(Report producer/author: Essence Securities, Zhang Licong, Yu Kun)
1. Investment analysis
1.1. Core ideas
Small kitchen appliances fit the Douyin e-commerce model and are expected to ride the platform's rapid development. In recent years, social e-commerce platforms represented by Douyin, Kuaishou and Pinduoduo have developed rapidly and have gradually become an important incremental channel for home appliance sales. Small kitchen appliances with low unit prices, strong video exhibitions and short decision-making links rely on live streaming and short video drainage effects, and their Douyin e-commerce sales performance is excellent. Through a rich content ecology and interest-based recommendation technology, Douyin e-commerce is expected to help small kitchen appliance brands continue to explore potential interested users and grasp the rapid development dividends of the platform.
The leading brands have obvious advantages, and the competitive landscape is expected to be strong. Relying on brand advantages, financial strength and first-mover advantages, the kitchen small household appliance faucet has built a perfect Douyin account matrix and self-broadcast system, and the drainage effect is leading the industry; Small and medium-sized brands also achieve higher conversion rates through appropriate product selection and pricing strategies, and emerging channels contribute more to their revenue margins. At present, the competition pattern of Douyin kitchen small household appliance industry is relatively scattered. According to Jiuqian data, the sales share of Douyin's small kitchen appliance head brand in 2022 is less than 10%, and it is full of a large number of white-label products. We believe that the pattern of Douyin's small kitchen appliance industry is undecided, and leading brands are expected to continue to enjoy channel development dividends by relying on good Douyin channel layout and relatively mature operating capabilities; Small and medium-sized brands adopt an intensive operation strategy, and the Douyin channel is expected to contribute considerable revenue increments.
1.2. A view that differs from the market
Some investors believe that the high cost of the Douyin channel makes it difficult for brands to achieve sustainable operations. We believe that the low profitability of Douyin channel is mainly due to the high cost of advertising investment and influencer anchor investment on the brand side in the early stage, but as the brand gradually accumulates private domain traffic and gradually builds a complete self-broadcast system, the profitability of the brand side Douyin channel is expected to continue to improve by optimizing the drainage investment and product selection strategy. The main reasons are: 1) Improve the self-broadcast system and comply with the Douyin live streaming traffic mechanism, so that brands can obtain low-cost organic traffic. At present, the self-broadcast revenue of major brands of small kitchen appliances has become the main source of revenue for Douyin channels. 2) The right product selection strategy can increase the conversion rate. Brands such as Subor and Dongling continue to promote popular products and have obtained a high live broadcast conversion rate. 3) Douyin Mall is expected to increase brand profitability. Referring to the operational characteristics of Taobao and JD.com, Douyin Mall is conducive to promoting transactions and increasing the repurchase rate, while reducing the cost of live broadcast mode.
2. Douyin e-commerce has sprung up, and global upgrades meet diversified needs
Actively promoting traffic monetization, Douyin e-commerce has risen rapidly. As consumers' attention gradually migrates to short videos and live content, short video platforms represented by Douyin have gathered a large traffic pool. According to Quest Mobile data, the monthly active users of the Douyin APP reached 680 million in 2022. In 2020, in order to promote better monetization of the traffic pool, Douyin cut off the external links of e-commerce transactions and formed an independent e-commerce system. According to Jiuqian's data, Douyin's e-commerce sales in 2022 will be 638.4 billion yuan, YoY + 222%. Although the scale of Douyin e-commerce is still far behind Tmall and JD.com, it shows strong growth potential. Users not only see the good life through short videos and live broadcasts, but also stimulate their interest in purchasing, which lays a solid foundation for Douyin's development of e-commerce business, and the e-commerce business link begins to be reconstructed around short videos and live broadcast content, providing merchants with broad business growth potential, and interest e-commerce is growing into a new trend in the e-commerce industry.
Douyin e-commerce is positioned as an interest e-commerce company with content as the hub. Traditional e-commerce is dominated by shelf e-commerce platforms. Shelf e-commerce is similar to the online of department stores, with ultra-large-scale commodity supply as the core, through channel operation and commodity marketing, to reach consumers with clear consumption purposes, with "search" as the main consumption path, showing the main characteristics of "people looking for goods". At the Douyin E-commerce Ecological Conference in April 2021, Douyin E-commerce proposed a new concept of "interest e-commerce". Different from traditional shelf vendors, interest e-commerce takes visual commodity content as the core, focuses on the operation of commodity content and the recommendation of interest content, takes interest as the starting point, and presents the core characteristics of "finding people" by distributing short videos or live broadcast content with goods to consumers.
