In the first three quarters of 2023, Wenzhou soared in online retail sales, reaching an impressive 157.78 billion yuan ( $21.77 billion ), constituting 8.3 percent of the provincial total.
The city's strategic focus on e-commerce development of traditional industry is evident with the establishment of the Ouhai Glasses Cross-Border E-commerce Park. Bricks and mortar are also encouraged to embrace online platforms, vigorously promoting cross-border livestreaming services.
The relatively saturated domestic market also propels business to expand global markets. Companies selling shoes, eyewears and more also make livestreaming activities on international social media platforms.
Foreigners sell eyewears in livestreaming in Wenzhou. [Photo/66wz.com]
Market regulators are also investing more in monitoring livestreaming rooms, adopting automated monitoring tools to alert.
The city witnessed a whooping 13.44 billion yuan in online retail sales during the recent "Double 11" shopping festival, with the physical goods sector claiming a significant 93.21 percent share.
Rural residents sell fruits through livestreaming in field. [Photo/66wz.com]
Livestreaming has breathed new life into small businesses, enhancing brand influence and driving substantial sales growth.
Wenzhou's commitment to excellence extends to regulatory measures. The city envisions an evergreen platform economy, marked by policy support, system optimization, and collaboration among departments for effective information sharing.
