Could Douyin Give Tmall, JD a Run for Their Money?
Ramping up its e-commerce initiatives over the last year, Douyin’s GMV in 2020 topped $77 billion, more than three times that of 2019.
By launching its own payment service, Douyin has started to close its e-commerce loop. But Douyin Pay is unlikely to give WeChat Pay and Alipay — responsible for 90 percent of all mobile payments in China — serious competition anytime soon.
Like Tmall and JD, Douyin has rolled out its own flagship stores to help ensure product authenticity and boost sales. Already, beauty giants and homegrown brands have implemented the new feature, with the L’Oréal Group seeing $3.4 million in GMV within a week. Read more Jing Daily
China Enters Summer With Box Office at Full Throttle
So far in 2021, China’s box office recovery has been driven by record-high sales over the February Chinese New Year, April Tomb-Sweeping and May 1 Labor Day holidays, propelled by crowd-pleasers like “Detective Chinatown 3,” “Hi, Mom,” “Sister,” and Zhang Yimou’s “Cliff Walkers.” The Lunar New Year brought in $1.22 billion (RMB7.82 billion) in seven days, a 33% increase over 2019. The April festival weekend marked a new holiday record of $128 million (RMB817 million), while the most competitive Labor Day weekend of all time raked in unprecedented sales of $265 million (RMB1.7 billion). Read more Variety
