TikTok owner ByteDance has been losing momentum in 2024, with slower revenue growth and narrower profit margins for the first three quarters compared with last year, according to local media. Revenue growth “significantly” slowed for the first nine months of the year, while profit margins slimmed for the first time since 2022, Chinese tech media … Read more
ByteDance’s Douyin, the domestic sibling of TikTok, has emerged as a rising contender in the Chinese e-commerce market once dominated by Alibaba Group Holding and JD.com, despite slowing growth. The Beijing-based short-video platform, which has been aggressively expanding into the online shopping business, increased gross merchandise volume (GMV) by 46 per cent year on year … Read more
Two of China’s leading e-commerce platform operators, Alibaba Group Holding and TikTok owner ByteDance, have started to adjust their focus on low pricing with policy shifts that favour merchants, as they seek a more sustainable online shopping ecosystem. Douyin, ByteDance’s flagship short video app in mainland China that set up a dedicated e-commerce team in … Read more
