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Chinese e-commerce giant Alibaba Group Holding Ltd has fired Zhao Yan, the head of its fast-growing livestreaming division, on grounds of nepotism and accepting gifts, according to an internal memo announcing his termination.
Social commerce taking larger share of China’s online retail sales as coronavirus pandemic accelerates ‘shoppertainment’
Retail social commerce sales in China will reach US$242.41bil this year and the number of social buyers is expected to be 357 million, according to eMarketer. During a livestream on Thursday Ding Lei, founder and CEO of Chinese gaming giant NetEase, generated 72mil yuan (US$10.2mil) in sales of lifestyle products.
JD.com joins video platform Kuaishou in livestreaming sales deal in time for China’s midyear shopping festival
Although JD.com has its own livestreaming platform, Kuaishou’s 300 million daily active users are expected to give the e-commerce specialist a strong boost. JD.com announced on Monday that it will host more than 300,000 key livestreaming sessions during this year’s 618 shopping festival.
Food and financial services now make up more than 50% of Grab’s gross merchandise volume, according to Lim Kell Jay, the regional head of GrabFood. The margins for food delivery are better than for ride-hailing, Lim says.
Pinduoduo has become one of China's biggest retail disruptors, breaking the dominance of Alibaba and JD.com.
Chinese shoppers say they would shun American brands during the world’s busiest 24 hours of online shopping
Up to 78% of Chinese say they would avoid buying American brands, opting instead for Chinese products, with more than half of them citing ‘patriotism’ as the main reason, according to AlixPartners’ survey. The survey of 2,000 adult Chinese consumers was conducted between Oct 2 and 7.
Rural China added 3 million more Internet users in the first half, taking the total number to 225 million, or 26.3% of the country’s total Internet population. Online sales in rural areas surged 21% to US$109.6bil last year, outpacing the national growth rate.
The company is hoping to attract an additional 100 million consumers based on its analysis of data and consumer behaviour, but declines to provide targeted sales value. More than 200,000 brands will be taking part in the shopping extravaganza and over 1 million new products will be on sale.
Singapore-based ride-hailing firm Grab is set to invest "several hundred million dollars" in Vietnam where the company sees its next major growth market, just weeks after it unveiled a US$2bil plan in Indonesia.
South-East Asia's Internet economy is expected to exceed US$240bil by 2025, a joint study by Google and Temasek Holdings showed, a fifth more than previously estimated, as more consumers use their smartphones to go online.