The largest online shopping event in China, and in the world, is the Single's Day sale by Tmall, the e-commerce platform owned by tech giant Alibaba. The event typically happens on November 11th of each year, also known as Single's Day. With the date fast approaching this year, the early sale that happens between November 1st-3rd recorded an astounding RMB 10BN in GMV (gross merchandise value) in just the first 40 minutes of the three-day sale.
Under this context, another unique phenomena that is happening in the e-commerce world in China is livestreaming. The top 2 influencer livestreamers on Tmall, Weiya and Lijiaqi, contribute to a record breaking RMB 1BN in GMV during the early sale event. Livestream e-commerce represents a huge market in China which is estimated to be $129 BN and will continue to grow in the upcoming years. Livestream e-commerce, or "zhibo daihuo" in Chinese, is an extremely popular model in China where top influencers with their entire teams collaborate with a variety of different brands to offer the best deals through unique shopping links that are available only during the livestreaming event. As straightforward as it sounds, the process is actually extremely sophisticated which requires a large team of people responsible for managing relationships and negotiating deals with top brands, doing research on products and selecting which ones to be included in each livestreaming event, and managing entire supply chains for fast and accurate delivery. These top livestreamers are both celebrities and influencers, which allow them to appeal to a wide audience while also being more trustworthy and convincing than celebrities who appear on brand commercials. It is also common for them to collaborate with celebrities by featuring them as guests during some of sessions, which helps drive additional publicity.
With the Single's Day fast approaching, the livestreamers will be gearing up and working day and night for this largest shopping spree.
Reference:
https://www.glossy.co/beauty/how-beauty-brands-ramped-up-digital-efforts-for-chinas-11-11/?utm_medium=email&utm_campaign=glossydis&utm_source=daily&utm_content=201109
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