Douyin has become the largest brand in China, worth 600 billion

E-commerce newspaper Pro

2024-05-11 12:15Posted on the official account of Guangdong E-commerce News

Brand Finance 2024 China's Top 500 Most Valuable Brands report

Unexpectedly, Douyin has become the most valuable brand in the country.

Recently, Brand Finance, an internationally renowned brand value evaluation consulting agency, officially released the "2024 China's Top 500 Brand Value" report, which covers 40 industries such as banking, spirits, insurance, engineering and construction, oil and gas, and conducts a number of analyses such as brand reviews, industry analysis and regional analysis.

In the list of China's top 500 brands in terms of value in 2024, Douyin won the first place. According to the report, in 2024, Douyin's brand value will increase by 28%, reaching US$84.2 billion, which is currently equivalent to about 608.3 billion yuan. ICBC ranked second and 10th in the world, with a 3% increase in brand value to US$71.8 billion; State Grid ranked third and 12th in the world, with a 21% increase in brand value to $71.1 billion.

Source: "2024 China's Top 500 Brand Value" report

This is the first time that Douyin has topped the list. For comparison, in the 2023 Top 500 Chinese Brand Value Companies, ICBC ranks first, worth $69.5 billion; Douyin's brand value is 65.7 billion US dollars, ranking second on the list; China Construction Bank ranked third, worth $62.7 billion. This time, Douyin successfully surpassed the Industrial and Commercial Bank of China and won the first place, showing an amazing growth rate.

In addition, according to the "Top 500 Global Brand Worth 2024" report released by Brand Finance, Douyin is also the seventh most valuable brand in the world.

In addition, this year's Brand Finance brand equity survey also paid in-depth attention to the monitoring of sustainability perceptions, among which Douyin had the highest sustainability perception value, reaching $9.2 billion. State Grid ranked second, with $7.7 billion; Kweichow Moutai Group ranked third, with $5.8 billion.

Source: "2024 China's Top 500 Brand Value" report

Douyin became China's most valuable brand, and WeChat became the country's most powerful brand, with WeChat scoring perfect marks on key brand strength indicators such as familiarity, trust, and recommendation, with a brand strength index (BSI) score of 94.3 out of 100.

Source: "2024 China's Top 500 Brand Value" report

Let's take a look at other industries, in the field of liquor, Kweichow Moutai ranks seventh on the list of China's most valuable brands in 2024 with a brand value of 50.1 billion US dollars, and also ranks fourth on the list of China's most powerful brands. In the catering industry, Haidilao won the second place of the most powerful brand in China in 2024, and it is also the first place in the list of the most powerful brands in the global catering industry in 2024. Luckin Coffee has become the fastest growing brand value in China's catering industry.

In the automotive sector, BYD's brand value increased by 19.9% from 2023 to US$12.087 billion, ranking 34th. At the same time, BYD is also the only Chinese car brand in the 2024 Global 500 list.

Douyin ran all the way

Brand is an important intangible asset of an enterprise, and it is also an important embodiment of the competitiveness of an enterprise. It is not surprising that Douyin's brand value has won the first place in the country, after all, Douyin's growth market in 2023 is obvious to all.

In April this year, the Hurun Research Institute released the "2024 Global Unicorn List", and ByteDance became the world's most valuable unicorn for the third consecutive year with a value of 1.56 trillion yuan.

Looking at the financial report data, in April this year, there were market rumors that ByteDance's EBITDA in 2023 exceeded $40 billion, an increase of nearly 60% from about $25 billion in 2022; Revenue is close to $120 billion, far exceeding the $80 billion in 2022. In this regard, ByteDance issued a document through its official account, saying, "The media rumors about ByteDance's profit growth and data are untrue. ”

ByteDance's main revenue comes from domestic advertising and e-commerce. Douyin is serious about doing e-commerce, and Douyin e-commerce has achieved good growth last year.

In January this year, Douyin e-commerce released its 2023 annual inventory, which showed that the GMV of the platform increased by more than 80% in the past year; In the past year, the GMV of Douyin Mall increased by 277% year-on-year. In recent years, Douyin has been deeply engaged in global interest e-commerce, and the layout of shelf scenes and content scenes has been continuously improved.

