巴克莱银行（Barclays）：中国电商行业报告-视频直播-电子商务拼图的关键部分（英文版）（34页）.pdf

1、Equity Research 8 July 2020 FOCUS Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. In

2、vestors should consider this report as only a single factor in making their investment decision. PLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 24. Restricted - Internal China eCommerce Video Live Streaming: The Crucial Piece of the eCommerce Jigsaw Puzzle The Key Ta

3、keaways: We view live streaming as a crucial function in the differentiation of eCom service offerings, as it creates an interactive scene to seamlessly connect consumers with sellers and boosts the conversion rates. The function generated CNY451bn (US$64bn) GMV in CY19, c.4% of Chinas eCom GMV, and

4、 is forecast to reach CNY2.9tn (US$410bn) in CY22, representing c.16% market share, according to iResearch. We view eCom platforms and short video apps as the primary beneficiaries of the tailwind noting the formers comprehensive eCom infrastructure and the latters considerable top-of-funnel user tr

5、affic enabling both to embed eCom live streaming into their ecosystems. The Covid-19 lockdown has given live streaming an opportunity to gain market share from offline, with a wide product spectrum from apparel to fresh foods reached by live broadcasting. As eCom and short video companies both explo

6、re the best model to maximize their financial economics, we think the win-win strategy is for the two to harness their respective advantages and cooperate with each other. We view the Streets concerns over the threat from the “decentralized” eCom of short video apps as overdone, as the industry expe