The Chinese market is on the path to recovery after a sharp decline following the coronavirus. Many companies help online with this. In China, live streaming is increasingly used not only for product promotion but also for sales. From new apartments, insurance and vehicles to rocket launching services. Live streaming is creating a new wave in the Chinese market. Last week, ICBC (Industrial and Commercial Bank of China), one of China’s largest banks, hosted a live streaming for smartphone users on its mobile payment platform Alipay.
In the first hour alone, more than 6.20 lakh people were attracted to this live streaming. The session, which was organized to warn users about online financial fraud, was a huge success. Initially, live streaming was used in China for gaming and sports. But with the advent of Kovid, the new potential of live streaming has taken on companies and the public. Companies and institutions in China provide the opportunity to get acquainted with any product on the market through live streaming and to recognize its qualities.
It is estimated that by this year, the number of regular video viewers in China will reach more than 52 million. Last year it was Rs 50 crore. Companies that have traditionally used offline stores for sale, like trek manufacturing companies, have also come online. Sani Truck, a two-hour video-platform live streaming service (DONTIN), sold 186 trucks. The company later responded that such a large sale was where 20-30 orders were expected. Following the success of the event, Sony Truck has prepared a team of seven people for live streaming alone. There are also two or three live streams a week. In April, it launched a new truck model exclusively for live streaming customers. It was viewed by 3.20 lakh people on live streaming. The truck received 600 orders. Chinese homegrown maker Green Electric Appliances has sold $ 43.8 million worth of products during its three-hour live streaming.
Live streaming on the health insurance company WaterdropQueshow, a video platform, has garnered over a million viewers. Meanwhile, the company has sold a policy worth one crore yuan. The rocket launch service was sold in April for 40 million yuan (approximately Rs 42 crore) through a well-known live streaming host. Under the changed circumstances, live streaming offers endless possibilities for online sales not only in China but globally.