TikTok owner ByteDance has set up a new business unit for ecommerce this month on the heels of this year’s 618 shopping festival, as the short-video giant bets on the burgeoning livestreaming ecommerce sector in China, local media LatePost reported on Thursday.
Photo credit: Bytedance
According to the report, Kang Zeyu, the former head of the company’s overseas products like news app TopBuzz and social app Helo, will lead the ecommerce unit, for which the company has set a gross merchandise volume target of 200 billion yuan (US$28.3 billion) for 2020.
Chinese shoppers’ enthusiasm for livestreaming has put its sales potential into the spotlight, with traditional ecommerce giants like Alibaba and JD.com entering the segment beside platforms like Douyin and Kuaishou.
This report was first published on KrAsia.
Editing by Miguel Cordon
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