The FACT Business Matrix model helps merchants seize growth and business opportunities. In May 2021, Douyin e-commerce launched the "FACT Operation Matrix", which sorted out four tracks of content supply for the majority of merchants through merchant self-broadcasting, talent matrix, marketing activities, and head V. Merchant self-broadcast and talent matrix are the daily operation fields of merchants. Among them, merchant self-broadcasting is the basic plate of daily sales operation, which helps to establish long-term relationships with users and achieve continuous accumulation of people; The influencer matrix is an amplifier for business growth, and with the help of influencer resources, brands can quickly expand the range of traffic. Marketing campaigns and big Vs are ways for brands to explode growth. Among them, marketing activities are for merchants to achieve short-term sales explosion with the help of platform resources (e-commerce promotions, marketing IP, industry activities, etc.); The big V in the head can help the brand quickly break the circle and achieve the "double detonation" of product promotion and sales.
Douyin e-commerce upgrades global interest e-commerce to meet the diversified needs of consumers. With the continuous maturity of users' shopping mentality, the consumption scene has begun to become more diversified. In August 2021, Douyin E-commerce launched Douyin Mall, officially laying out the shelf e-commerce model. Douyin Mall connects the mall and the store, and the merchant guides users to join the store membership in the live broadcast room, and users can enter the store to buy by themselves when the merchant is not on the air. In May 2022, Douyin e-commerce was fully upgraded to "global interest e-commerce", extending the business scene from the content field to the shelf field (center field) and marketing field. By covering all scenarios of consumers and multi-link shopping needs, Douyin e-commerce is expected to overcome the problems of scattered transactions and low repurchase rate under the interest e-commerce model.
Under the global interest e-commerce model, consumers can complete their purchase through four major channels: short video, live broadcast, Douyin mall, and search. Content streams such as short videos and live broadcasts stimulate consumers' potential interest, and achieve in-depth planting and efficient transactions; Mall, search, etc. Active search scenarios are already interested in consumers, providing a fixed path to achieve accurate matching and repurchase. Content farm: The content farm is the basic disk of Douyin's e-commerce operation, and merchants ensure diversified content supply through the FACT business matrix. Central field: The central field opens up the link of "people looking for goods", making Douyin Mall a key field for purchase, conversion and repurchase, and providing a stable centralized trading field for merchants. Marketing field: Expand global traffic through advertising to achieve business efficiency growth.
3. Explore potential interested users, kitchen appliances Douyin performance is eye-catching
3.1. The category structure of Douyin is mainly clothing, and the proportion of food and beverages and home appliances has increased
Douyin category structure: clothing shoes and bags accounted for a relatively high proportion, and the proportion of food and beverages and household appliances increased. According to Jiuqian data, the top six categories of Douyin e-commerce sales in 2022 are clothing, shoes and bags, food and beverage, beauty, home department stores, mother and baby pets, and digital appliances. Among them, clothing shoes and bags accounted for 33%, and the share was significantly ahead of other categories. As Douyin e-commerce continues to enrich the shopping field, major brands have gradually increased their interest in e-commerce channels, and the category structure of Douyin e-commerce platform has gradually been balanced. In 2022, the proportion of food and beverages, beauty, home appliances and household products increased significantly.
Products with low unit price, high gross profit and heavy sense of experience are more marketable in Douyin e-commerce. Based on the unique business model of Douyin e-commerce, Douyin marketable products mainly have the following characteristics: 1) The unit price of the product is low. According to Jiuqian data, the average price of all categories of Douyin e-commerce in 2022 will be 46 yuan / piece, of which the average price of the top five categories of clothing, shoes and bags, food and beverage, beauty, home department stores, and mother and baby pets has not exceeded 100 yuan / piece. Mainly because Douyin e-commerce relies on content (short video, live broadcast) push "goods to find people" model, must stimulate consumers' desire to buy in a short period of time, so low-customer unit price products with short decision-making links are more suitable for Douyin sales.
