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[Tinydeals Technology News] On February 21, Tinydeals 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. This new Douyin e-commerce low-price strategy aims to attract more users with competitive pricing.
According to people familiar with Douyin e-commerce, the platform will expand its low-price strategy in the new year. The mall and short videos will recommend low-priced goods. Meanwhile, the live broadcast room will focus on high-priced brand products. This strategic adjustment aims to strengthen Douyin e-commerce’s role as the preferred platform for consumers to find quality products at good prices. As part of the Douyin e-commerce low-price strategy, these changes will impact the entire market landscape.
Douyin e-commerce has set a target of over 3 trillion yuan in transaction volume (GMV) for 2024. In 2023, its GMV was about 2.2 trillion yuan. To reach the new target, Douyin e-commerce needs to grow by more than 36% in 2024. This growth rate far exceeds the average growth rate of the e-commerce market. It shows Douyin e-commerce’s high confidence and determination in its 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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