DHgate, a cross-border e-commerce marketplace in China, has announced the repositioning of MyyShop as a one-stop social commerce SaaS platform. In response to the boom in Generation Z consumer trends and changing use cases for decentralized online shopping, MyyShop enables global merchants by significantly lowering the barrier of cross-border e-commerce business operations through a comprehensive suite of digital solutions.
What is DHgate’s market strategy with these changes?
MyyShop has also unveiled a new logo, brand slogan “Social Power Boosts Business”, and new website. The MyyShop logo conveys its “youthful, distinctive, credible, and appealing” image and represents its pathfinder and pioneer spirit as a leader in era of social commerce.
“E-commerce has gone through PC, mobile and social stages, and the emergence of Generation Z boosts new business models catering to niche markets and unique demands. We see strong growth in this new model, including the growth of the creator economy and social e-commerce around the world,” said Diane Wang, Founder and CEO of DHgate Group.
“DHgate’s strategy is to focus on the continuous growth of the social commerce sector, the Group’s engine of DHgate.com and MyyShop offers a centralized and decentralized model and comprehensive products and services; this is also our unique advantage in the industry.”
“To date, everyone is both a consumer and a seller, and everyone can ‘connect’ directly to the producer. Whether they are a merchant, social influencer, content creator, micro trader, or individual business owner, MyyShop aims to help people turn social power into good business at every step in their cross-border e-commerce business journey,” Diane said.
What are the new features of MyyShop?
According to Influencer Marketing Hub, social e-commerce creators are worth $104.2bn, with over 50 million creators using the Internet to showcase their work to global audiences.
To lower the entrance barrier and empower social media content creators worldwide, including their entrepreneurial potential and ability to monetize traffic, MyyShop has rolled out a slew of new functions this time. This includes XianZhi.AI, which is a short video analytics tool powered by AI and big data technology that helps users stay on top of popular social media trends as well as efficiently select and advertise the best matching products.
There is also the social commerce site builder, StarShift, which builds a high-converting e-commerce site from scratch in minutes, and StarLink, an end-to-end livestreaming commerce and e-learning platform that offers live streaming online courses and tutorials.
The integrated cross-border marketing service platform Niumktg, also provides a wide variety of marketing products and solutions, from influencer affiliate marketing to “One-Click” omnichannel ad placement. Finally, DHLink, the cross-border smart logistics platform, offers direct shipment, full-chain logistics fulfillment service, and a global warehouse network.
What is the growth rate of MyyShop?
MyyShop officially launched in 2020. To date, the number of registered users for MyyShop has surpassed 100,000 in the African market alone. Less than two years after launching, MyyShop is boosting over 2.26 million products and working with over 110,000 online influencers. In the first quarter of 2022, the number of MyyShop active users has achieved YoY growth of 76.3%, while the number of paid users has achieved a YoY increase of 65.6%.
According to a report by consulting firm Accenture, the global social commerce market will grow three times faster than traditional e-commerce to $1.2 trillion US dollars by 2025, which is expected to account for 62% of all e-commerce spending.
“We anticipate the GMV generated by MyyShop partnering with influencers and content creators around the world to reach more than 400 million USD this year; our goal is to empower our partnering influencers and content creators to surpass $1 billion USD in GMV in the next three years, and also reach more than 1 million active users” explained Diane Wang.