In China, The Future of Shopping Is Already Happening
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- Опубліковано 23 чер 2021
- Livestream shopping on social media is disrupting traditional e-commerce in China. At the heart of this online craze are the top influencers who sell millions of dollars worth of products every night. Presented By Fidelity.
#China #SystemShock #BloombergQuicktake
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Looks like TV commercial finds its way to survive in the mobile era.
But why you won't buy it on TV, but may buy it on cellphone?
@@hakuhosho9802 I wont buy anything just because some funny live stream commercial
@@kumababara1631 You have no idea. They have sold $100mil worth of product within a minute.
Looks like bloomberg have also invested in it
Learning/copying all the worst parts of America.
So, they're combining online shopping with UA-camr paid "reviews".
Yeah, paid "review". I don't like much such kind of promotion, bcs it doesn't show how bad the product is
China does not have youtube.
@@tedaspane1493 ...but they have an equivalent.
@@megamanx466 do you know the equivalent?
No not like that, you can interactively join with product reviewer.
Next up in future distopia: V-tubers building your entire insurance plan
"Oni-chan, you can save 15% or more if you bundle home and car insurance, but its not like I want you to save money or anything baka"
😂 tsundere insurance services 😂
@@feisaljauharitufail 50/50 chance if the claims get processed. Only begrudgingly give the claim because, you baka.
We already have vtuber teaching university level maths, I am sure what you're predicting will be true in the near future. 👏👏
@@christian_swjy You piqued my interest, may I know more?
Jesus that sounds so dystopian
"The return of infomercials" pretty much sums it up
The rise of DECENTRALIZED infomercials. Huge huge huge difference
@@dso1986 interactivity I guess
Exactly
Infomercials were never live and 2-way communicative dumb-a$$!!!
And to think there are still people who call the Chinese "communists" 😂😂😂😂😂😂......
Exactly
China has the second largest stock market
2bd highest number of private companies
And also private companies that have dominated the world like Tencent and alibaba
They’re as communist as anyone else that calls themselves communist and gotten any power
At least our things like public transportation is more developed and incredibly cheap at the same time
你在说什么？请翻译 谢谢
@@jimmymofanfan5839 人人说了不喜欢中国共慘党，@ASSASSIN MILAN 说共产党不是共产主义
My mom, 67 of age bought her entire kitchen cabinet module from a livestream shopping.. I'm outside China for more than 10 yrs and I would never get it.
it’s a smart business move, but i wouldn’t call it futuristic by any means
This has been happening in USA those channels on tv where they would just show product to buy and you call them and stuff if you want it
Btw its not exactly the same but it’s practically the original version of this
EDIT/ Just saw them say the tv stuff
People also thought podcast was just a form of radio. Seriously, lettermen even made fun of it. This is the same thing. It’s the future of shopping, but it isn’t “futuristic” in your relative sense. Also the video title never used the word “futuristic”
@@TheZachary86 USA already has this with all types of celebrities who do brand deals on Instagram
It's futuristic because it's here to stay, and for the foreseeable future in that exact way, through social media.
@@Student0Toucher brand deals on an instagram post and a live stream showcasing multiple products are very different
A lot of comments that claim it's just "TV infomercials" or "QVC" are missing the point that it's streamed live where as a potential buyer you can ask questions like how you would irl "how does this feature work?" "Can I see how this fits with..", "can you show me..." etc. And the seller can answer your question immediately & even demo it with the product to show you. All within seconds.
Yeah but especially with fashion & cosmetics you wouldn't get any individual queries solved if the influencer has a decent sized audience
Informercials used to have that too. People could call and ask questions. I'm sure a lot of it was staged, but the principle is the same.
@@huckleberryfinn6578 Yes but the convenience aspect cannot be underestimated. You could mail a letter (decades ago) or send a text (today). They both get the message across. Principles are the same. But with tech & Internet, attention is becoming a scarce resource. Convenience & ease to shop anytime, anywhere, anyhow you like is key.
It's a recycled concept with a new technology to refresh it. It's boring and keep people spending money needlessly.
Plus, when you buy goods it is always better to see them and touch the material in person. A video feed doesn't really show the real quality of an object. I recently watched a few of these live streams on alibaba's trade show online and I ended up just requesting samples since the videos didn't do much for me.
