Live-stream shopping grew out of the larger live-streaming movement in China. In the West, a similar concept was launched in the form of a daily live shopping program “Style Code Live” by Amazon, in March 2016, but was canceled after just one year of broadcast. Chinese President Xi Jinping talking to a live-streaming host during the set-up of a live shopping session to market local produce in Jinmi, Zhashui county, northwest China's Shaanxi province in April. Other streaming services in China are adapting to get into the live commerce game. Like Hu, he decided to quit with high hopes of making it big. Tencent, the creator of WeChat, is planning to pour money and resources worth US$ 294 million into its own live-streaming platform Now Live. Amazon’s “Style Code Live” daily live show was canceled in March 2017. He singled out "gigs like live-stream shopping" as the kind that were "vital" to stabilizing the market. Hu said she now earns in a month what she used to make in a year. In Guangzhou, authorities are hoping to turn the city into China's "live-streaming capital." China clearly has had a head start in e-commerce innovations. Disclaimer. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Live streaming grew by 180% in 2016 in China. She typically spends seven hours a day speaking on live-stream to her fans, offering deals on everything from vacation getaways to snacks to skincare products. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. In 2019, China's live-stream shopping market was worth 451.3 billion yuan ($66 billion), according to iResearch, a Shanghai-based market research firm. Taobao knows this the best, with related shopping events all year round and limited time online sales. As Chinese consumers grow ever fonder of live streaming, brands and retailers have quickly understood the potential of this new communication channel. We've hired many new graduates, and some of them couldn't make it.". Eight months on, Zhou is wondering whether he is cut out for this business. Taobao Live, Alibaba’s dedicated live streaming unit, reached record-high sales of RMB 20 billion (around $2.85 billion) during the 2019 Singles Day shopping event, or 7.5 per cent of the group’s … Although the trend has been part of Chinese internet culture for years, analysts say the coronavirus pandemic has made it mainstream. "This is a high intensity job," Xia said. According to the  director of Taobao Live, Chen Lei, the future of live shopping is virtual reality, which has the potential to make the live interaction with the products feel more real than ever. “Live shopping”, a new generation of tele-shopping, has found spectacular success in China for almost a year. She said it was hard to predict how many jobs had been added to China's economy so far because many people working in this field were not full time. In China there are two e-commerce live streaming megastars, Li Jiaqi and Viya (real name Huang Wei). Experts project the industry still has a lot of room to grow. You are free to unsubscribe at any time. Of the 400,000 people that China's Commerce Ministry says hosted a live-stream shopping event in the first half of 2020, it's likely that only 5% to 10% will succeed and earn a living, estimated Iris Pang, chief economist of Greater China at ING. Singles Day also marked the take-off of the “Entertainmerce”, combination of entertainment and e-commerce. Brands, e-commerce platforms and internet celebrities have made it their new favorite marketing channel to boost their sales. ... Why Does E-commerce Live-Streaming Work So Well in China? By submitting the information below, you authorize Innovation Is Everywhere to communicate with you about its products, services and marketing offers if it judges it relevant. Since January, she's been working full-time as a live-streaming host on Taobao, "I've been talking nonstop," Hu said, laughing. E-commerce is steadily invading these videos, regardless of whether it is via a fashion show or internet celebrities reviewing the latest cosmetic products via video; enabling Internet users to buy what they see on the screen in real time. A typical commission rate varies from 6% to 16% depending on the platform, according to the iResearch report. That includes teams from a local talent agency that help her choose which products to feature, what discounts to offer fans and how to plan her filming schedule. Alibaba achieved a record total sales of US$ 17.7 billion, 32% more than last year. Hu quit her job this year to pursue her dream of becoming an online star. Hu and her team make money, meanwhile, through a couple of avenues: The companies pay for their products to be featured, and then Hu earns a commission off of each sale she makes. Some local governments are even working to transform their towns into live-stream shopping hubs. , the main C2C marketplace in China (also operated by Alibaba) already has, . This content has been published first in IEV Premium Retail (July-August 2017), our magazine for digital transformation in the retail industry across Asia & Africa for business leaders. "As the economy recovers, the job market is in fact expanding," said Fu Linghui, a spokesperson of the National Bureau of Statistics, at a press briefing last month. Everbright Securities research has shown that 80 percent of livestreaming purchases in 2019 happened on Taobao Live, the first livestream e-commerce channel in China. However, a key difference in China is that Internet users can show their adoration by sending virtual gifts that can be exchanged for cash. But shopping-as-entertainment is now reborn for a much younger audience – the smartphone generation. In May, the Ministry of Human Resources and Social Security even added "live-streaming host" to its list of recognized professions, meaning the government would start counting those people as officially employed. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Tencent, the creator of WeChat, is planning to pour money and resources worth US$ 294 million into its own live-streaming platform Now Live. Viewers buy goods online from people who show off their latest finds — from lipsticks to laundry detergent — in real-time videos. In 2015 there were 45.7 million monthly active users for all live-streaming apps, but by July 2016 that number had grown by … By Michelle Toh and Serenitie Wang, CNN Business, Updated 0842 GMT (1642 HKT) September 7, 2020. Similar to TV shopping channels but with a faster route to checkout, "live shopping" was popularized by Alibaba Group Holding Ltd.'s Taobao, China's largest e-commerce platform. She gave notice to the airline just before. This February, for example, China's Ministry of Commerce encouraged e-commerce platforms to help farmers sell their produce online, particularly through live-streaming. Ali Express. Alibaba had reportedly invested US$ 46 million last year in Ruhan, a celebrity incubator that teaches future stars to blog, pose for photos and interact with fans. Estimated revenue per hour generated by different channels of communication in China in 2016 (Kleiner Perkils, Hillhouse Capital). Live streaming is gaining popularity in the West too, thanks to Facebook Live. More than 20 people work behind the scenes to support Hu's work, directly or indirectly, by her estimate. Kim Kardashian West promoting her fragrance to Chinese fans on Alibaba's Taobao live-streaming platform in November. Even so, the industry's impact on the economy is probably limited, according to Xiaofeng Wang, a senior analyst at research firm Forrester. This live video is important in the context of rapidly growing numbers of mobile shoppers (around 500m on Taobao) who each engage multiple times a day with the Taobao app for an average of around half an hour. including Adidas, Burberry and Gap, on its Tmall platform. Brands routinely announce tens or hundreds of millions of dollars in sales in a single sitting. (Source: Everbright Securities) Taobao Live.

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