In overseas markets, TikTok Shop has also achieved good results. For 2024, market sources said that TikTok Shop has set a big goal: to complete a GMV of 50 billion US dollars, a year-on-year increase of up to 150%. Among them, the U.S. market has set a target of at least $17.5 billion, which is 10 times that of the previous year. Not long ago, it was reported that TikTok will soon be launched in Mexico and enter the Latin American market.

Of course, TikTok also faces challenges and has a long way to go. In addition to TikTok Shop, SHEIN, Pinduoduo's Temu, and Alibaba's AliExpress are all stepping up their layouts without the slightest relaxation. It is foreseeable that the competition of cross-border e-commerce platforms will become more fierce this year.

In 2024, Douyin will also be non-stop, constantly laying out to ensure its brand competitiveness.

According to market sources, Douyin e-commerce has set a total turnover target of more than 3 trillion yuan in 2024. This year, Douyin launched an onslaught on the e-commerce market, successively determining the "price power strategy" to create a platform price advantage; Launched an independent Douyin mall to accelerate the layout of shelf e-commerce; At the same time, Douyin has also lowered the threshold for personal accounts to bring goods......

Douyin e-commerce is accelerating.

However, it is worth noting that on the whole, Douyin Group is also facing challenges. In January this year, ByteDance held its 2024 annual all-staff meeting, at which ByteDance CEO Liang Rubo repeatedly mentioned the "sense of crisis" and found that the company's many organizations are becoming mediocre, including inefficiency, sluggishness, and low standards.

Douyin Group has a sense of crisis, discovers problems, and reflects, which is very important for the long-term development of a huge enterprise in the future.

ByteDance's key words for 2024 are "always start a business and escape the gravity of mediocrity." "To find problems and solve them, Douyin has an unrelenting attitude and determination.

On April 28, ByteDance issued a notice from the Corporate Discipline and Professional Ethics Committee that from 2020 to the present, 61 employees have been dismissed due to corruption, and 4 of them have been criminally detained. The circular is divided into four parts: suspected of constituting a criminal offense, violating the integrity and integrity system, violating the conflict of interest system, and violating the information security system.

Corruption is a huge harm to the development of enterprises and must be addressed. Douyin Group has made it clear that it has "zero tolerance" for corruption and bribery, and resolutely opposes all fraud and dishonesty.

Of course, solving the problem of corruption is only one part of the healthy development track of Douyin Group, all in all, the past achievements have become history, and the future huge Douyin Group can only adapt to the changes of the times, achieve sustainable success, and maintain a leading position only by constantly changing and innovating and always maintaining a sense of crisis.

User experience has become the key to e-commerce competition

In 2024, Douyin's e-commerce business will remain the focus of development. On the way forward, only by finding the right direction can we better follow the trend and take advantage of the momentum.

Judging from the current development trend of the e-commerce industry, user experience has become the key to competition. This trend has become more and more obvious since Taobao and JD.com successively supported the "refund-only" service in December last year. In 2024, major e-commerce platforms will move more frequently, looking forward to winning the hearts and minds of users.

Taking Ali as an example, user experience has been put in a very important position. In April, Tsai Chongxin, chairman and co-founder of Alibaba, bluntly said in an interview that Alibaba was lagging behind "because we forgot who our real customers were." Our customers are users who shop using our app and we don't give them the best experience. ”

Soon, Ma Yun released a long article "To Reform and Innovation" on Alibaba's intranet, mentioning that "the core change of Ali in the past year is not to catch up with KPIs, but to recognize yourself and return to the track of customer value." "Improving user experience is an inevitable requirement for Alibaba to return to the track of customer value.

In May, Taobao.com completed the biggest update in seven years, rectifying many features that affect the user experience, and at the same time relaunching Taobao's early forum "Taojianghu". Upgrading Taobao is part of Taobao's overall experience optimization, and Taobao PC and Taobao APP complement each other, undoubtedly to jointly serve the goal of user experience improvement.

In January this year, Liu Qiangdong, the founder of JD.com, also mentioned that don't forget users when making decisions, which is the starting point for any work we do. In general, now that the e-commerce industry has entered an era of stock competition, Douyin e-commerce also needs to compete for more market share by continuously optimizing user experience and improving service quality.

Author | Li Ying

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