So disclaimer, I haven’t watch the full video, but 1 minute in and it feels like nostalgia. This is basically like infomercial or home shopping as we call in Asia. But instead of MCs, it’s done by influencers. But concept wise, it’s very similar
yeah its just moved from TV+telephone to Internet streaming,
but for sure it will be easier for both customer and the store.
UA-cam, Twitch might be also trying the possibility in their platform.
You may have a superficial understanding. This form of consumption can make the economy circulate faster, maintain economic vitality, provide a large number of jobs, reduce costs and other advantages, so that consumers can choose goods faster and more accurately. For many countries, this is certainly a progress in the field of consumption
Yes, this is just QVC on the web. And Bitcoin is just regular money except the bank ledger just happens to be on the web, and transactions are performed and secured by computers. Small changes can be revolutionary.
It's different, live-shopping involves the communication functions, which you can chat with the sellers.
The very term 'influencers' rubs me the wrong way. And how are influencers different from the teleshopping that uses famous actors?
So basically, it’s just QVC on smartphones?
Yeah, there's not a lot of original ideas coming out of the area 😅
Can't even come up with 'a new way to shop' without Bloomberg simpimg for them with exaggerated titles.
@@ConstantThrowing 😆
Not really, it's more about people interaction with the new "celebrity" type called influencers.
The idea that somehow these influencers are more genuine and trustworthy compared to a faceless corporation. And by furthering the idea that the followers are their "friends" not customers.
No doubt when these practices become indistinguishable from current marketing practices, it will evolve once more.
I believe these are called infomercials. George foreman grills, shamwow, Oxiclean...
@@antonphibes4924 I get that, but that’s really not too different to bringing in celebrities to sell products on home shopping networks. It’s more personal, more tailored, and uses new tech, but really it’s just QVC with a slap of paint
Who TF is impulse buying a horn-totting CAR during a livestream!
China is full of gazillionaires.
@@viharsarok more like full of financially irresponsible folk, often is the case with developing countries
@@Hans.Dewitt Because everyone is financially responsible in the US? Also, you know you are NOT financially irresponsible if you can impulse buy a supercar just like that.
@@Hans.Dewitt Yes, let's just be casually racist.
@@Hans.Dewitt Developing countries have more suddenly rich people that like to show off their new found wealth, but developed countries like US, Britain, France, Monaco, etc, have more financially irresponsible people that like to pretend they are rich.
The core difference between this and TV informercial-type programming is the interactivity. It's also pretty clear that the biggest reason this trend has appeared in China first and then SE Asia is the whole 'super-app' environment, in which most people living in cities will already be used to doing their payments/purchases via mobile app anyway. It's like if Twitch, Amazon, and Paypal (plus Uber and FB, but that's irrelevant to this specific sector) were all in one app.
It's an innovation in the sense that this is the first time we've seen it done. It'll also undoubtedly be copied over once 'super-app' equivalents come into being in the West (by which I really mean the US).
do you think any US competition is on the rise?
@@jasonsparrow-mq7yj instagram was the closest imo, they had a shopping tab integrated and instagram live is a thing. Doesn’t seem like enough people used it (the shopping tab) though since Instagram removed it in 2022.
This is very prevalent even in Southeast Asia. Even if you aren't influencers or celebrity you can also do it. Anyone can do it. A lot of product can be sold and bought through livestreaming /online live selling. Just name it and online sellers have it. My friend's mother once bought a 24k gold necklace from a middle aged livestreamer auntie while we are on a moving public transportation.
Can u help me in understanding this business
im from SEA. This is pretty normal, Small and middle size companies also live stream. They might just do it during the "golden hour" like 8pm to 10pm if they have a day job. Their job is to showcase the products.
So tv infomercial shopping for social media? Not ground breaking, just making it relevant to a younger generation.
Rather different root, but still same core
Celebrities using their popularity to influence idiots to buy products which they themselves don't use and their "fans" don't need 🤣
Well put
Slavoj Žižek: China is the future of capitalism
@@tmpcox FK yeah
New age idiots find a way to spend their time and money
Yeah, we live in a society.
the future salesmen: instead of coming to your door, you tune in to them
This literally happening in east and Southeast Asia.
Garbage
@@user-hg2fx1rv4t yes u r
You didn't mention that China's biggest celebrities also make special appearances on the top live streamers' shows and that there are also full scale galas on tv with live performances in addition to interactive shopping. If you're going to report on this phenomenon, don't just show the bare minimum.
