Fanno, an independent e-commerce platform launched by ByteDance in late 2021, is believed to be shutting down, at least according to a Thursday report from Egainnews, citing various sources. However, a company spokesperson told Sina Tech that Fanno can still be used as usual and will continue to support users and merchants.
Fanno provides users all over the world with high cost performance products. On November 16, 2021, Fanno’s app was officially launched on the iOS App Store, primarily for the European market. At the beginning of the launch, it cooperated with many sellers, and its stock storage unit quickly increased to 40,000 units.
A person familiar with the matter told Egainnews that Fanno’s team disbanded in April as ByteDance shut down operations.
At first, a large number of merchants flocked to the platform, but the influx did not last and orders quickly dropped. For the sharp drop in orders, some merchants gave various reasons, ranging from the conflict between Russia and Ukraine or even the rising prices in Europe, which then led to a drop in consumers’ willingness to spend.
Also, many marketers have claimed that Fanno’s traffic in different countries is uneven. In Italy, the app quickly rose to third place among shopping apps in the country. The app’s popularity has translated into good traffic and sales figures. However, in France, Germany, and other European countries, the app performed poorly.
SEE ALSO: ByteDance launches “Lingjing” livestreaming device and app
Consumers are also unhappy with the company, citing poor logistics efficiency and consumer rejection of refund requests.