Taobao Live, the live-streaming unit of e-commerce giant Alibaba, recorded sales of RMB 20 billion ($2.85 billion) during the Singles Day shopping event held on Nov. 11, accounting for around 7.5% of the group’s overall RMB 268.4 billion in sales.
Why it matters: The spike in sales from livestream e-commerce during China’s biggest online shopping festival highlights the rise of content-driven e-commerce in the country.
Alibaba’s Taobao generated more than RMB 100 billion in gross merchandise volume (GMV) through livestreaming sessions throughout 2018, an increase of nearly 400% year on year.
However, problems that dog mainstream e-commerce such as false advertising also shadow e-commerce livestreams.
Chinese regulators have stepped in to regulate the flourishing sector.
Details: Alibaba data shows that GMV from Taobao Live exceeded last year’s total sales from live feeds about an hour after the shopping festival kicked off at midnight.