According to the South China Morning Post, China’s ByteDance, the owner of entertainment platform TikTok, has accelerated its move into e-commerce with the recent launch of shopping app Fanno in selected markets across Europe, as the technology start-up sharpens its focus on strategic industries to diversify its business.
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The Fanno app was released in November before Black Friday on both Apple’s App Store and Google Play for the Android platform in France, Germany, Italy, Spain and Britain.
In China, Bytedance’s Douyin is currently testing a new app called Douyin Box, positioning it as a trendsetting e-commerce platform for young people, according to Techplanet.
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Douyin is reported to have registered the trademarks for its e-commerce app Douyin Box in October, and sources revealed that the research and development of the IOS and Android versions of the app has been completed and the internal testing has begun.