2) The gross profit margin of the product is higher. Comparing the gross profit margin of the consumer goods industry in the Shenwan industry classification, we find that products with a higher proportion of Douyin sales generally have higher gross profit margins, and the gross profit margin of cosmetics, food and beverage, clothing, home textiles, and household goods industries exceeds 30%. Douyin e-commerce platform has higher requirements for product gross margin, which is mainly affected by its higher cost delivery. The Douyin channel needs to invest a lot of expenses in live broadcast room construction, content production, talent delivery, platform drainage, platform commissioning, etc., resulting in its relatively high channel expense rate at present. 3) The product display effect is better and the sense of experience is strong. Douyin e-commerce relies on content to connect users and products, so products with better appearance and function display effect can visually stimulate the desire to buy. Through live broadcasts and short videos, users can better understand the details and functions of non-standardized products, and it is easier to reach purchase decisions.
Comparing the incremental scale of GMV1 and the growth rate of each category, we divide the Douyin electronic product category into four tracks. From the perspective of sales of various categories, most categories are in the potential track, although the current incremental scale is not high, but the growth rate is considerable. Among them, the growth rate of kitchen appliances, personal care equipment, household appliances and major appliances under the category of home appliances was better than the average growth rate of the broader market. As brands continue to increase the construction of Douyin channels and improve their self-broadcast systems and product strategies, the scale of potential track categories is expected to increase rapidly.
3.2. Explore potential interest users, kitchen appliances are more suitable for Douyin sales
Specific to the category of home appliances, kitchen appliances, personal care appliances, and household appliances account for a relatively high proportion of sales. According to Jiuqian data, among the home appliances sold by Douyin e-commerce in 2022, the sales of kitchen appliances, personal care appliances, and household appliances accounted for more than 20%, and were significantly higher than white appliances, kitchen appliances, and black appliances. From the perspective of subdivided products, floor scrubbers, razors, air fryers, wall breakers, sweepers and other categories lead in sales.
Small household appliances with shorter decision-making links and better content marketing effects are more suitable for Douyin channel sales. Douyin home appliance survey data shows that for the reasons why they are keen to buy live broadcasts, more than 60% of users are attracted by the vivid and comprehensive explanation content in the live broadcast room. The sales volume of kitchen, personal care and household appliances in Douyin is significantly better than that of major appliances, mainly because: 1) the average price of kitchen, personal care and household electrical appliances is less than 200 yuan / piece, and the user decision-making link is shorter. 2) Small household appliances have a low degree of standardization and fast function iteration and upgrading, which is suitable for displaying functional features and use effects through live broadcast and short video. Through a rich content ecology and interest-based recommendation technology, Douyin e-commerce connects small household appliance products with potential interested users, promoting the rapid increase in sales of small household appliances.
4. The leading advantages of small kitchen appliances are obvious, and the marginal contribution of small and medium-sized brands is greater
The competition pattern of Douyin's small kitchen appliance industry is relatively scattered, Subor's revenue scale is leading, and the marginal contribution of small and medium-sized brands to Douyin's income is relatively large. At present, the competition pattern of Douyin's kitchen small appliance industry is relatively scattered. According to Jiuqian data, the sales share of Douyin kitchen small household appliances head brands in 2022 is less than 10%, and it is full of a large number of white-label products. According to Jiuqian data, in 2022, Subor's Douyin channel sales will be about 900 million yuan, ranking in the leading position in the kitchen small household appliance industry. Affected by the time and investment of various brands in the layout of Douyin channels, some small kitchen appliance faucets continue their leading edge in other platforms in Douyin channels.
Considering the proportion of Douyin channel revenue to online revenue, the proportion of Douyin revenue of small and medium-sized brands such as Mofei, Dongling and Beiding is higher, which means that Douyin channels make a greater marginal contribution to the revenue of these brands. We believe that mainly because of the small and medium-sized brands' small and medium-sized brands' smaller revenues, the incremental contribution of Douyin channel is greater; Moreover, its representative products multi-function pot, fruit and vegetable washing machine, and electric steamer can highlight the characteristics of appearance design and functional creativity through Douyin live broadcast and short video exhibition, so that it can quickly increase its volume in Douyin channel.
4.1. Outstanding brand advantages, perfect self-broadcast system, leading brand traffic
E-commerce traffic is generally defined as the number of user views and browsing time of the platform, and here we mainly compare the total number of Douyin fans and live broadcast views of each brand. It can be seen that the total number of fans of Subor's Douyin account exceeds 10 million, and Jiuyang's live broadcast has been viewed more than 120 million times in the past year. Subor and Jiuyang's Douyin platform traffic is ahead of other small kitchen appliance brands, on the one hand, due to the brand appeal of the two as the leaders of small kitchen appliances, and also due to their mature Douyin operation methods.
