The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Leading CPG brands are leveraging “live commerce”, roping in key opinion leaders (KOLs) or company executives to host interactive livestreaming sessions on social media and e-commerce portals to drive product sales.
Social media live commerce has gained considerable popularity in China in recent years, and the COVID-19 pandemic has accelerated the adoption of the technology. In 2020, live commerce is predicted to grow at 150% to reach CNY250bn ($36.7bn) from CNY100bn ($14.7bn) in 2019.
- The high penetration of smartphones, social media, and digital apps among Chinese consumers, and established KOL culture fosters a fertile ecosystem in which live commerce can thrive.
- Live commerce recreates some semblance of the traditional offline shopping experience, and deliver an interactive experience and “shoppertainment” that online shoppers crave.
- The COVID-19 pandemic and fear of contagion is driving companies, retailers, and customers to live commerce, as it offers convenience and safety of shopping from home.
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