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The rise and rise of e-commerce, and the impending next big thing called 'live commerce'
This trend of continuous social media participation appears to be progressively increasing, and also accentuated by on-demand content videos coupled with live streaming of events, with the preferred device being mobile phones. Hence, I believe that the next big thing is consumer purchasing behaviour would be ‘live commerce’. Live Commerce and what It entails Firstly, what exactly is live commerce? In a nutshell, live commerce represents the fusion of e-commerce and live-streaming which centres around influencers showcasing and promoting products and services to viewers. We expect this industry to soar in the years ahead. In 2018 alone, live commerce generated over RMB100 billion (RM60 billion) in transactions on Taobao, Alibaba’s premier C2C e-commerce marketplace in China. For Singles Day 2019, live commerce generated RMB20 billion (RM12 billion). Foreseeing this trend, both my group of companies – Commerce.Asia and Netccentric Ltd which is Asia’s prioneering growth ecosystem – established Nuffnang Live Commerce in 2H 2020 with an aim of serving as a live commerce enabler for companies looking to expand their e-commerce business. The name Nuffnang stems from Netccentric’s wholly-owned subsidiary Nuffnang Sdn Bhd, an established ‘influencer’ and content marketing company in Malaysia and throughout Southeast Asia. Today, Nuffnang has one of the largest influencer community reach in Malaysia (by revenue) and has one of the most comprehensive networks of some 13,000 celebrities, personalities and content creators across all levels of society and diversity with a collective reach to more than 20 million consumers in Malaysia, Singapore and Taiwan. Integrating our influencer, content and e-commerce know-hows, we now provide end-to-end live video commerce solutions from live video production to payment and product fulfilment with Nuffnang Live Commerce. What’s more, this AI-based platform solution is API integrated with Facebook to provide a seamless user interface for merchants, from automated order management to online payment. We are optimistic on the growth of live commerce in this region. With this platform strategy, we will connect multiple groups – including merchants, influencers and consumers – to create a positive network effect.