Short-video platform Kuaishou presented whopping growth in the cosmetics sector in 2022, as GMV surged by 245% yearly and up to 300 live stream sales exceeded 10 million RMB ($1.45 million).
On 22 February, Kuaishou hosted an annual cosmetics fair in Hangzhou, and over 250 brands and 72 beauty influencers were invited to discuss possible business collaborations. During the event, the manager of Kuaishou’s beauty retail, Ji’an Zou reviewed the platform’s outstanding performance over the past year and shared the outlook for the near future, “Kuaishou will endeavour to invest in supply chain development and beauty retailing, to further accelerate sales in 2023.”
For the supply chain segment, beauty influencers on Kuaishou will place an emphasis on exploring new brands and items, with men’s beauty and cleaning products being the main focus due to its lucrative potential. As for the retail side, Kuaishou created a strategic map covering all the channels including consumer experience, sales scenarios, promotional approaches and beauty content.
Live streaming beauty products has immense monetisation abilities, with 40 influencers on Kuaishou closing 100 million RMB ($77.1 million) in sales on their channels and the overall income growth of hosts climbed by 300% last year. Thus, the platform will assist live streamers in delivering quality content for targeted consumers and stand to increase conversion rates. Furthermore, the platform will also focus on three dimensions in the online market, with live streaming, and short video included, along with festival promotional activities to help brands achieve more sales and leverage online presence.
In future, Kuaishou intend to dive further into the lucrative landscape of short videos for stimulating beauty goods sales. Thus, through this cosmetic fair, Kuaishou aims to strengthen the bonds between online influencers and beauty brands so as to present quality products, accurate advertising and initiate collaborative partnerships to achieve business growth.