Chinese short video company Kuaishou is redoubling efforts to build its e-commerce empire in the hope of becoming a major online shopping platform able to take on bigger rivals like Alibaba and JD.com.
On Wednesday, Kuaishou said the number of online shopping orders generated on its platform hit the 500 million mark in August, boosting its aim to increase the number of businesses selling products on its platform.
Starting as a GIF generator app in 2011, Kuaishou changed its business model in 2012 to become an online community for creating and sharing short videos. Now, trying to capitalize on a boom in livestreaming e-commerce in China, the company has laid out a blueprint for the emerging business, which could change consumers’ shopping habits.
Last month, Kuaishou announced the launch of a project that aims to help more than 100,000 new businesses achieve annual sales of 1 million yuan ($146,000) on its platform in the next year. In June, the company said that it plans to invest 3 billion yuan to build a livestreaming e-commerce headquarters in the western Chinese city of Chengdu, which it said will be home to multi-channel networks (MCNs), online celebrities and brand owners.
Kuaishou says it has more than 100 million daily active users for its e-commerce services, nearly 45% based in first- and second-tier cities.
Contact reporter Ding Yi (email@example.com)