China’s video streaming market is booming, with over 944 million users and $47.5 billion in value by 2023. Discover how brands can leverage streaming platforms and live commerce to engage with Chinese consumers.
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The increase in digital connectivity and the evolution of new technologies has bridged the gap that existed between e-commerce and social media - social commerce. SE Asia has further paved the way for social commerce to spread its wings across the region. Growing digital usage, greater adoption of social shopping technologies and a global pandemic has accelerated social commerce in SE Asia.
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When it comes to social commerce, not only Alibaba but also many other e-commerce giants like JD have integrated social media features such as content community and video streaming into the sales process. Over the years, the Chinese e-commerce market has changed a lot, revolutionizing the traditional system for both consumers and sellers. Embedding social media within e-commerce is powerful that it allows customers to know more about brands through community content like product reviews before buying, and to make a purchase within their social media experience.
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For Asian tech companies, the battleground of them has expanded into the lifestyle sector. They are scrambling to capture grocery shoppers of all ages. It is noticeable that a new business model that’s getting a lot of funding is that of Nice Tuan, the so-called community group buying. Thus, tech companies are clearly aggressive about online grocery and are diversifying their portfolios to secure market shares.
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