Douyin e-commerce has become a hot spot in the industry. The official Douyin e-commerce report shed insights on how they realized efficient conversion from user interest to consumption realization.
In this video, our marketing coach and CEO of OctoPlus Media, Mia will summarize the report and present to you the important insights and highlights of 2021 Douyin E-commerce.
◆ Mia Chen
Go-to-China Expert, Your China Partner
Latest trends and perspective in go-to-China marketing, point of views in Chinese marketing, interviews and talks.
Mia Chen –
Mia Chen is a growth marketing professional with 10+ years of experience collaborating with global brands to implement the most effective digital strategies to grow their businesses.
She is also invited by Google to be the Agency Trainer and Strategy Consultant for Greater China Region, including Hong Kong, Taiwan and Mainland China. Training on Digital Marketing Solutions and Data Analytics.
Mia Chen is also Search Ads, Mobile Ads, Video Ads, Display Ads, Analytics, Baidu Advertising, Facebook Advertising Certified.
E-commerce industry trends:
Affected by special events around the world in 2020, the overall retail industry consumption is slowing down. According to eMarketer’s forecast, the global online retail market will reach 4.28 trillion USD in 2020, with an annual growth rate of 27.6%. In 2021, the development momentum of online retail will continue unabated, with an estimated growth of 14.3%. At the same time, online retail accounts for an increasing proportion of total social consumption, about 19.5%.
Live e-commerce is centered on visual product content, shortening the consumption link, and attracting enterprises and consumers to join at the same time.
From the perspective of the supply side of the live broadcast e-commerce market, there are more than 28,000 new live broadcast industry-related companies in 2020, an increase of 5 times year-on-year. According to data, in total there are 39,000 enterprises related to live-streaming.
From the perspective of the demand side of the live broadcast e-commerce market, according to CNNIC data, as of December 2020, the number of e-commerce live broadcast users was 390 million, accounting for 62.9% of the total live broadcast users, an increase of 46.4% from March 2020.
In an environment where policies drive the healthy development of live e-commerce, the supply-demand relationship of live e-commerce has also promoted the rapid growth of live e-commerce. According to third-party statistics, in 2020, the scale of live e-commerce transactions will exceed one trillion yuan, and the annual growth rate will be as high as 142%, leading the e-commerce market. Currently, the market penetration rate of live broadcast e-commerce is only 8.6%, and there is still huge room for growth in the future.
Douyin’s GMV increased by 50X
At the beginning of 2021, Douyin e-commerce closely connected the ecosystem of “users, merchants, talents, institutions & service providers”, and officially launched the new concept of “interest e-commerce” at the Douyin E-commerce Ecology Conference. In the past year, Douyin has served as the entrance to Douyin’s e-commerce business, and the transaction volume has grown rapidly. In January 2021, it increased by more than 50 times compared with the same period last year. As Douyin e-commerce has become a long-term business position for more and more brands and merchants, a new online retail track has begun to take shape.
1. User: younger, larger, higher spending power
For Douyin e-commerce users, women are the main purchasers, and men have grown faster in the past six months.
2. Talent: Douyin e-commerce has become an important growth point for the income of the millionaire
The scale of Douyin e-commerce creators and per capita income continues to grow rapidly. In the second half of 2020, GMV increased by 588% year-on-year compared with the first half of the year. As of January 2021, the number of anchors who received e-commerce revenue has exceeded one million.
Creator age: 18 to 45 years old mainly
Distribution of creators: TOP3 provinces Guangdong, Zhejiang, Jiangsu
3. Merchants: Millions of merchants are enthusiastically entering the market
The 2020 Douyin e-commerce TOP30 sub-categories are analyzed, and the second half of 2020 is compared with the first half of the year –
Douyin e-commerce has become an explosive field for new products: Douyin e-commerce is a popular destination for a large number of users to chase “new”. Under the strong demand for new products from users, various industries have released new products on Douyin, and the new products of the platform present six major products. “New Features”: “New Marketing”, “New Design”, “New Scene”, “New Function”, “New Ingredient”, “New Technology”, covering various industries.
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