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Discharge: Ahead of Alibaba’s 11th annual Singles Day shopping event today, a new report from Coresight Research estimates that the live streaming retail market in China will grow from $ 63 billion in 2019 to $ 125 billion this year. So far, Singles Day, which lasts four days, has racked up more than $ 70 billion in sales, with orders reaching a record 583,000 per second. The world’s largest sales event has already brought in 20 times the amount of value orders as Amazon’s Prime Day in October. (China’s population is estimated at 1.4 billion, while the US has 329 million, according to the UN)
Because it is importantLivestreaming, many analysts predict, is the future of retail. Although it will be a core component of Singles’ Day, through Alibaba’s Taobao Live platform, the US has not yet realized the trend of live shopping. The market is valued at around $ 5 billion in the States. Meanwhile, two-thirds of Chinese consumers report making a livestream purchase in the past year, according to an AlixPartners survey of 2,029 adults conducted from Sept.30 to Oct.6. Discounts and instant feedback are two of the top reasons people cite to tune in on Taobao Live.
panorama: Alibaba expects up to 400 company executives and 300 celebrities to participate in live broadcasts during Singles’ Day this year. Ahead of the digital shopping bonanza last weekend, Taylor Swift joined Chinese live streaming star Huang Wei for a live broadcast to see a preview of the big event. Retired NBA legend Magic Johnson will appear as an ambassador for Uncle Bud’s during the CBD brand livestream today.
In his words: “Five years from now in America, if you don’t go live, your business will just disappear and be left behind,” says Mark Yuan, co-founder of New York-based live streaming consultancy And Luxe. “Right now, if you have a business, you have a website. In the future, if you are a retail company, you will do live broadcasts. “Deborah Weinswig, CEO of Coresight, echoes Yuan’s vision:” Shopping is a sport in China. And this is a consumer who is proud to Do your research before you buy something. Even farmers have become influential people; people will buy their food from a farmer on a live broadcast. “
Surface says: Amazon launched Amazon Live last year as a kind of modern home shopping network, but it hasn’t gained much traction. That doesn’t mean the United States won’t eventually find out. Once American influencers discover the potential windfall, they will be selling products on live streams in no time.
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