Zhang Yiming, the founder of ByteDance has a new target. After challenging other platforms like Tencent Facebook, ByteDance newest target is Alibaba.
To beat his target, he has hired thousands of new staff and recruited big sponsors such as Ciaomi Corp. He said this was a major breakthrough in global business to sell various products through short videos and live streams, quoted from The Star Online, Monday (10/5/2021).
These efforts not only test Zhang’s magic touch and ByteDance’s AI, but also investor acceptance ahead of the tech world’s most awaited IPO.
ByteDance’s achievements in 1 year
The company itself has made waves in the industry previously held by Alibaba Group Holding LTD and JD.com Inc. Within its first year of 2020 it sold US $ 26 billion for makeup, clotting and other merchandise.
This is an extraordinary achievement, because Alibaba’s Taobao took six years to do the same. Bytedance also plans to raise US $ 185 billion next year.
China’s version of Tiktok, Douyin, is also expected to contribute half of the company’s domestic advertising revenue. Its value is US $ 40 billion, driven by the share of e-commerce.
Blue Lotus Capital Advisor managing director, Shawn Yang said the short video platform has a lot of traffic. So basically can do any business.
“Douyin is not only for advertising, but also for live streaming, e-commerce, local life service and search. This is a lot of room for imagination,” he said.
E-commerce Busines
E-commerce business can help companies exceed their US $ 250 billion valuation when they go public. In doing so, it can counter fears of a crackdown by the Chinese government on the country’s internet giants.
Currently, ByteDance is planning to conduct an IPO in Hong Kong or the US.
ByteDance’s entry into e-commerce is quite late. Where influence promotes products to fans for generation Z versions such as the Home Shopping Network, a money format pioneered by Alibaba in 2016.
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