Aug 10, 2020|
Kevin Jiang Shares Insights on Luxury Livestreaming
by Rachel Liu
Why livestreaming is attractive to Chinese consumers? Kevin Jiang, president of International Business at JD Fashion and Lifestyle cites two main reasons. The first is the massive lower-tier market in China, where the customers have a lot of time to spend, and sometimes even higher dispensable income than first-tier city customers. The second reason is that smart phones and 5G network expenses are affordable in China, enabling many customers to watch livestreams and short videos very conveniently. With the popularity of livestreaming, Jiang believes all luxury brands should be open to doing livestreams.
On August 5th, a webinar was jointly hosted by Jing Daily and Content Commerce Insider (CCI) titled, “Next-Level Livestreaming: How Luxury Brands Can Profit from China’s Top E-Commerce Trend”.
What should luxury brands be aware of when doing livestreaming? Jiang points out on the event that livestreaming is one of the key tools to increase customer awareness of a brand in China. Luxury brands also need to find the appropriate KOL with proper content to represent the brand and reach out to the right audience, and effectively handle customer inquiries to create conversions. Livestreaming on an e-commerce platform will greatly help brands convert consumers from being aware to making transactions.
Jing Daily’s editor-in-chief Enrique Menendez moderated the conversation, Sky Canaves, editorial director of CCI, Masha Ma, owner and lead fashion designer of MASHAMA, and Anny Fan, a top luxury KOL in China also participated in the discussion. Nearly 600 people, primarily representatives from fashion brands, registered for the event.
The “Next-Level Livestreaming” whitepaper released by Jing Daily and CCI points out that the GMV of e-commerce livestreaming has skyrocketed from RMB 20 billion yuan ($2.8 billion) in 2017 to RMB 430 billion yuan ($61 billion) in 2019, representing almost 9% of all online sales and 1% of total spending on consumer goods. The COVID-19 outbreak has made livestreaming more important than ever. While many luxury brands have worked with major e-commerce platforms, it’s also necessary for them to catch up with the livestreaming trends on their own.
Although livestreaming is very important for luxury brands to build brand awareness and generate sales, Jiang also suggests brands “don’t put everything in one basket”. Livestreaming is only one of the many available tools, and building brand awareness requires a systematic approach including articles, short videos, advertisements and more.
JD is doing everything to help luxury brands who are interested in livestreaming to practice on the platform. JD Luxury has opened a livestream channel especially for luxury products on JD Live. For luxury brands, it’s important that customers can enjoy the same premium experience through livestreaming, and JD will help brands maintain a high standard for their live shows and protect their brand images.
Apr 1, 2024|
JD Chief Economist: Tech-Driven Supply Chain Revolutionizes Gen-Z Consumer Engagement in China
At the inaugural FORTUNE Innovation Forum in Hong Kong on March 28th, Dr. Jianguang Shen, chief economist of JD.com, highlighted the transformative impact of tech-driven supply chain solutions in meeting the dynamic needs of Gen-Z consumers in China.
“Gen-Z consumers are very discerning and pragmatic,” said Dr. Shen. “They don’t care if the brand is local or global.” Dr. Shen began by discussing the increasing sophistication of younger Chinese consumers. “The rising popularity of local products can be attributed to China’s supply-side reform, which has enabled brands to provide lower-cost products with higher quality,” he said. Shen also emphasized the strategic advantage that brands can achieve by leveraging advanced digital supply chains, which offer deep insights into consumer behavior, thereby tapping into substantial market opportunities.
Joining Dr. Shen were industry leaders including Angela Wei Dong, Global Vice President China at Nike; Pontus Erntell, President and Chief Sustainability Officer at IKEA China; and Doreen Wang, CEO of Kantar China and Global Head of BrandZ. Together, they shed light on the shifting preferences of China’s youth towards quality, sustainability, and enhanced social engagement in their retail experiences, especially amid economic headwinds, prompting brands to adapt swiftly.
Drawing examples from JD.com’s platform, Dr. Shen discussed the rising popularity of eco-friendly mini refrigerators among Gen-Z consumers. These products, aligning with Gen Z’s penchant for tech-savvy and environmentally conscious offerings, underscore the necessity for brands to evolve and align with consumer preferences.
Furthermore, Dr. Shen discussed the positive impact of a new government policy encouraging trade-in of consumer goods, which is expected to boost consumption. Leveraging JD.com’s robust supply chain capabilities, customers not only can easily trade in old appliances for more modern and eco-friendly goods but also benefit from a suite of JD’s attentive services such as doorstep pickup, installation, and recycling.
The conversation also touched upon the strategic collaborations under the Consumer-to-Manufacturer (C2M) model between JD.com and numerous brands, aiming to streamline the journey from product ideation to distribution. This collaboration has welcomed over 4,000 brands to JD.com’s C2M platform, drastically reducing product research and market introduction times by 80% and 70%, respectively, thereby fostering a mutually beneficial ecosystem for brands, retailers, and consumers.
Dr. Shen concluded by emphasizing JD.com’s commitment to technological innovation, with its deployment of AI-driven chatbot customer service, highly automated warehouses, autonomous delivery vehicles, and integrated retail solutions that bridge both online and offline domains. These innovations are designed to meet the dynamic preferences of consumers, enhancing the overall shopping experience and setting a new standard in consumer engagement.
Italian Brand Golden Goose Launches Flagship Store on JD
