On March 28, 2024, the Taobao Content E-commerce Festival announced that it will add tens of billions of cash and hundreds of billions of traffic this year, and real money will increase investment in content e-commerce.
After the establishment of the Taobao Content E-commerce Business Unit in December last year, the Taobao live streaming and shopping teams merged, and live streaming, short videos, and text and images were connected for the first time. Cheng Daofang, General Manager of the Content E-commerce Business Unit of Taotian Group, said, "In 2024, Taobao's content and e-commerce will shift from addition to multiplication, unleashing a new round of content e-commerce dividends."
Over the past year, Taobao's content e-commerce has experienced strong growth. According to Shengdian data, the scale of Taobao content consumption users increased by 44% year-on-year in 2023; 12000 live streaming rooms with monthly transactions exceeding one million; 8.63 million new content creators and 770000 new broadcasting accounts added.
At this grand event, Cheng Daofang announced higher growth goals for this year: a 100% year-on-year increase in user base, a 100% year-on-year increase in monthly transactions exceeding one million anchors, and an 80% year-on-year increase in GMV (total transaction volume). He believes that this goal signifies Taobao's confidence and determination in the rapid growth of content e-commerce and its firm investment. In order to achieve this goal, in addition to providing substantial subsidies, Taobao will also invest manpower and resources to accompany and promote the comprehensive integration of content X live streaming, enhance the penetration rate of content e-commerce within Taobao, and normalize the marketing team's large-scale explosive products.
He also stated that Wanda has content forms such as short videos, graphic notes, and short dramas, and after integrating with live streaming, it has connected the entire chain of pre live seeding and water storage, transaction explosion during live streaming, and continuous operation after live streaming. From the perspective of consumer decision-making chain, Taobao's internal seeding has the best and shortest conversion path. Brands and merchants have made attempts to link with live streaming in various forms such as graphics, short videos, and short dramas.
According to iResearch's 2023 China Live E-commerce Industry Research Report, China's live e-commerce industry continues to grow, with a transaction volume of 4.9 trillion yuan in 2023, a growth rate of up to 35%. In 2024, as content e-commerce enters the second half, industry competition will become more intense.