Korea Trade-Investment Promotion Agency (KOTRA) hold a "K-Brand Sourcing Day" with Douyin EC Global(Douyin) at its headquarters in Seoul on the 29th.
Douyin is a global short clip platform and is the Chinese version of TikTok. The Douyin platform, which has more than 800 million daily active users, differs from TikTok in that it even sells products through the live commerce of an influencer (Wang Hong).
Douyin plans to sell Korean products again in earnest after the pandemic is over when opportunities to source Korean products were limited. In particular, Korean consumer products such as △ beauty products △ food △ health products △ infant products sold on the Douyin platform in China will be sourced through this event.
In cooperation with KOTRA, Douyin has recruited more than 60 Korean consumer goods companies interested in entering China since early August. On the morning of the 29th, Douyin's purchasing and store managers and major vendor companies will explain how to enter the market using Douyin's platform, including △ entry policies △ purchasing conditions △ digital marketing strategies △ success stories. In addition, the Korea Institute of Chemical Convergence Testing (KICT) will introduce measures to respond to Chinese consumer goods certification so that participating companies can prepare to enter China after the overseas direct purchase stage.
In the afternoon, a 1:1 business consultation meeting will be held with 18 domestic companies selected by the Douyin business manager. For this purpose, 20 people, including Douyin's purchasing and entry managers and major suppliers, visited Korea. According to a representative of Douyin, "Douyin E-Commerce Global is only two and a half years old, but transactions on the platform will grow to 1.5 trillion yuan (KRW 275 trillion) in 2022."
Hong Chang-pyo, head of KOTRA's China regional headquarters, said, "Using overseas direct purchase platforms can alleviate the authentication problem, which is a major difficulty for our companies, and especially using fast-growing platforms can speed up our companies' entry into the Chinese consumer market."
