New World of Shanghai has live-streamed the product through Douyin. For information, let us know that Douyin is the Ticketcock version of China. According to the report of Abacusnews, the mall has got 10,000 followers in these three days. Many museums in China and the New York Metropolitan Museum are also selling goods through live streaming and selling gifts through the shopping platform.
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Live streaming e-commerce in China has grown very fast. According to the report of iiMedia, the businessmen made more than 433 billion yuan (four and a half thousand billion rupees) in 2019. It is now expected to increase during the Corona virus epidemic, and it is reported that the industry will touch 916 billion yuan (nine thousand billion rupees) in the same project in 2020. According to the China Consumer Association survey New way of shopping is being liked. People say that shopping through live streaming is more social and interactive. Here they are getting more easy to understand the product. In such a situation, China’s large e-commerce and live streaming platform is benefiting from this trend.
According to Quest Mobile’s report, live streaming on Douyin recorded 28% of traffic in February, a 24% increase over February. Also, live streaming traffic on Bilibili has been recorded from 10.7% to 12.4%.
But the largest live streaming shopping website was Alibaba’s e-commerce platform Toabao. Consumer Association survey conducted on 5,333 users showed that 70% people used Toabao. Toabao said that the number of merchants using live streaming for the first time recorded 719% more in February than in January. Douyin was at number two with 57.8%, and Kuaishou at number three, recording a 41% increase.
But this live streaming shopping has also led to a very poor experience for many users. According to a survey by the Consumer Association, about 40% of the users had to face problems. Most of these people have been victims of fraud and fraud. The survey found that customers are afraid of such shopping that they can be sold fake goods.
Questions have also been raised about the payment in the report of the association. It has been said that some platforms are using third party during streaming rather than using their own payment method, which increases the risk of getting scam.