On Monday, Douyin e-commerce released its annual report for 2023, revealing an impressive surge in Gross Merchandise Volume (GMV) by 277% year-on-year.
The platform has seen significant activity, with as many as 8.84 million content creators leveraging live streams, short videos, and written content to promote products and generate income. Of these, over 600,000 creators reported a cumulative GMV exceeding 100,000 yuan.
The past year has also seen Douyin E-commerce making substantial strides in supporting the sale of agricultural specialties, with a staggering 47.3 billion units sold. The number of e-commerce vendors in the agricultural sector has seen an 83% increase compared to the previous year, with more than 24,000 vendors reporting annual sales exceeding one million yuan.
Douyin emphasized the potential for growth in the interest-based e-commerce sector, with their platform’s GMV growing by over 80% in the past year alone.
In a move designed to enhance consumer shopping experience, Douyin E-commerce also initiated a speedy refund service post-delivery earlier this year. This follows similar practices adopted by e-commerce giants Taobao and JD.com, positioning Douyin as a competitive player in the e-commerce landscape.
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