Livestreaming takes off in China, but it's not driving much sales in a virus-hit market
"Despite the popularity of livestreaming sessions, the product return rate is two to three times higher than the brands' official e-commerce purchase ," said Bob Wang, vice president, strategy, social and customer relationship management, at Ogilvy in Shanghai.
Businesses in China have had to adapt quickly. Barcelona-based skincare brand Isdin shifted an offline promotional event in March to a livestream session with internet personality Li Jiaqi and Chinese rapper, Lil Ghost. The company said nearly 15 million tuned in, compared to a few hundred that an in-person event might draw.
In some instances, the host was unable to sell the prepared inventory, or the stock ran out, said Gao Huan, a senior director focused on retail and manufacturing at consulting firm Alvarez & Marsal in Beijing. "It's just really hard to predict."I don't think a lot of people have established a business model to calculate a for this one," she said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commerce Department Tightens Rules on Exports to ChinaThe Trump administration is tightening the country’s export-control restrictions to prevent U.S. companies from sending products abroad that could strengthen China’s military
Read more »
China asks banks to halt new sales of products that may lead to unlimited losses: sourcesThe Chinese regulator has asked commercial banks to halt new sales of a wide range of wealth management products that might lead to unlimited losses for investors, two sources told Reuters.
Read more »
Starbucks quarterly same-store sales fell 10% as coronavirus closed cafes in China and USStarbucks said in early April that its fiscal second-quarter adjusted earnings per share will be 32 cents, down from 60 cents per share in the year-ago period.
Read more »
Coronavirus: EU rewrote coronavirus report after pressure by China - Business InsiderReferences to a Chinese campaign of 'global disinformation' about the coronavirus were removed before publication.
Read more »
China denies spreading coronavirus disinformation following EU reportChina's foreign ministry on Monday denied claims that Beijing is spreading disinformation about the coronavirus following a European Union report that said there was 'significant evidence' of covert Chinese operations on social media.
Read more »
Russia coronavirus cases overtake China as Vladimir Putin faces sharp rise in infectionsRussia now has the ninth highest number of confirmed coronavirus infections in the world, with 794 having died from the pandemic so far.
Read more »