China’s online retail livestreaming users reached 309 million in June, representing a 17% increase from March, according to statistics posted by the China Internet Network Information Center.
But that’s not all; e-commerce livestreaming has emerged as the fastest-growing internet application in the nation in the first six months of the year, the report said.
The pandemic has changed consumer’s buying habits. To wit, there were 10 million livestreaming marketing activities in China in the first half, generating more than 50 billion views.
Also, the report noted that livestreaming events selling local specialties from Hubei Province generated more than than 40 million yuan (roughly $5.87 million).
Kuaishou Technology, a rival of the popular short video-app TikTok, has a deal with e-commerce giant JD.com (Nasdaq: JD; HKEX: 09618) to sell products through an in-app store. Kuaishou recorded over 300 million daily active users in June.
The firm, backed by Chinese tech giant Tencent (HKEX: 00700) was weighing a Hong Kong IPO last month that could raise as much as $5 billion, according to a report from Bloomberg.
Chinese consumers are projected to spend $2.09 trillion in 2020 through online retail, up 16% from the previous year, according to data from the market research firm eMarketer in June.
Chinese e-commerce giants Alibaba (NYSE: BABA; HKEX: 09988) JD.com, and Pinduoduo (Nasdaq: PDD) are expected to control nearly 84% of the market in the country versus 80% in 2019, the research notes.