On the second day of the Douyin E-commerce Ecological Conference on Tuesday, Wei Wenwen, President of Douyin E-commerce, announced that the platform’s GMV in the past year increased 3.2 times year-on-year, and that more than 10 billion products were sold. The growth rate confirmed that “interest e-commerce” is a huge business opportunity but that the platform is still in its early stage of development. Wei believes there are still many great opportunities available in the future, with the proportion of new fields reaching more than 50%.
In 2021, 1.8 million new merchants, 3.86 million sales experts, more than 20,000 MCN institutions and service providers have chosen to work through Douyin E-commerce and have seen incredible growth as a result. The “National Good Book Program” helped book sales on the platform exceed 190 million orders while the “Finding the Craft Program” helped the total turnover of Intangible Cultural Heritage craft inheritors to increase 15 times a year. Finally, the”Mountain Products Make Headlines program” has helped 1.793 million local agricultural products to be sold across China.
Last year, Douyin E-commerce defined the concept of “interest e-commerce,” a type of e-commerce aiming to satisfy consumers’ implicit needs while improving their life quality. Wei Wenwen said that the value of the “interest e-commerce” lies in connecting goods with consumers with high-quality content.
At this year’s conference, Wei Wenwen said that the platform would upgrade its “interest e-commerce” to “universal interest e-commerce”, and meet the diverse needs of users by covering more scenarios and shopping needs. Coordinating short videos, live-streaming content, Douyin Mall, and searching, etc., Douyin E-commerce is aiming to bring new growth to businesses.
In the “universal interest e-commerce” environment, high-quality content such as short videos and live-streaming stimulate users’ potential interests and recommend them new things. Users who already have a shopping list connected to their Douyin account can place orders directly by searching in Douyin Mall, thus helping train the platform to recognize products, services and offers that match their interested. As traffic will be expanded through marketing efforts, these fields will give users a “one-stop” shopping experience and help businesses to develop in an all-round and long-term way.