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ByteDance, owner of short video-sharing app TikTok and its Chinese domestic version Douyin, is planning to enter food and beverage takeout sector through Douyin’s built-in e-commerce service, according to Bloomberg News.
ByteDance and food delivery giant Meituan are competing in the “in-store” business, which charges merchants for posting coupons, vouchers, tickets and accommodation bookings on their platforms.
Analyst from Nomura suggested that the next few months, which are traditionally the peak season for hotels and travel, may be the most critical for the two companies to compete. Meituan may be able to retain its leading position due to improved operating conditions for its “in-store” business after the pandemic, as well as heavy subsidies.