ByteDance And Kuaishou Venture into China’s Red-Hot Group-Buying Sector

ByteDance And Kuaishou Venture into China’s Red-Hot Group-Buying Sector

Two of the major short video and livestreaming platforms, ByteDance and Kuaishou, are preparing an entry into the grocery group-buying sector, Chinese media outlet LatePost reported on Wednesday.

Kuaishou could be planning an investment into the sector, according to the report. At the end of October, the company sent a team to study the supply chain management and market penetration of Xingsheng Youxuan, a Changsha, Hunan-based startup. Soon after, it dispatched another crew to Changsha to carry out due diligence checks on a slew of companies, including Xingsheng.

ByteDance, on the other side, has been incubating a grocery group-buying business internally, which was initially named Jinri Maicai (Jinri means ‘today,’ while Maicai refers to ‘buying vegetables’). The company also conducted market research in the city of Linyi, in the Shandong province, and Shijiazhuang, in the Hebei province.

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