In the West, livestream shopping is still in its infancy. In China, however, it has become a billion-dollar industry since 2016. 85% of Douyin (Chinese TikTok) users watch live broadcasts regularly. In 2020, Taobao marketplace had 373 million live streams watchers who generated $60 billion in sales on the platform.
- McKinsey estimates live-commerce could make up to 20% of online sales globally by 2026.
- The value of China’s live-commerce market grew more than 280% between 2017 and 2020, to reach an estimated $171 billion in 2020.
- In 2020, Douyin hosted $26 billion worth of sales of makeup, clothing and other goods.
- Live commerce was used by 30% of Chinese internet users in 2020 and the figures keep rising.