it is said in China that 2019 is the beginning of the era of e-commerce livestream. The biggest live-streamer, Li Jiaqi, has more than 40 million fans on Taobao (Chinese version of Amazon). And his sale during 11.11 was over 100 million RMB. Xinba, a female live-streamer, sold the most products over 400 million RMB. These numbers can show you how powerful the e-commerce live streaming is. As a result, now almost every e-commerce platform in China is started to launch livestream function.
The magic of e-commerce live stream comes from three parts. First, it is entertaining. Every successful live streamer is attractive. They are either good-looking or funny and humorous. Therefore, people can have fun and get relaxed when watching live stream. Second, live stream can provide a sense of intimacy for audience with live streamer. It is real-time, and audience and interact with live streamer pretty easily. Therefore, it is of high possibility to build trust between them. In other words, people are more easily convinced to purchase compared to other means of marketing. Third, it is super simple and easy to make a purchase at e-commerce livestream platform. And the products promoted during e-commerce live stream are usually at a low price so customers are easily to make an impulse purchase.
However, e-commerce livestream also encountered some problems. For example, the quality of the products could not be guaranteed. live streamers often exaggerate the quality or the feature of the product. Second, there are a lot of people condemning the e-commerce livestream. They regard it as the new version of TV shopping. They think the content is meaningless and the product is often problematic and that audience who watch it are stupid.
Even though there are other problems of this new form of marketing and selling, it is growing rapidly since 2019. And it will not cease to grow in the near future.
What is your thought on this? It is going to replace the traditional marketing or retail? How would it affect the current selling landscape?