In 2020, online consumer demand grew rapidly, and Douyin e-commerce has become a hot spot in the industry. Douyin e-commerce has triggered the massive consumption demand of more than 600 million daily active users, realizing efficient conversion from user interest to consumption realization.
E-commerce industry trends:
1. Online consumption bucked the trend, China's online retail scale steadily ranked first in the world
Affected by special events around the world in 2020, the overall retail industry consumption is slowing down. According to eMarketer's forecast, the global online retail market will reach 4.28 trillion USD in 2020, with an annual growth rate of 27.6%. In 2021, the development momentum of online retail will continue unabated, with an estimated growth of 14.3%. At the same time, online retail accounts for an increasing proportion of total social consumption, about 19.5%.
2. Live e-commerce Live e-commerce is centred on visual product content, shortening the consumption link, and attracting enterprises and consumers to join at the same time.
From the perspective of the supply side of the live broadcast e-commerce market, there are more than 28,000 new live broadcast industry-related companies in 2020, an increase of 5 times year-on-year. According to data, in total there are 39,000 enterprises related to live-streaming.
From the perspective of the demand side of the live broadcast e-commerce market, according to CNNIC data, as of December 2020, the number of e-commerce live broadcast users was 390 million, accounting for 62.9% of the total live broadcast users, an increase of 46.4% from March 2020.
In an environment where policies drive the healthy development of live e-commerce, the supply-demand relationship of live e-commerce has also promoted the rapid growth of live e-commerce. According to third-party statistics, in 2020, the scale of live e-commerce transactions will exceed one trillion yuan, and the annual growth rate will be as high as 142%, leading the e-commerce market. Currently, the market penetration rate of live broadcast e-commerce is only 8.6%, and there is still huge room for growth in the future.
Rise of "interest e-commerce"
Douyin's GMV increased by 50X
At the beginning of 2021, Douyin e-commerce closely connected the ecosystem of "users, merchants, talents, institutions & service providers", and officially launched the new concept of "interest e-commerce" at the Douyin E-commerce Ecology Conference. In the past year, Douyin has served as the entrance to Douyin's e-commerce business, and the transaction volume has grown rapidly. In January 2021, it increased by more than 50 times compared with the same period last year. As Douyin e-commerce has become a long-term business position for more and more brands and merchants, a new online retail track has begun to take shape.
Changing landscape
1. User: younger, larger, higher spending power
For Douyin e-commerce users, women are the main purchasers, and men have grown faster in the past six months.
Age distribution: Young users born in the 80s and 90s have an absolute advantage, and the post-95s have the highest growth rate.
Cities: First-tier/new first-tier and fourth-tier cities go hand in hand. Shanghai, Chongqing and Beijing become the most shopping cities in 2020
Consumer product types: fashion, new products, health preservation
2. Talent: Douyin e-commerce has become an important growth point for the income of the millionaire
The scale of Douyin e-commerce creators and per capita income continues to grow rapidly. In the second half of 2020, GMV increased by 588% year-on-year compared with the first half of the year. As of January 2021, the number of anchors who received e-commerce revenue has exceeded one million.
Creator age: 18 to 45 years old mainly
Distribution of creators: TOP3 provinces Guangdong, Zhejiang, Jiangsu
3. Merchants: Millions of merchants are enthusiastically entering the market
The 2020 Douyin e-commerce TOP30 sub-categories are analyzed, and the second half of 2020 is compared with the first half of the year -
GMV increase: women's clothing, jewellery gold, beauty and skincare, men's clothing, children's clothing, second-hand luxury goods and other sub-categories
GMV growth: mobile phones, art collections, watches and clocks, underwear, children's clothing, wine and other sub-categories
Douyin e-commerce has become an explosive field for new products: Douyin e-commerce is a popular destination for a large number of users to chase “new”. Under the strong demand for new products from users, various industries have released new products on Douyin, and the new products of the platform present six major products. "New Features": "New Marketing", "New Design", "New Scene", "New Function", "New Ingredient", "New Technology", covering various industries.
New business growth model: Douyin e-commerce "FACT business matrix"
Field Merchant Broadcast: Merchant broadcast is the basic business of daily sales and has become an important force for merchant growth. In self-broadcasting, merchants have strong control over key operation nodes such as brand image, product selection, discounts, and live broadcasts.
Alliance Master Matrix: The Master Matrix is an amplifier for business growth. Many merchants have established close alliances and partnerships with many masters. The business of the merchants grows rapidly with the increase in the ability and number of talents.
Campaign marketing activities: marketing activities are the explosive field of large-scale sales. A series of marketing campaigns have given Douyin e-commerce holiday-oriented and themed marketing capabilities to continuously create reasons and minds for users to consume on Douyin, and with the help of large-scale traffic aggregation effects, detonate Gao Cheng orders in a short period of time. The centralized transaction is an important way for merchants to quickly grow with the help of platform resources.
Top KOL: Big V on the head. The big V on the head is the place where a win-win situation is announced. The cooperation between brands and Top KOLs such as celebrities and top influencers can help brands achieve the "double detonation" of product promotion and sales. Celebrities and top talents use their strong fan influence and personal endorsements to create hot marketing events, help brands quickly break the circle and achieve a "win-win product and sales" in one fell swoop.
You can also get in touch to talk to us about effective advertising on Douyin.
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