High-quality content is the foundation for aggregating traffic for interest-based e-commerce. E-commerce traffic can be divided into free traffic and paid traffic. Brands can achieve a sharp increase in traffic in the short term by paying for it, but the continuous and efficient operation of brands needs to rely on the ability to obtain free traffic, and the latter requires brands to establish a high-quality self-broadcast system and high-quality short video output capabilities. The importance of content can be seen from Douyin's traffic distribution mechanism: Douyin recommends content based on tags to people who may be interested for testing, and continuously expands the traffic pool according to feedback, so as to get more traffic for high-quality content, and its evaluation data dimensions include likes, comments, retweets, followers, completion rate, etc. In the global interest e-commerce environment, the brand side stimulates the potential interest of users through short videos, live broadcasts and other content, so as to achieve in-depth planting and efficient transactions; Through the layout of shopping malls, search, etc., users are already interested in actively exploring scenarios to achieve accurate matching and repurchase; After user behavior is precipitated, global traffic is expanded through marketing solutions to achieve global acceleration.
Leading brands rely on self-broadcasting to build long-term competitiveness. Affected by the Douyin e-commerce model, the revenue of the Douyin platform for small kitchen appliances mainly comes from live streaming methods, and the revenue of live streaming goods of Subor and Jiuyang accounts for more than 95% of the revenue of the Douyin platform. In the past year, the revenue of Subor and Jiuyang brands accounted for 84.2% and 60.9% respectively, followed by the proportion of income from talent broadcasting. Small kitchen appliance brands maintain cooperation with talents, but the degree of binding is light, which can effectively reduce the cost of bringing goods and the impact of personality risks.
Leading brands pay attention to brand self-broadcasting, actively develop account matrix, and continue to attract traffic through all-weather live broadcasting. Subor and Jiuyang's brand self-broadcast revenue accounts for a relatively high proportion, mainly due to their rich account matrix layout and all-weather live broadcast promotion. Relying on its sufficient capital advantages and huge dealer system, the leader has set up an account matrix of "official self-broadcast number + dealer independent account" on the Douyin platform, and each account mainly promotes 2~3 products, and the main products of different accounts have certain differences, which helps to improve the live broadcast conversion rate. As of March 2, 2023, Subor and Jiuyang have 100 and 78 Douyin accounts respectively, and their officially operated head flagship store accounts have more than one million followers.
In addition, leading brand accounts promote products through round-the-clock and periodic live broadcasts, cultivate user viewing habits, continuously aggregate traffic and improve user retention rate. Merchants guide users to follow the homepage of the merchant through self-broadcasting, join the merchant's fan base, and improve fan stickiness through fan benefits, fan privileges, event lotteries, etc. The average daily broadcast duration of Subor and Little Bear in the past 30 days reached 17 and 15 hours respectively. Among them, the recent live broadcast time of the Subor small household appliance flagship store is from 6:00 to 2:00 the next day, during which the anchor will be changed to ensure the continuity of the live broadcast.
High-quality high-frequency short videos continue to attract traffic, creating account personalities to precipitate loyal users. As an important carrier of communication between brands and consumers, short video content carries the purpose of sales, increasing fans, and draining traffic, and is the core of transforming popular traffic into commercial traffic. The ability to produce video is reflected in the production of content around user preferences on the one hand, and in the presentation of clear audio and video quality and clear message delivery on the other. Compared with the short videos released by various brands in the past six months, the head accounts of Jiuyang and Little Bear received the highest average number of likes, while the head accounts of Mofei and Little Bear posted the largest number of videos. On the whole, Xiaoxiong, Jiuyang, and Subor received the most total likes, achieving a better short video drainage effect.
