Under the background of the impact of the epidemic, the categories of live broadcast products are becoming more and more abundant, and they continue to meet the diversified consumption needs of the China masses, promote the prosperity and development of the video account e-commerce ecosystem, and open the video account live broadcast models. With increasingly mature live broadcast e-commerce platforms and more diversified consumers, with the normalization of the epidemic, the sales amount of live broadcast products in China has increased by 15 times in the past year.
The positive cycle of the video account content ecology has attracted more and more outstanding creators to complete the accumulation of UGC original content, while improving user retention and interaction, bringing more commercialization opportunities for creators. As a rising star, the WeChat video account, coupled with WeChat's huge user base, combined with various scenarios of the WeChat ecosystem, and the online and offline linked account matrix layout, have created a strong combination. Nowadays, video accounts with rich and diverse content improve the product experience and combine and increase support for creators and merchants. With the per capita usage time of video accounts rising, more and more business brands are entering the video account, and users' consumption habits are gradually formed, the popularity of live broadcast e-commerce continues to rise.
The "2022 Video Account Consumption Insight Report" released by Youwant Data analysed 12 insights on the changes in video account consumption trends across various dimensions.
Insight 1: A preference for food, beauty and fashion
Despite being affected by repeated epidemics this year, consumers’ preference for a decent life is still unimpeded. Even if travel is restricted, consumers still love to eat, and they love beauty as well as fashion. According to the report, the top 5 categories of consumer preference include men's and women's clothing, food and beverages, skincare, daily necessities and shoes and bags. Men's clothing and women's clothing (29.44%), food and beverages (28.64%), and skin care (14.05%) occupy the top three consumer favourite categories, while daily necessities are only 7.66%.
Insight 2: The newly emerging consumer power - the "silver-haired group"
With the increasingly mature and perfect live broadcast e-commerce platform, a new consumer force that cannot be underestimated is emerging. This group of "silver-haired group" who are active in video accounts, in addition to sharing the various aspects of life, the passion and spending for fashion and wear are not inferior to young people, and silently supports the blue ocean market
Insight 3: The "her economy" consumer market that occupies "half of the market"
Occupying "half of the market" of the female consumer market, with the change of consumption consciousness, "pleasure consumption" has gradually become the trend of female consumption. The ladies of the video account began to pursue intellectual elegance and fashionable “pleasant” consumption characteristics to show women's intellectual beauty, independence and self-confidence.
Insight 4: High customer unit price consumption market has great potential
With a wide range of video account consumer groups and a certain consumption power, operators can even increase conversions by generating deep connections with users through private domains. For products with high customer unit prices such as gold jewellery or digital home appliances, the trust relationship established in the private domain has gradually released the consumption potential. According to the data of Hongrenzhuang service account, after the double 11 and China Gold cooperation GMV broke 10 million last year, the "3.8 Goddess Festival" – International Women’s Day shopping festival has been on the rising.
Insight 5: Consumers restrain rational consumption
Based on the restraint of rational consumption by China video account consumers, practical and good things with a price lower than 100 yuan and high quality-price ratio performance are more likely to arouse the purchase desire of video account consumers, and the sales volume is expected to exceed 71%.
Insight 6: Seasonal consumption in spring and summer
During the change of seasons, consumers want both stylish and fashionable clothes and also new clothes that are versatile and slim. The changing seasons of spring and summer is the moment of consumption. It seems that a trend has formed, and the best-selling clothing is temperament shirts, short-sleeved T-shirts, fashionable sweaters and classic small suits.
Insight 7: Daily essentials, also love the life of casual snacks
In addition to the daily necessities, China video account consumers also love to buy fresh snacks and live an exquisite life. The hot-selling food and drinks on the video account not only include grain and oil seasoning, meat, poultry and eggs, dairy baking, and cooked food buns, but also seasonal fresh and casual snacks.
Insight 8: Refined skincare
Consumers of Chinese video accounts are not only increasing in demand for delicate skin care among women, but male consumers are also paying more and more attention to this aspect. Consumers' preferred skin care products show that consumers' demand for essences and facial masks is much higher than for facial cleansing products. It can be seen that simple facial cleansing no longer meets the needs of video account consumers. According to statistics, the sales of facial masks and essences have a clear growth trend from January to March. It can be seen that the market for essence and mask products has huge development potential.
Insight 9: Exquisite dress up
With the increasing demand of Chinese consumers for the quality of life and the widespread popularity of the concept of self-pleasure, more and more consumers are buying makeup products for exquisite dress up, and the room of development of the perfume market is showing a rapid trend. According to the top 5 makeup categories preferred by consumers, lipstick, liquid foundation and perfume are the categories that consumers prefer to buy, and the sales of perfume have increased significantly from January to March.
Insight 10: Specialty food network leads the way
In the online world, consumers who live far from homes can enjoy special delicacies from all over the world. Through the live broadcast of video accounts, consumers can buy special products from 16 provinces (cities) around the world, and good things will be delivered to their homes. The more "earthy" specialities are more popular, the three agriculture bloggers live-stream their own agricultural products on site, and the special agricultural specialities sold by their video accounts are selling well.
Insight 11: "Out of the Circle" Live Broadcast
If you want to increase the purchase rate and prolong the time users watch live broadcasts, you can set up various drainage models when the live broadcast promotes goods, which can directly absorb the flow of the live broadcast room and make the products hot-selling.
Insight 12: Convenient purchasing channels
After the shopping cart function of the video account is launched, the one-click purchase brought by it is convenient for consumers to purchase and it improves the income of creators. When the video play rate is higher, the exposure to related products is more, and the sales volume is also increased, achieving a positive ratio. According to the data, the hot-selling products related to the video are spicy dried radish, thick leg trainer and tensioner.
According to the statistics of Youwant, 60.13% of the live-broadcast goods on video accounts come from small stores. The convenient purchase channels allow many merchants with supplies to enter the live broadcast platform for free to open stores and sell live broadcasts. As for creators without supply, they can choose to distribute goods in small stores to earn commissions.
However, since March 25th, due to the stricter and more standardized requirements for live broadcast to ensure consumer safety, and the video account has stopped providing window services to individual main stores, the individual can only obtain and purchase goods with a third party that cooperates with video account for the live broadcast.
With the normalization of the epidemic and the prosperous development of the video account e-commerce ecosystem, the user participation in live-broadcast video accounts will continue to grow, and the categories of live broadcast products will gradually be enriched, which can continue to meet the consumer needs of the vast number of China users, thus the development potential of live-broadcast video accounts is even greater.
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