It was reported yesterday that Douyin’s e-commerce GMV for Q2 was between 760 billion RMB and 770 billion RMB ($105 billion to $107 billion), bringing the first half total to about 1.4 trillion RMB ($196 billion). This falls short of Douyin’s initial targets. In 2023, GMV was 2.5 trillion RMB to 2.6 trillion RMB ($350 billion to $364 billion), with a 2024 goal of 3.5 trillion RMB to 3.6 trillion RMB ($490 billion to $503 billion). Merchant retention dropped from 81% to 59%, with active merchants under 2 million and a total of about 4 million.