ByteDance’s commercialization department has established a “local direct business center” to expand local lifestyle business.
After the former small- and medium-business line is canceled, about 10,000 employees will be transferred to the new center in January 2021, and develop customers focusing on industries like lifestyle service, cultural tourism and catering.
An insider from ByteDance revealed that starting from October 2020, the company’s human resources and strategy departments studied the local lifestyle business structure of Meituan, and ByteDance would implement its local lifestyle business on the platform of Douyin.
With this move, ByteDance will directly compete with Meituan.
According to Meituan’s financial report for the third quarter of 2020, its operating revenue reached CNY35.401 billion, a year-on-year increase of 28.8%. Its net profit after adjustment was CNY2.1 billion.
During the reporting period, Meituan’s food and beverage delivery revenue was CNY20.69 billion, a year-on-year increase of 32.8%. Its trade value of food and beverage delivery reached CNY152.2 billion, with a daily average transaction of 3,490 orders. The number of its annual active vendors increased to 6.5 million, and its annual trading users reached a record high of 480 million.