TikTok owner ByteDance has set up a new business unit in June for e-commerce on the heels of this year’s “618 shopping festival”, as the short video giants bets on the burgeoning livestreaming e-commerce sector in China, local media LatePost reported on Thursday.
According to the report, Kang Zeyu, the former head of overseas products like news app TopBuzz and social app Helo, will lead the e-commerce unit, for which the company has set a gross merchandise volume target of RMB 200 billion (USD 28.26 billion) for 2020.
Chinese shoppers’ enthusiasm for livestreaming has put its sales potential into the spotlight, with traditional e-commerce giants like Alibaba and JD.com entering the segment beside platforms like Douyin and Kuaishou.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.
