized “Price Power” as its top focus for 2024, following in the footsteps of platforms like Pinduoduo, Alibaba, and JD.com. This marks another e-commerce platform that has strategically emphasized “low prices” internally. In 2023, Douyin e-commerce made significant efforts to onboard white-label and small to medium-sized merchants, primarily focusing on mall-centric settings.

Sources close to Douyin e-commerce revealed that in the coming year, the platform’s low-price strategy will extend to content scenes, with malls and short videos actively promoting affordable products, while live streaming sessions will continue to showcase higher-priced brand items.

Douyin e-commerce has set an ambitious goal of surpassing 3 trillion yuan in total transaction volume (GMV) for the year. In comparison, its 2023 GMV stood at around 2.2 trillion yuan, while Pinduoduo had already exceeded 4 trillion yuan. Achieving this target would require Douyin e-commerce to grow by over 36%, significantly outpacing the overall e-commerce market growth rate.

A Douyin e-commerce representative responded to the 3 trillion yuan GMV target, stating that the reported data is inaccurate.

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