Last year, Pinduoduo's total Gross Merchandise Volume (GMV) reached 4.05 trillion yuan. As for its industry competitor Douyin E-commerce, its GMV for 2023 is about 2.7 trillion yuan, with a target set for 4 trillion yuan in 2024, which is a nearly 50% increase. Although Douyin has remained silent on the relevant data, this target is very close to Pinduoduo's commercial achievement last year.

According to other media reports, Douyin E-commerce's GMV in 2023 is around 2.2 trillion yuan, but these figures were denied by the responsible persons of Douyin E-commerce. Credible sources claim that the actual performance should be 2.7 trillion yuan, as the contribution from commodity cards was not accounted for. While the publicly claimed "3 trillion yuan target" was internally set at 4 trillion yuan. A similar situation also occurred in the goal setting for Douyin's local life services, where the real GMV target for 2023 is 400 billion yuan, not the 150 billion yuan perceived by the public.

In the face of competitors such as Pinduoduo, Douyin E-commerce clearly focuses more on improving its ability to compete on price, which is especially evident in 2024. Low-cost competition has become the direction for Douyin E-commerce to hasten its pace, with rivals including Pinduoduo, Alibaba, and JD.com all deeply engaged in this strategy. As Douyin E-commerce invests more in low-priced goods, they are testing an "automatic repricing" feature on a small scale, aiming to offer consumers more price-competitive goods.

Starting from 2024, all products within Douyin will be equipped with price tags to highlight their price advantage. In addition to actively participating in price wars, Douyin E-commerce is also looking for new growth points as it approaches the ceiling in content, launching an app called "Douyin Shopping Mall Version" in March this year. This is not only Douyin's first standalone e-commerce shopping platform outside its main site but also marks an important step they have taken to meet the active shopping needs of users. In the Douyin Shopping Mall Version app, users can experience the complete e-commerce platform shopping process from searching for products to comparing prices, placing orders, checking logistics, and enjoying after-sales services.

Meanwhile, Douyin E-commerce's role model Pinduoduo continues to maintain its rapid market growth pace, constantly surpassing industry expectations.

In the first quarter of 2023, the e-commerce giant Pinduoduo achieved significant financial growth. The company's operating revenue soared to 86.81 billion yuan, a 131% increase from the same period last year. Its net profit also saw remarkable growth, with an increase of 202% year-over-year, reaching 30.6 billion yuan. Among them, the increase in transaction service revenue was particularly notable, recording a high of 327%, reaching 44.36 billion yuan. This impressive earnings report marks the fifth consecutive quarter that Pinduoduo's performance has exceeded market expectations.

In terms of social media platforms, Douyin showcases its massive user base, with about 800 million Daily Active Users (DAU). By comparison, during the 2022 Double Eleven shopping festival, Pinduoduo's DAU peaked at 398 million, although this figure was boosted during special periods. Generally, Douyin's DAU can consistently maintain twice the level of Pinduoduo's.

Looking ahead, Douyin E-commerce has set an ambitious goal for the total merchandise volume (GMV) in 2024, aiming to reach 4 trillion yuan. This grand objective reveals Douyin's ambition in the e-commerce field and its confidence in continuously expanding its market share.