Fanno, an independent e-commerce platform launched by ByteDance at the end of 2021, is rumored to be shutting down, at least according to a Thursday report by Egainnews, citing various sources. However, a company spokesperson told Sina Tech that Fanno can still be used as usual, and they will continue to support users and merchants.
Fanno provides users all over the world with high cost performance products. On November 16, 2021, Fanno’s app was officially launched on the iOS App Store, mainly for the European market. At the beginning of the launch, it cooperated with many sellers, and its stock warehousing unit quickly increased to 40,000 units.
A person familiar with the matter revealed to Egainnews that the Fanno’s team was dissolved in April as ByteDance was winding down the business.
At first, a large number of merchants poured into the platform, but the surge didn’t last and orders soon dropped.. For the sharp decline in orders, some merchants offered various reasons, ranging from the conflict between Russia and Ukraine or even the rising prices in Europe, which then led to a decline in the willingness of consumers to spend.
In addition, many merchants claimed that Fanno’s traffic in different countries has been uneven. In Italy, the app has risen rapidly ranking as high as third place in the country’s shopping apps. The app’s popularity has translated into good traffic and sales numbers. However, in France, Germany and other European countries, the app has seen mediocre performance.
Consumers are also dissatisfied with the company citing poor logistics efficiency and rejections of refund applications by consumers.