ByteDance to Launch its Own Online Store in TikTok
Chinese IT giant ByteDance, owner of the popular video service TikTok, is implementing a program called Project S, aimed at expanding the company’s presence in the online trading sphere. A new feature, Trendy Beat, has been integrated into TikTok at this stage, a new section for purchasing products from popular videos. All advertised products are supplied from China and are produced by a Singaporean company, a subsidiary of ByteDance.
It is worth noting that ByteDance is no stranger to online trading. The company has a platform, TikTok Shop, through which third-party sellers can sell their products, paying fees to the platform. At the same time, the Trendy Beat feature will allow the company to receive all the revenue. TikTok representatives have confirmed that testing of the mentioned function is currently underway. “We are continually exploring new ways to enhance our community, and we are in the early stages of experimenting with new shopping features,” a TikTok representative said.
According to sources, the implementation of Project S is an attempt by ByteDance to start selling its own products. In addition to this, the company is organizing an online trading division to compete with other major players in this segment in the future. The statement said that the online trading division will be headed by Bob Kang, head of ByteDance’s e-commerce division.
Currently, ByteDance has other offers in the field of e-commerce. For example, in the Douyin app, a Chinese analogue of TikTok, goods are sold annually for a total of $10 billion. The total volume of the company’s trading revenue in 2022 amounted to $85 billion. ByteDance’s main activity is related to social networks, and a large part of the annual income comes from advertising. However, last year ByteDance’s non-advertising income increased more than 7 times, thanks to the Douyin app, which combines many services, including food delivery, ticket booking, and others.
- I'm Vasyl Kolomiiets, a seasoned tech journalist regularly contributing to global publications. Having a profound background in information technologies, I seamlessly blended my technical expertise with my passion for writing, venturing into technology journalism. I've covered a wide range of topics including cutting-edge developments and their impacts on society, contributing to leading tech platforms.
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