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China's livestreaming e-commerce industry to reach one trillion yuan in 2020

June 24, 2020


Abstract : Livestreaming e-commerce is boosting sales worldwide due to the development of video transmission and mobile communication technology, as well as surged online consumers amid the COVID-19 epidemic.

BEIJING, June 24 (Xinhua) -- Livestreaming e-commerce is boosting sales worldwide due to the development of video transmission and mobile communication technology, as well as surged online consumers amid the COVID-19 epidemic.

Analysts believe that with the booming development of technologies including 5G, Ultra HD, and virtual reality (VR), the livestreaming e-commerce will get closer to the offline shopping experience.

A report released by iiMedia Research, a consulting and analysis company, shows that the total scale of China's livestreaming e-commerce industry is expected to reach one trillion yuan in 2020, doubling the scale of 422.8 billion yuan in 2019.

-- Livestreaming e-commerce may become a global business trend

As the earliest and fastest growing market of in the world, China sees its users in the livestreaming e-commerce industry expanding gradually. In 2019, the online livestreaming users in China reached 501 million, and watching online livestreaming has become a daily habit, said the report from iiMedia Research.

It is noted that the goods sales through livestreaming e-commerce also hit record highs. For example, during the Single's Day shopping spree last year, Taobal Live achieved 20 billion yuan in sales through livestreaming.

Remi Blanchard, the project director of the research firm Daxue Consulting, pointed out that the goods sales through livestreaming provides consumers with a real-time, "no filtering" environment to get in-depth product introduction and testing that people can feel comfortable to buy.

According to the statistics released by Taobao, an online shopping platform run by Alibaba Group, about 30,000 new business shops settled in Taobao every day since February 2020, and the number of newly launched livestreaming doubled year on year.

On a global scale, livestreaming e-commerce is also developing fast. It may become a global business trend.

Western countries have been slower in the trend of livestreaming shopping. However, with a series of livestreaming applications becoming popular among the younger generation, brands and e-commerce platforms are catching up, according to Vogue Business, the international fashion media. 

In February 2019, Amazon began to imitate the Taobao Live and launched the livestreaming shopping website Amazon Live. A month later, Instagram also launched a function called "Checkout" to achieve a seamless online shopping.

-- Livestreaming e-commerce continues to extend 

Livestreaming e-commerce continues to extend to more aspects since the development of smartphones and communication technologies has lowered the technical barriers of live broadcast. Specifically, food suppliers, bookstores, real estate agents, automakers, and even travel agencies have joined the livestreaming e-commerce industry.

Unlike the traditional e-commerce industry, the livestreaming e-commerce has rearranged and combined the scenes of people, goods and platforms. 

The connection between people and goods has become the primary demand, which brings an opportunity for the newly joined livestreaming e-commerce platforms to break through the siege, according to an e-commerce industry insider. 

Meanwhile, for the new participants involving the livestreaming e-commerce, improving the ability to control the quality of goods, inventory, logistics, after-sales and other supply chains is only a basic requirement, more challenges lie in the users' experience enhancement through technical development. 

(Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com) 

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Keyword: e-commerce B&R Weekly livestreaming

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