ByteDance Accelerates E-Commerce Recruitment and Sponsors
ByteDance, which brought TikTok to the world, adds thousands of employees as part of a plan to challenge Alibaba in e-commerce, Bloomberg reported. Hundreds of new hires are tasked with identifying potential fakes before they reach customers. The company also brought in big sponsors such as the co-founder of Xiaomi Corp. Lei Jun.
Zhang Yiming, who built ByteDance, is a “38-year-old AI coding genius,” Bloomberg wrote. The news service estimated the size of the e-commerce market Yiming is targeting at $ 1.7 trillion. Yiming said e-commerce will be his next “major breakthrough,” according to the report.
In its first year, Yiming’s e-commerce effort sold around $ 26 billion worth of “makeup, clothing, and other products.” In doing so, Yiming directly entered a market long dominated by Alibaba Group and JD.com Inc.
Bloomberg quoted Shawn yang, Managing Director of Blue Lotus Capital Advisors, as having said with reference to TikTok’s key feature: “Short video platforms have so much traffic that they can practically do any business.”
“Douyin (the Chinese version of TikTok) is not only in commercials, but also in live broadcasting, e-commerce, local life services and research. That leaves a lot of room for the imagination.” Yang added.
Bloomberg reported that ByteDance will use its artificial intelligence (AI) capabilities – particularly the ability to present compelling advertisements to video watchers – to power its e-commerce operations.
The report quotes Bob Kang, Douyin’s e-commerce manager, as recently telling an audience that the new offering is “somewhat similar to shopping on the street.”
“As people get richer, they don’t go to malls or boutiques with specific things in mind – they just buy if they see something they like,” he said. added.