China’s southern tech hub, Shenzhen, has unveiled a plan to become a live-streaming e-commerce hub “with global influence.” In an effort to boost consumption, Shenzhen plan to set an ambitious goal of achieving over 300 billion Yuan (USD 43.7 billion) in sales by 2025.
Hangzhou, home to China’s biggest online shopping platform operator Alibaba Group Holding and 69,000 live-streaming e-commerce hosts, achieved 503 billion Yuan in sales in the first 10 months of 2021, according to government data last year. In comparison, Shenzhen had only roughly 9,260 live-streaming e-commerce hosts as of last November, achieving 152 billion Yuan in sales in the first 11 months of 2022, according to a report by the Shenzen Economic Daily.
Shenzhen aims to expand the local live-streaming e-commerce industry by incubating and attracting at least 100 top-tier agencies in the next three years or so. Not only that, Shenzhen will also cultivate another 3,000 live-streamers and 10,000 professional service providers, as well as building 50 industrial estates dedicated to the sector. (etutorworld.com)
Local officials are tasked with helping e-commerce platform operators set up regional headquarters in Shenzhen, and explore the use of new technologies such as artificial intelligence, virtual idols and the metaverse in live streams. The government has pledged to step up regulations over the industry and crack down on intellectual property infringement and counterfeit goods. (https://www.losaltosresort.com/)
Previously in 2020, Shenzhen already made plans to boost its live streaming industry by nurturing 1,000 influencers and building 10 live-streaming “bases”. However, following the sector’s rapid growth during the Covid-19 pandemic, officials are doubling down on the plan to stimulate flagging consumption.
Source : SCMP