The livestreaming business of Taobao, China’s biggest online marketplace, has raised its 2020 gross transaction volume (GMV) target to RMB 500 billion (USD 73 billion), said 36Kr, quoting multiple sources.
Boosted by the COVID-19 outbreak, livestreaming e-commerce in China is in its heyday. The sales target has greatly exceeded the goal Taobao set previously for its livestreaming business. The goal set in 2018 was to reach USD 73 billion GMV within three years.
For Taobao Live’s competitors, including Kuaishou and Douyin, the 2020 GMV goals were USD 37 billion and USD 29 billion respectively, 36Kr reported.
More on livestreaming e-commerce please read: TECH PANO | How livestreaming e-commerce is posing a threat to Alibaba’s Taobao and Tmall
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.