For example, TikTok (known as Douyin in China) has emerged as a social-commerce leader, particularly in the apparel category. Innovation continues to drive social commerce in China, with challengers quickly gaining scale in particular categories. 8 “Social commerce surpasses $30 billion in the US,” Insider Intelligence, July 7, 2021. More broadly, Chinese consumers spent more than double that amount-$352 billion (or 13 percent of total e-commerce)-on all social commerce.
7 Jasmine Enberg, “How important will livestreaming be for social commerce in 2021?,” Insider Intelligence, July 1, 2021. Last year, goods and services purchased through live-stream shopping in China represented $132 billion, or 5 percent of total e-commerce gross merchandise value (GMV). This is up to ten times higher than conversion in conventional e-commerce. 6 “It’s showtime! How live commerce is transforming the shopping experience,” McKinsey, July 21, 2021. By forging partnerships with wildly popular social influencers and participating in live-stream shopping-an experience that combines instant purchasing of a featured product and audience participation through chat or reaction buttons-brands in China have achieved conversion rates of almost 30 percent on social platforms. 5 “It’s showtime! How live commerce is transforming the shopping experience,” McKinsey, July 21, 2021. The evolution of social commerce in China offers a glimpse of the possibilities. The winning ingredients for social commerce in China Consumers can then buy the product directly within the platform, whether it’s on Instagram or TikTok or through YouTube Shopping.
For example, rather than watching an ad for a new skin-care formula, your favorite celebrity can invite you behind the scenes into their daily skin-care routine, showing you how they use the branded product and why they love it. This content can be used to highlight unique product features or explain product complexities simply. For example, leading brands are working with platforms such as TikTok to forge new relationships with consumers, shifting from traditional advertising strategies to fun, engaging content that is less overtly promotional. For consumer brands, this creates opportunities for a much more interactive, entertaining, and experiential journey (see sidebar, “Discover NeXT Commerce”). It represents a paradigm shift in how consumers interact with brands: where, when, and how they shop. Social commerce is more than just a new shopping experience. Learn more about driving sustainable and profitable growth through next-generation e-commerce. It requires creating a personalized experience that’s tailored yet consistent across all channels-all backed by flexible technology and an operating model that places digitally driven commerce at the center of business. Owning the next era of growth requires going beyond traditional e-commerce and online sales.
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