In addition, the video persona also reflects the brand's ability to produce short videos, strengthen personalities, and operate fan communities. Subor's "Subor Little Boss" and "Su-style Baiwei Theater" continue to create a series of short videos on the themes of family life and food sharing, and Jiuyang's "Jiuyang Spokesperson - Xiao Zhan" and "Food" continue to publish a series of short videos on topics such as Bu Xiao Zhan and food production, all of which have received considerable views. Build a talent matrix to improve content marketing efficiency. According to the data of Cicada Mother, the revenue of Supoer and Jiuyang's talent broadcasting accounts for 13.9% and 36.2% respectively. The influencer matrix is an amplifier for business growth, and with the help of influencer resources, brands can quickly expand the range of traffic. Compared with the cooperation between various brands and talents, Subor has the largest number of influencers, followed by Little Bear and Jiuyang. In terms of talent types, Subor, Jiuyang and Little Bear use more evaluation and fashion-oriented talents, display product functions and effects in multiple dimensions, gradually form a positive reputation of the brand, rapidly expand the traffic range and achieve sales increase.
4.2. Low unit price and high brand power promote conversion rate improvement
Subor and Dongling have the leading conversion rate. The conversion rate reflects the quality and operational efficiency of live streaming with goods, and the factors determining the conversion rate come from factors such as product selection, discount strength, fan interaction, and live broadcast room construction. The conversion rate of Subor and Dongling is at the leading level in the industry, and we believe that the main reasons are: 1) The unit price of Douyin selection is low. Compared with the average prices of products of various brands on various platforms, the average prices of products of Subor and Dongling on Douyin are lower than those of other brands, and lower than their unit prices on Tmall and JD.com. The low unit price strategy is conducive to reducing consumer decision-making time and promoting transaction conversion in live streaming. 2) Subor brand is well known, providing quality assurance for consumers and facilitating the conclusion of transactions.
3) Streamlining SKUs can help increase average product exposure and conversion. In the past 30 days, the cumulative number of products on the shelves of Subor and Dongling was 60 and 86 respectively. The "Douyin E-commerce Merchant Self-broadcast White Paper" recommends that the number of goods on the shopping cart be controlled at 20~80 as a whole, which shows that the SKU layout of Subor and Dongling Douyin is relatively streamlined. 4) Products with novel functions and beautiful appearance are more likely to explode sales in the live broadcast room. Subor Douyin live broadcast room mainly promotes blue diamond rice cooker, Dongling Douyin live broadcast room mainly promotes fruit and vegetable cleaning machine, these two products are popular products on other platforms, with the help of the display effect of Douyin live broadcast room, achieved rapid volume.
From the perspective of product selection strategy, Subor's explosive strategy has achieved remarkable results. Douyin stores of various brands of kitchen appliances have adopted a single-product explosive strategy, mainly promoting 2~5 products. According to Cicada Mother data, the cumulative sales of the main sales items of Subor's two flagship stores in the past 180 days exceeded 25 million. The core item in the live broadcast room of the Subor small household appliance flagship store is the Blue Diamond Ball Kettle rice cooker, and the anchor spends a lot of time introducing the functional features of the item, and the flagship store account continues to publish sliced videos and short content videos of the item. Through a large number of product exposure, the Blue Diamond Kettle rice cooker ranks first in Subor's Douyin e-commerce sales. Similar to Subor's flagship store of small household appliances, the flagship store of Subor Chinese kitchenware focuses on the promotion and sales of the first product is 304 stainless steel non-stick pan. Combined with the crowd entering the store and purchasing user portraits to select the products that users are most interested in, Subor relies on popular products to attract users to stay and promote conversion, and the live broadcast room relies on several main products to support most of the sales of the whole market.
From the perspective of product prices, the prices of Subor, Beiding, and Mofei Douyin are more discounted than those of other platforms. Comparing the prices of the main products of Douyin of various brands on various platforms, it can be seen that the prices of Douyin products of Subor, Beiding, and Mofei are basically the lowest level of each platform, and the discount is 1%~17% compared with other platforms. The leading brand Douyin products are more cost-effective, on the one hand, because of its sufficient funds to ensure its promotion expenses, on the other hand, its manufacturing and research and development strength is outstanding, and it can launch more Douyin special contribution products. Compared with the same type of products on other platforms, Douyin Premium has slight differences in appearance and color, but there is little difference in function, so differentiated pricing can be achieved for different platforms.
