Live Streaming on WeChat Shop: Tencent's E-commerce Boost with Gift-Giving Feature
Live Streaming and E-commerce Transformation
Tencent Holdings-owned WeChat, known as Weixin in China, is enhancing its e-commerce framework through a new gift-giving feature. This latest addition has propelled online retailers, notably East Buy, whose WeChat sales exceeded 1 million yuan (US$136,586). More than 80% of transactions utilized this feature according to National Business Daily.
How the Feature Works
- Users search products on WeChat by keywords.
- Gift senders must complete payment, and recipients must accept the gift within 24 hours.
- Each order is limited to single gifts sent to one friend.
- Product prices are capped at 10,000 yuan, excluding certain items.
As the Lunar New Year approaches, this feature is expected to attract more quality vendors, boosting sales further. Analysts from China Merchants Securities project WeChat's e-commerce gross merchandise value to reach 1 trillion yuan by 2027.
Competitors Adopt Similar Strategies
In light of WeChat's success, competitors like Alibaba and JD.com have quickly launched their iterations of gift-giving features, capitalizing on the growing trend in e-commerce during holiday seasons.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.