BEIJING, March 18, 2024 /PRNewswire/ — EchoTik, an independent TikTok third-party data service company (https://echotik.live) has completed an angel round of financing worth tens of millions of RMB. This round of funding was led by Yang Jinhe (King), the founder of Ziniao SuperBrowser, and executives from well-known leading internet companies. The funds raised in this round will be used for technology R&D, big data capability building, international user research, etc., and will be actively employed to explore innovations in cross-border e-commerce SaaS and to investigate potential integrations with AGI.
Founded in August 2022, EchoTik is a company engaged in the development of SaaS for overseas markets, providing data tools and decision-making advice. Its star product—the TikTok third-party data analysis platform—develops data analysis tools and decision support systems through the collection, filtering, integration, and deep mining of data, offering practical data decision products and services for sellers. This includes, but is not limited to, real-time e-commerce data monitoring, industry and category data research, traffic and sales data analysis, and trend visualization.
For rapidly growing TikTok sellers, the first challenge is assortment and keeping up with market trends; for brand owners, the challenge is to filter the suited influencers for promotion; and for influencers, it’s finding popular content and materials. As a third-party data analysis platform, EchoTik is dedicated to solving these problems, enabling global sellers, creators, PR agencies, and brands to efficiently and accurately complete product selection, influencer matching, and material sourcing through data analysis.
EchoTik’s business model has been validated in China by the success of a similar platform, which is Alibaba’s unified data product platform for merchants known as “Business Advisor.” As competition in the e-commerce industry intensifies, data-driven and refined operations have become the main theme of shop operations. Business Advisor is a functional data analysis SaaS system that aims to help sellers understand shop data and analyze traffic and sales growth, industry status, market segmentation, and other data for them as well.
Data from related research institutions reveals that TikTok’s live-streaming GMV for the entire year of 2022 may have exceeded $4.4 billion, doubling from 2021. In the meantime, starting in April 2022, TikTok officially launched a cross-border e-commerce business in Thailand, Vietnam, Malaysia, and the Philippines, creating a GMV exceeding $1 billion in the first half of the year. Although this data is not even close to the mainland Chinese counterpart of TikTok—Douyin’s domestic sales of $208 billion—the rapid growth of TikTok’s e-commerce business cannot be underestimated.
In recent years, the efficient models and technologies invented by domestic internet giants in China have become objects of reference for their global counterparts, moving from Copy To China to Copy From China. EchoTik keeps up with this trend and hopes to replicate the success of China’s e-commerce services in the US, Europe, and Southeast Asia.
The core members of the EchoTik team are mainly former Xiaomi employees, possessing extensive practical experience in large-scale e-commerce front-end and back-end across multiple scenarios and a deep understanding of the core data indicators and logic of e-commerce. They are more than capable of fulfilling data technology needs and providing precise positioning and effective suggestions for e-commerce sellers and traffic influencers.
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