4.3. The average price of Little Bear and Dongling Douyin continues to increase
Little Bear and Dongling pushed new sales to be expensive, and the average price of products continued to increase. According to Jiuqian data, the average prices of products in January and February 2023 of Subor, Jiuyang, Mofei and Beiding decreased by -16%, -8%, -14% and -36% year-on-year respectively compared with the average prices of products in 2022Q1. The average price of Subor, Jiuyang, Mofei and Beiding products is in a continuous downward trend, which we believe is mainly because merchants continue to improve the layout of goods in various price segments, increase low-unit price products, and promote user conversion. The average prices of Xiaoxiong and Dongling products from January to February 2023 increased by 58% and 88% year-on-year, respectively, compared with the average prices of products in 2022Q1. The adjustment of the brand positioning of Xiaoxiong and Dongling is reflected in the Douyin platform, and the average price of their sales products has increased significantly by continuously promoting new and expensive products and increasing the exposure of high-unit price products.
4.4. High-quality self-broadcast system helps improve brand profitability
Leading brands have built a high-quality self-broadcast system, and the profitability of Douyin channels is high. Douyin's e-commerce revenue mainly comes from brand self-broadcasting and influencer broadcasting. Influencers help brands quickly obtain large-scale traffic and sales, but they need to pay a high commission fee. The fee for the talent broadcaster adopts "pit fee + commission commission". According to 36Kr data, the daily pit fee of the head expert is 80,000~100,000 yuan, and the pit fee at the time of the promotion will be doubled, and the commission ratio is 10%~20%. In addition, live streaming products usually have large discounts. Therefore, although influencers can help brands obtain larger sales, their contribution to the brand's profits is relatively thin. In contrast, brand self-broadcast expenses mainly include live broadcast team labor costs, live broadcast room rental and decoration costs, agency operation fees, promotion costs, etc., and its overall expense rate is lower than that of the talent broadcast model. According to industry research, through the establishment of a high-quality brand self-broadcast system and refined operation strategies, the net profit margin of the Douyin channel of the leading brand of small kitchen appliances has reached a single-digit level, and the mid-waist brand has achieved a small profit.
In the medium and long term, the profitability of small kitchen appliance brands is expected to continue to improve. According to the previous analysis, the profitability of Douyin channel is low, mainly because of its high advertising investment, anchor investment and operating expenses. These are all factors within the Douyin ecosystem, and the brand side has no control. However, by adopting the right strategy, brands can achieve sustainable development on Douyin channels mainly because: 1) Improve the self-broadcast system and comply with the Douyin live streaming traffic mechanism, so that brands can obtain low-cost organic traffic. At present, the main brand self-broadcast revenue of small kitchen appliances has become the main source of revenue for Douyin channels.
2) The right product selection strategy can increase the conversion rate. Brands such as Subor and Dongling continued to promote popular products and obtained a high live broadcast conversion rate. 3) Douyin Mall is expected to improve brand profitability. Referring to the operational characteristics of Taobao and JD.com, Douyin Mall is conducive to promoting transactions and increasing the repurchase rate, while reducing the cost of live broadcast mode. At present, the category structure of Douyin e-commerce is unbalanced, with high-frequency consumer goods such as clothing, food and beverage, and beauty accounting for a relatively high proportion, while low-frequency consumer goods such as digital appliances, home department stores, and home decoration furniture account for a relatively low proportion. For example, the proportion of clothing, shoes and bags in Douyin's sales structure is significantly higher than that of Tmall, while the proportion of digital appliances is significantly lower than that of Tmall. We believe that as Douyin continues to move closer to "shelf e-commerce", the category structure of Douyin e-commerce will gradually approach the category structure of shelf e-commerce, and the proportion of low-frequency consumer goods such as electronic digital and household appliances is expected to increase.
On the whole, the leading brands of small kitchen appliances, Subor and Jiuyang, have excellent operation effects on Douyin, mainly because they have built a perfect Douyin account matrix and self-broadcast system by virtue of their brand advantages, financial strength and first-mover advantages, and achieved better drainage effects and operational efficiency; And its product strength ensures a perfect product matrix layout, which can cover users with different interests and preferences. As brands continue to improve their self-broadcast system and gradually shrink their expenses, their Douyin's profitability is expected to increase steadily. For mid-waist brands, explosive small household appliances with novel functions and exquisite appearance have better display effects and higher conversion rates on Douyin, and the Douyin channel has become an important incremental channel for small and medium-sized brands' revenue. Through the right selection and refined operation, mid-waist brands can also achieve sustainable management.
(This article is for informational purposes only and does not represent any investment advice from us.) For information, please refer to the original report. ）
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