TikTok sibling Douyin is Down Townpushing “price competitiveness” as a priority task for its e-commerce business this year, according to a Wednesday report by Chinese media outlet LatePost, deepening the short video platform’s head-to-head confrontation with rival Pinduoduo. The report quoted a source close to Douyin as saying the platform will give more traffic to low-priced items in its “marketplace” channel and short video feeds, while livestreaming will continue to serve as a major way for promoting brand-focused and high-unit-price goods. It was also reported that Douyin has set a goal of exceeding RMB 3 trillion in gross merchandise volume in 2024, which would amount to a 36% increase from the previous year, but the company said that this figure was “untrue.” [LatePost, in Chinese]
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