That's important. It's clearly part of the pressure of influence on a livestream sale having some celebrity present.
Materialism to the max
Get use to it. Coming to America soon
@@TheZachary86 Its been here
I disagree. Max is yet to come. It will be when some chips will be plugged in our brains and advertisements will be directly sent to portion of our brain which encourages us to spend money.
@@chandrashekharkotekar8453 By the time technology gets to that point, most of us won't even be alive.
@@huckleberryfinn6578 yeah probably. We wont be alive but future generations will be here definitely.
I certainly wouldn’t waste my time watching some ‘influencers’ selling low quality products. I get enough junk mails already
You have no idea. They have sold $100mil worth of product within a minute.
Usually these shows are for those who have lots of spare time and spare money as well.
Nah it's just because those streamers offers much cheaper price or at least the cheapest price.
THis is written by somenone on youtuba ....LOL he is like i wouldnt waste my life watching videos about chinese ppl or even comenting those videos...
LOL, the top influencers have strict requirements for quality and price
FOR WOMEN, socializing + shopping it's the perfect marriage
Oh man!! I just love Bloomberg docs. Specifically the space ones and the take of countries on future technologies. You guys are doing an amazing job.
It is so exhausting to be "on" 5-6 hours a day...can't imagine the stress....
Haha neither can most Australians 😆 5 to 6 hours is full work week
That's just the highly switched on period. They'd need a whole roster of staff for everything after the show. They can't avoid doing all the other work too.
This isn't the "future", it's the past repackaged - this is literally the same as those old scam shopping channels on tv
No, what they sell are well selected to make the audiences to be a long time buyer.
Yep
说的没错，换了种形式，无非就是放大了人的惰性和欲望，本质上就是财富重新分配，并没创造额外的价值！
Less then a minute into the video, Home Shopping Networks have made a comeback... My mom friends have been doing these live presentation/shopping with their LuLu Lemon leggings for years... hardly the way of the future or all that disruptive. What is pretty cool is the backend of the POS system. It doesn't seem to take you away completely away from the shopping screen so you can keep shopping if you want to after the initial purchase. That's sneaky and neat.
At least in an age of UA-cam, we have the freedom to skip through adverts.
Great video, you guys at Bloomberg Quicktake are really helping me out here. Thanks to each & everyone of you ❤️
Great video.
I learned about how livestream sales works in China. I never would have guessed that it would be hard work but these people may be on the air for 6 hours or more a day. It would take a lot of energy to stay energized for 6 hours.
Even here in SEA it takes 3 hour for rather rundown one
These successful influencers in China made a very tidy profit. Some of the very successful ones earned more than RMB 600 million in a year. Some of them even scorned at those very successful film stars and big names just because they themselves earned even more. This was revealed most recently when Viya was fined a hefty RMB 1.32 billion, double of the amount of tax evaded. Imagine her annual income!
This is an uncontrolled consumerism!
Nobody is putting a gun to your head to buy anything now are they??
so you are saying we need to put control on it, like what? people can only post pictures of things they are selling online ? they can only respond to enquiries with texts? Or is it that you think business must be done in physical stores.
you sound pretty fitting into the bogeyman named "communist"
This is not only in china, other part of asia also have similar trend.
Started from China, because those ecommerce platforms like shopee and lazada in other parts of south east asia modelled after China's successful ecommerce model, prolly applied to Korea and Japan as well considering the huge chinese apettite for thheir products. I dont understand why in University im still learning about ebay lol.
@@misterdd7239 which country you are from?
@@misterdd7239 shopee and lazada are pretty much backed by chinese companies. Sooooo yeaaa
@@misterdd7239 started in the US started over 50 years ago
@@youshowmeyours it's like saying paper was invented in China thousands of years ago. But now we have other types of paper from cardboard to holographic paper foil cards... And? Similarly. Nokia was one of the best selling phones and leader of mobile phones with games like snake. Now we have iPhone, Huawei and Samsung.
the consumerism in society is huge... i never interested in buying stuff that I don't need and I'm not easily influenced. but i know some of my friends are. I used to be impulse buyer as well but I have learnt my lesson and know what's worth
BTS + limited live stream shoping = business stonks.
this is just the same as live selling you used to see on tv channels back in early 2000s. The only difference is that they get their followers to buy by manipulating the parasocial relationship.
