Hong Kong AI marketing platform EternityX helps global brands tap China’s US$6 trillion consumer market through ‘social commerce’
- Social commerce key for brands seeking growth in China, CEO and founder says
- Sales driven by social commerce expected to reach US$363.3 billion this year, about 13 per cent of all e-commerce retail sales in China, according to research firm eMarketer
Hong Kong-based artificial intelligence (AI) marketing platform EternityX is helping global brands such as LVMH tap China’s US$6 trillion domestic consumer market by placing adverts on several “social commerce” platforms.
“Social commerce will be the key trend for all the brands that want to invest and grow in China,” said Charlene Ree, EternityX’s chief executive and founder.
The average Chinese consumer currently spends more than seven hours a day on their phone, a number that has risen by a fifth in the aftermath of the pandemic, according to McKinsey. Users are increasingly seeking out information from social media, social influencers and friends to make decisions about purchases, it said.
Sales driven by social commerce are expected to reach US$363.3 billion this year, representing about 13 per cent of all e-commerce retail sales in China, the world’s second-largest economy, according to a forecast by research firm eMarketer. The number of social buyers is expected to grow to 446.8 million in 2023, or about 37.9 per cent of China’s population, it added.
“Social commerce is so popular now because people are still looking for a sort of interaction when shopping,” Ree said. “Nowadays, the audience is empowered. They want to have that kind of personalised conversation” when purchasing, she added.
