The total scale of China’s live-streaming e-commerce industry is expected to reach 1.05 trillion RMB (around $157.5 billion) in 2020. This represents a 210% increase from 2019 when the industry was valued at 433.8 billion RMB.
Data from China’s Ministry of Commerce reveals that over 10 million livestreams related to e-commerce took place in the first half of the year. 400,000 active livestreamers attracted more than 50 billion views and helped to sell 20 million products. This equates to an average of 50,000 livestreams per day with a total of over 260 million views.
Alibaba’s Tmall reported more than 260 billion RMB in sales during last year’s Double 11 shopping carnival. Prior to this year’s rapid expansion in livestreaming caused by COVID-19, the transaction volume from livestreaming on Taobao Live during the festival was less than 20 billion RMB, accounting for just 7% of total sales. However, with top livestreamers Li Jiaqi and Viya already raking in an estimated 1 billion RMB in the first day of pre-sales, this figure is likely to be much higher this year.
Stay tuned to our coverage of Double 11 to find out about the growth of livestreaming during the festival!