![]() According to Insider Intelligence, they account for nearly half of all Douyin users. The biggest upside of opening a flagship store on Douyin is the opportunity to connect with China’s Gen Z netizens. “I know for a fact that fashion and jewellery brands are looking into it now - it’s a work in progress,” says Mauron. Now that the app’s role as a strategic communication platform for luxury brands in China has been clearly established, expect faster progress in the months ahead. cn brand sites and Tmall flagship stores, points out Asa Mazor-Freedman, specialist advisor at Gartner.Īccording to Mauron, this is a familiar route: domestic, mass-market and beauty brands serve as early adopters, with luxury brands as more cautious followers. Some brands, including Tiffany & Co., Celine, Gucci and Chloé, are making limited use of Douyin’s e-commerce offering by linking products to. Over the last three years, brands like Burberry and Prada have created branded accounts, primarily for marketing and advertising purposes. That hesitancy is par the course for luxury brands, who took several years to even test Douyin. “We would not take such a step until totally satisfied that everything was in place to meet our requirements, and thus correspond to the expectations of our clientele.” The luxury brand opportunityįor Dior, which launched its official account on the app in April 2018, the viability and effectiveness of launching flagships on Douyin is something for further down the line, as the app is still going through a process of development, a spokesperson said. Founder Zhang Yiming surprised investors this month by announcing he is stepping down as CEO ahead of a planned IPO: analysts have speculated that this was a pre-emptive move to reassure the government. ![]() This success has not left Douyin owner Bytedance immune to the ongoing Chinese government pressures on big tech companies. Since its launch in 2016, Douyin has grown exponentially, surpassing 600 million daily active users and adding popular capabilities like live streaming, which last year helped the app to reach a reported RMB 170 billion ($26.4 billion) in gross merchandise value. “Douyin represents the only way to have live streaming with a broad audience that potentially generates direct sales outside of the Tmall ecosystem. That’s why the luxury industry is looking very seriously at this opportunity,” says Pablo Mauron, managing director China and partner at Digital Luxury Group. “What bring is an ability to monetise the attention Douyin triggers in an even more seamless way. ![]() The app now wants to keep that traffic in-house and capitalise on its ability to build awareness and brand engagement. In January 2021, Bilibili also completed the registration of payment domain names.Douyin has proven successful in driving traffic generated by its highly entertaining content to other e-commerce platforms and has enabled some luxury products to go viral. In January 2020, Pinduoduo obtained a payment license through the acquisition of PayTong in September, Ctrip obtained a payment license through the wholly-owned acquisition of Shanghai State-owned Oriental Huirong in November, Kuaishou obtained a payment license through the acquisition of Yilian Pay. Internet giants are currently gradually challenging WeChat Pay and Alipay, the most widely used payment tools in China. Follow-up has continued in order to promote the implementation of payment services. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications.Įarly in September 2020, ByteDance obtained a payment license through the acquisition of Hezhong Payment. The payment service agreement of Douyin Pay shows that the functions of Douyin payment mainly include recharge, cash withdrawal, transfer and inquiry. The relevant person in charge of Douyin stated that Douyin payment, as a supplement to several primary payment methods, can better serve Douyin users. On January 19, according to 'paibaike,' Douyin pay was officially launched in the Douyin APP.
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