TV-based home shopping is seen as irretrievably naff by many in the US and Europe. But the same business model is propelling the hottest trend in Chinese retail. Today, more than 30m people in China at any one time watch shopping livestreams on their smartphones. A tap takes them to checkout. Local social media giant Tencent has all the makings of a winner in this hot new market.
Outside China, corporate livestreams have focused on branding and marketing. But in the world’s most populous nation, live online shopping has grown to a $60bn market as the pandemic kept people out of physical stores.
Taobao, the local platform of ecommerce giant Alibaba, has a strong position. About a third of all opening day sales came from livestreams during its annual sale in June.