TikTok owner ByteDance launched e-commerce websites overseas in the last few months, as they aim to take a crack at selling Chinese products to foreign buyers. The move sets the two Chinese technology firms up on a collision path with Amazon as they expand internationally.
Pinduoduo, one of China’s biggest e-commerce companies, launched a U.S. shopping site called Temu last month, which sold products in categories from fashion to sports and electronics.
Weeks later, ByteDance, the Beijing-headquartered owner of short video app TikTok, launched a fashion website named If Yooou. It is currently shipping to the U.K., Spain, Italy, Germany and France.
Both firms are looking to replicate the success of Shein, the Chinese fast fashion brand that is reportedly now worth $100 billion and has found a large customer base in the U.S. and elsewhere.
ByteDance and Pinduoduo are also relying on cross-border e-commerce — selling Chinese goods to overseas consumers. The U.S. and European markets also present an opportunity for growth.
The push abroad comes at a time where tech giants in China are looking for new avenues of growth as the domestic economy continues to face challenges as a result of Beijing’s strict Covid control policies and deteriorating global macroeconomic environment.
Read more about this at cnbc.com
