HONG KONG -- China's e-commerce sector is undergoing a major strategic shift as platforms switch gears from prioritizing ultralow prices to more sustainable sales growth.
Douyin, the short-video platform owned by ByteDance, is focusing on growth in gross merchandise volume (GMV), a measure of total online sales, for the rest of the year after growth slowed to between 30% and 40% in the first half, compared to over 50% last year, people close to the company told Nikkei Asia.
