Kim Kardashian on Viya’s Tmall Global livestream
E-Commerce in China is Massive
It’s not new news that e-commerce in China is highly developed and COVID lockdowns propelled it even further. Chinese e-commerce is projected to be $1 trillion dollars in 2020, up from $862 billion in 2019. In 2020 over 700 million Chinese are expected to shop online vs. 600 million in 2018. According to eMarketer, China has the highest rate of e-commerce of any country as a percent of total retail sales (over 35% in 2019), the highest absolute sales level (more than 3 times the U.S. total, the second largest country), and one of the fastest growth rates of any country, off an already high base.
China’s Livestreaming E-Commerce Is Experiencing Explosive Growth
Livestreaming E-Commerce is promoting and selling goods through influencer streams on their own social media channels, most often housed on China’s online shopping malls. It’s like Home Shopping Network, but with charismatic, trendy anchors. It’s also been described as part infomercial, part variety show.
Alibaba’s Taobao Live, has the lion’s share of live-streaming at around 80%. Other large Chinese tech and e-commerce players, like Baidu and JD.com, have jumped in. Douyin, the Chinese version of Tik Tok and its competitor Kuaishou in partnership with JD.com, have shoppable livestreams within the apps, as does the leading fashion platform, MOGU. Products featured are primarily cosmetics and beauty aids, fashion, and food. Livestreaming is another way for brands to gain awareness, move excess inventory, and for small local businesses from craft artisans to independent farmers, to reach customers: all the more important in light of this year’s COVID lockdown restrictions. Taobao Live is a virtual shopping mall where customers can shop and be entertained at the same time.
Livestreaming e-commerce is growing rapidly. It’s estimated to already be $60 billion annually. Last year over 430…
Continue a ler este artigo em https://www.forbes.com/sites/michellegreenwald/2020/12/10/live-streaming-e-commerce-is-the-rage-in-china-is-the-us-next/
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