Douyin is rapidly winning market share from rivals Taobao and Tmall. In the first three quarters of 2023, Douyin Beauty’s GMV climbed 44 percent YoY to $15.4 billion.
Brands on Douyin are also breaking records. Take domestic skincare brand Kans (韩束) for instance, Feigua Data shows that its GMV on Douyin in the first three quarters reached $232 million (1.7 billion RMB). The one-month sales of Kans‘ GMV on Douyin-only was about one-twelfth of Han Shu’s annual performance target in 2022.
Analysts estimate its GMV will exceed $273 million (2 billion RMB) by the end of this year, considering the upcoming Singles’ Day (11/11) shopping bonanza.
The Jing Take: New brands Dai An Di and Joyruoo have emerged on Feigua Data’s monthly Douyin top 10 best-selling beauty brands list. Neither has an official presence on China’s social platforms, such as Weibo and Xiaohongshu, where brands tend to operate their official accounts and release official statements. They are fully relying on Douyin to generate traffic for their livestreaming sessions. Continue to read the full article here
