Live streaming market growth spearheaded by Zheng Xiangxiang's influence
TikTok, the popular social media platform, has taken a leap into the world of e-commerce by introducing its in-app marketplace feature, TikTok Shop. This allows users to purchase goods without leaving the app.
The trend of live commerce, which involves the sale of products during live streams on digital platforms, has been gaining traction. TikTok, Alibaba Group's Taobao Live, Facebook, and Instagram are some of the e-commerce giants that have capitalised on this wave.
Live streams often employ strategies such as offering exclusive discounts, product demonstrations, and collaborations with influencers to boost engagement. They provide a smoother consumer experience by allowing audiences to ask questions on the spot. Live commerce appeals to audiences due to its interactivity, convenience, and engagement.
In China, groceries take the lead in live commerce, while clothing is the most popular product category for live commerce in Europe, Latin America, and the US. Live commerce offers a comprehensive yet novel way of bringing products to consumers, improving awareness, and driving sales.
A notable example of a live commerce influencer is Zheng Xiangxiang, a Douyin live streamer. During her live streams, Zheng pulls out products from an orange Hermes box and spends three seconds for each product she showcases. She announces the price of each product before swiping it offscreen. Zheng reportedly sold over RMB 100 million (USD 13.7 million) worth of products within a single week.
In November 2023, Douyin began cracking down on the practice of fast-paced product showcasing to protect consumers. Live streams are typically entailed in selling products in real-time and providing in-depth explanations and product demonstrations. Audiences can interact with hosts through likes, reactions, and comments during live streams.
As of 2022, Facebook was the most popular platform for live commerce, used by 58% of global consumers. Instagram came in second with 46% of consumers, followed by TikTok with 16%. No specific German platforms have currently developed Live Commerce features or offer live sales on their digital platforms.
The appeal of live commerce in Southeast Asia is not mentioned in this paragraph. However, the live commerce market is a fast-growing one that continues to evolve and innovate. By 2026, around 20% of all e-commerce sales could stem from live commerce.
With the introduction of TikTok Shop and the rise of live commerce, the future of e-commerce looks set to be an exciting one.
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