But it's live, you can engage directly with the influencer, not one way direction like tv channels back in early 2000s. This alone is a big difference, different experience
No worries just wait a few years before ppl in our own homes will be busy watching such livestreams.
Yeah, pretty much accurate, It's just that, these clowns sell stuff live via streaming
It seems that Indian thinking is 20 years behind the world
@@wuwei9176 i knew that was coming , and you are right mate but dont speak out loud or else there will be hoards of ppl coming in to tell you that indians invented 0.
Not just in China, also in some countries near it. Like in SEA This type of shopping has become popular during the pandemic. in The Philippines, they use codes like Alphanumeric codes per product and word "Mine" for the buyers who wants to buy it.
I'm chinese and I absolutely hate live streaming and influencer marketing. It's unfortunate that the same old saying, A fool and his money are soon parted, still holds true today as ever. It's unfortunately that most people are not intelligent enough to ignore ads and know when they are being fooled.
I won't be surprised if Instagram launches a similar feature in its app. It would drastically increase its user retension and engagement, which will increase the sales of small-time entrepreneurs.
This seems like it would be a real problem for impulse buyers and people with addictive tendencies.
I think it should be regulated really well, but I know it probably won't untill it's already done some damage.
This needs to be top comment man, a lot of people don't know when to stop until they find themselves so lost.
In China there are a lot of regulations now on who can appear on stream, the type of products, etc. In part because of the whole livestream shopping thing streamers tend to stay within a certain lane a lot more than in the West
The reason why it’s popular is because it’s cheap for poor people
that rocket thing only happened once
and most rich people still wouldn’t buy from those live streams cause when u can have better qualities of the product by paying more, most of the rich would choose to pay more in real stores
So your theory won’t be the case
people simply buy things on those live streams because they want to save money by having all those discounts those streamers offered
folks you are forgeting china has the population 5x of the usa and 400 million active users on this platforms
@@toms2298 cheap addiction is still addiction and buying a lot of small or cheap things you don't actually need still is a problem. Especially with people who already struggle with this, it's a real problem.
Also people racking up credit card debt because of it.
I think saying that such a thing wouldn't happen is weirder than assuming it would.
When I want to buy something I look for reviews on UA-cam first. Especially gadgets.
It is like having your personal shopper without having to pay for the service.
It's been happening outside of Asia for a while now. Mostly smaller shops and clothing shops. .
It first started in China way back in 2014-2015
This is like tele shopping but just better. Concept has been there for a while!
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Its more fun and also create more Fun Interactive Marketing Tactics these Influencers can use to brinh revenue for their or others company. An Entertaining way of Marketing and Selling a Product.
Comparing to making extremely expensive ads for broadcast, I think this is more efficient and natural.
We find it weird because we're so used to the deliberatively engineered and overpriced ads filled in all aspects of our daily life.
Thank you for promoting Malaysia's shopping mall (Petronas Twin Tower) towards the end of the video 10:30 =)
What else is inside the towers?
Sooooooo we’ve come full circle and we’ve landed on “infomercials” as the future of shopping…?
Thank you
I still don't understand why "experts" keep saying that e-commerce and increase consumerism is innovation.
Speak! On! It!👏
So the QVC’s of Social Media… just adding the customer interaction…
This is basically QVC online. Big deal, this was done 30 years ago.
Can you directly communicate with QVC asking questions as with livestream?
@@tedaspane1493 yes, QVC for decades did call in questions and comments. Recently with the pandemic they started to do video chat on zoom.
This is going to be big💯
As technology grows we get more confused about which country more capitalist...
Its very easy to differentiate Capitalism and Socialism. In capitalism, Big business dominates over the government (like in the US or UK.) While its the opposite in a socialist country.(China or Singapore)
You know in that antiutopia movie with Stallone they had a radio, which played only commercials and people literally listening songs from commercials. You know what? This future is already here... OMG! People really waste their time on commercials!!!
It’s just infomercial online with influencers. How is it futuristic?
@pace kenelm True that, but still the way they sell things is anything futuristic.
In India we had naptol and home shop 18,way earlier
But that was not like these those were much more like tv advertising only
The future? In my country they have been doing this in tv and radio since I can remember, now they also do it in Facebook Live...
So basically, late night full length TV ads episodes. 🙄
Dude this is old news like...live streaming is everywhere in southeast asia
By creating an internal demand China can continue its growth while depending less on exports.
