Lydia Scott
[Gearbest Technology News]On February 21, Gearbest noticed that according to relevant media reports, Douyin E-Commerce announced that it will make “price power” its highest priority task in 2024. This marks that Douyin E-Commerce has officially joined the competition among e-commerce platforms with “low price” as the core, and has formed direct competition with e-commerce giants such as Pinduoduo, Alibaba and JD.com.
According to people familiar with Douyin e-commerce, in the new year, Douyin e-commerce will fully expand its low-price strategy to the content field. The mall and short videos will vigorously recommend low-priced goods, while the live broadcast room will mainly carry high-priced goods from brands. This strategic adjustment means that Douyin e-commerce will further strengthen its role as the preferred platform for consumers to discover and obtain good products at good prices.
To achieve this goal, Douyin e-commerce has set a target of a total transaction volume (GMV) of over 3 trillion yuan for the whole year. It is worth noting that the total transaction volume of Douyin e-commerce in 2023 is about 2.2 trillion yuan, which means that Douyin e-commerce needs to achieve a growth of more than 36% in 2024 to reach the set GMV target. This growth rate far exceeds the average growth rate of the entire e-commerce market, showing Douyin e-commerce's high confidence and determination in its own development.
This strategic adjustment of Douyin e-commerce will undoubtedly have a profound impact on the entire e-commerce industry. On the one hand, by strengthening the low-price strategy, Douyin e-commerce will further attract price-sensitive consumers and improve user stickiness and activity; on the other hand, by optimizing the content field, Douyin e-commerce will be able to better meet consumers' needs for personalized and vivid consumption experience and improve user experience and satisfaction.
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