It's also already happening in India, along with the most advanced Realtime payment system in the world "UPI"
Where ? Which platform ?
Few salespeople in history are even "real" to their customers. 😑
so just focus on the product then -.- the function creates the bridge between you and the seller, not you and this Viya or lee from china. 😂 ask them to introduce the product like how you do in stores
Institutions need you to buy their bags ASAP
Interesting video!!!
You should try to make videos on Investment...
This blew my mind
Fascinating.
It's happening in India too.. on Facebook live..
This type of shopping is popular in eastern Europe as well.
I live in China and can confirm TaoBao is the future of shopping it's like scrolling on social media and you just buy things and 1 or 2 days later it's here
I feel like Taobao always knows what I want, every time I opened Taobao I ended up buying something.
China is such a fascinating country.
Its basically QVC for social media.
Very interesting
Our lives today are just working and shopping. How sad and empty our species has become.
Going live over social media, displaying products and getting orders has been happening in Bangladesh since 2016
I guess, they are talking about Scale, not just few people here and there but the whole generation.
well...the china live streaming shopping industries are all dead this year, two most popular influencers were silicene because of government policies, and none know where they are going so I wonder why some people called live streaming shopping is future of e-commerce, or people easy to trust the fake big data of e-commerce?
🔵Is there livestreaming in Spain or in Europe?
🔵What is livestreaming constantly associated with in Spain and Europe?
🔵Do you think this concept will take off in Spain? Why or why not?
🔵What are your thoughts on livestream shopping?
🔵Would you buy items from livestreaming? Why or why not?
🔴According to the video, what is the appeal of livestream shopping? (2-way communication, social proof, entertainment value, discounts - thanks to the huge bargaining power of influencers)
🔵Promotion strategies: time-limited discounts, scarcity
Others: discounts, after-sales service, gets you "emotionally involved"
Maria: you can see the product being used (+ thrill of unboxing),
Super interesting how this is like a parallel universe to twitch streaming!
I wonder how this is going to effect things like shopify and other e-commerce platforms 🤔
Many Malaysians are doing that too in FB and WeChat 🤞🏻
Interesting
To me, Nothing replaces the store experience .... I hope malls will exist for a couple more decades.
3D try before you buy environments both virtual and more so in shops will be in the future mix I suspect sort of like Argos with booths and virtual environments online. In such a world product data will be king for whoever or whatever is selling something. Also tours of service products could be big. The amount of content yet to be added to Google earth I suspect is quite big and they'll probably have to improve its search engine.
China: as long as you don't criticize the government, make as much money as you want! STRANGE... Capitalism....need a new word. Seriously.
I don’t really understand how this is the future of shopping.. there are some genuinely futuristic things in China but this isn’t really one of them.
agree. Its a very common thing, i dont understand why some country havent have these kind of mode of selling stuff yet?
So great footage. ^^ Take care & seeU. ^^
respect,
Its not only just china, in Bangladesh thousands of facebook base women entrepreneurs selling their products through live stream
livestream shopping have been around on facebook for a long time
Big T going places!
This is happening in India also over facebook and tv
The future in on our hand... 2 or 3 fingers tips to complete the whole process.
I couldn't even imagine this in the future
It’s scary how dependent we’re becoming on technologies that will be used against us.
because it is convenient.
We're? You mean you. I'm not dependant on tech.
*kim kardashian selling slippers online: she made 100.000.000 mill off that*
"the future of shopping" is not ads. We already have them
I would like to spend my time on this planet actually living.
What a consumption life, commoditization
Then y u r here?
@@mappingtheshit I see a vast difference in being informed on what's happening in the world (it's also part of my job) and spending hours watching other people shop.
Every influencer looks the same before and after makeup
There has been LIVE television shopping channels since the 90s as far as I can remember, probably earlier than that as well. This is just doing it on an app instead of TV station. Absolutely nothing new haha
This thing serves the trend of impulse buying. Sometimes I just go on Amazon and not sure what to buy. I can totally understand why the information on products disperses through live streaming would be attractive.
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[W]-[H]-[A]-[T]-[S]-[A]-[P]-[P]-DIRECTLY
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Home Shopping Network on your phone. Groundbreaking.
Yea, reminds of the 90s TV ads.
Yes!!!!!
They should use Phil Swift from flex tape at 2:10. Thats a lotta damage!