Li Lei, Harbor Business Observations

Recently, the Shenzhen Municipal Commerce Bureau released the Action Plan for Promoting the Quality and Efficiency Improvement of Live-Streaming E-Commerce in Shenzhen (2026-2028) (referred to as the Action Plan). The plan outlines 17 key tasks across five major areas, including optimizing the live-streaming e-commerce industrial chain, fostering integrated innovation and development within the industry, and expanding the international reach of live-streaming e-commerce. Its goal is to further diversify digital consumption supply, innovate and enrich digital consumption scenarios, broaden digital consumption channels, and drive the high-quality development of e-commerce in Shenzhen.

The Action Plan sets a clear three-year development objective: by 2028, Shenzhen’s live-streaming e-commerce industry ecosystem will be more comprehensive, with various market entities developing in a coordinated and integrated manner. New models and scenarios for live-streaming e-commerce will emerge rapidly, initially establishing Shenzhen as an internationally influential hub for live-streaming e-commerce. Live-streaming e-commerce sales are projected to exceed 400 billion yuan, with over 10 anchor service agencies gaining national or even global influence, over 40 large-scale live-streaming e-commerce bases (parks) being established, and over 30 consumer brands achieving annual live-streaming sales exceeding 1 billion yuan.

It is reported that Shenzhen, as one of China’s most dynamic cities in the digital economy and a trillion-yuan consumer market, issued the Action Plan for Promoting the High-Quality Development of Live-Streaming E-Commerce in Shenzhen (2023-2025) in 2023. After three years of dedicated efforts, Shenzhen’s live-streaming e-commerce sector has demonstrated strong development momentum, with a continuously improving industrial ecosystem. Live-streaming platforms such as Tencent’s video channel have experienced rapid growth, and a number of local brands, including Huawei, Honor, DJI, Skyworth, Bananaunder, Chow Tai Fook, and PurCotton, have significantly expanded their online consumer markets through live-streaming e-commerce. Several distinctive live-streaming bases (parks), such as the Zhimeihuizhi Industrial Park, Lingyi Digital Live-Streaming Base, and Bamatea E-Commerce Live-Streaming Base, have continuously promoted the high-quality clustered development of the live-streaming e-commerce industry.

At the micro level, on July 28th, the special launch event for the 2026 Shenzhen Gold and Jewelry Industry E-Commerce Live-Streaming Season was held at the Shuibei Jinzhan Jewelry Plaza in Luohu District, Shenzhen. Since its inaugural event in 2023, the Gold and Jewelry Industry E-Commerce Live-Streaming Season has made steady progress and shown year-on-year improvement—achieving sales of 130 million yuan in 2023, surpassing 400 million yuan in 2024, and exceeding 800 million yuan in 2025. It has become a significant driver for Luohu District’s gold and jewelry enterprises to expand online channels, cultivate e-commerce talent, and boost consumer vitality.

Xiao Yong, President of the Shenzhen Online Live-Streaming Association, once highlighted that live-streaming e-commerce holds unique advantages in innovating consumption scenarios, enhancing consumer experience, and unlocking consumption potential. "By continuously deepening the 'live-streaming + industrial cluster' model, promoting the integrated development of Shenzhen’s advantageous industries and e-commerce, and fully building a robust live-streaming e-commerce ecosystem, we can lead live-streaming e-commerce into a high-quality 'era of quality,'" he stated.

Some industry scholars in Shenzhen believe that the city possesses comprehensive advantages in live-streaming e-commerce, whether in terms of industrial conditions, service quality, or a large pool of excellent enterprises and talent resources. Its 400 billion yuan sales target plan is generally considered pragmatic. A brief analysis reveals that Shenzhen excels in five major areas:

1. Ultimate Local Industrial Bands and 'Ultra-Short Supply Chains'

The ultimate competition in live-streaming e-commerce lies in the efficiency and cost-effectiveness of the supply chain. Shenzhen boasts a unique "high-density, high-value-added" local industrial band, achieving rapid response with "front-end stores (live-streaming rooms) and back-end factories (supply chains)."

Gold and Jewelry (Luohu Shuibei): Accounting for over 70% of the national wholesale market share in gold and jewelry, this sector naturally features high average order values, high repurchase rates, and strong trust endorsements, making it the absolute core of national jewelry live-streaming.

3C Electronics and Hardware (Huaqiangbei/Bao'an): Consumer electronics, smart wearables, and in-car devices, among others, iterate extremely rapidly. Shenzhen can achieve "morning request for modifications, afternoon prototype, and evening live-streaming testing."

Apparel and Beauty (Nanshan/Longhua): Women's apparel (such as Yiner, Marisfrolg, and other high-end women's apparel clusters) as well as emerging new consumer brands (such as Bananaunder, Laifen, and Insta360), inherently possess DTC (Direct-to-Consumer) genes.

2. Unique 'Cross-Border Live-Streaming' and Foreign Trade Ecosystem

This is Shenzhen’s most irreplaceable absolute advantage compared to other e-commerce cities like Hangzhou and Guangzhou.

Cross-Border E-Commerce Capital: Shenzhen has the densest network of cross-border e-commerce sellers, logistics capabilities, and overseas warehouse resources in China (as the saying goes, "cross-border e-commerce looks to South China, and South China looks to Shenzhen").

Overseas Platforms and Traffic Dividends: With the global expansion of platforms like TikTok Shop, TEMU, and SHEIN, Shenzhen sellers naturally possess the resources and cognitive reserves to sell "Made in China" products globally through English and Southeast Asian language live-streaming. Shenzhen is the most mature region in China for TikTok cross-border live-streaming and overseas influencer marketing ecosystems.

3. Cutting-Edge Technology and 'AI Digital Humans/Hard Tech' Empowerment (Future Vantage Point)

Shenzhen is known as the "China Silicon Valley," and its strong technological R&D capabilities are reshaping live-streaming room productivity:

AI and Digital Human Technology: Shenzhen is home to Tencent, Huawei, SenseTime, and a large number of small and medium-sized AI startups, leading the country in areas such as "AI digital human anchors," "intelligent real-time translation live-streaming," and "automated clipping and content generation," significantly lowering the threshold and cost for merchants to conduct 24/7 live-streaming sales.

Live-Streaming Hardware Industrial Chain: Cameras, professional microphones, fill lights, sound cards, and green screen systems—most global live-streaming room hardware is produced in Shenzhen/Dongguan, with rapid technological iteration.

4. Extremely Mature Capital Market and 'High Average Order Value' User Perception

Active Venture Capital: Shenzhen’s venture capital institutions (such as Shenzhen Capital Group and Cowin Capital) are extremely dense and highly responsive, capable of providing rapid financial support to high-quality "live-streaming brands (DTC brands)" and live-streaming technology companies.

Consumer Brand Building Capabilities: Shenzhen is not skilled at "hyping internet celebrities" but excels at "product and brand building." Live-streaming e-commerce enterprises cultivated in Shenzhen often rely not on low prices and high volumes but on high average order values and strong product capabilities (such as smart small appliances, high-end apparel, and digital customization products) to establish profit moats.

5. Policy Guidance and a Highly Market-Oriented Business Environment

Precise Policy Support: The Shenzhen Municipal Commerce Bureau has issued a special action plan, explicitly proposing to build Shenzhen into an "international live-streaming e-commerce capital," providing substantial policy subsidies in areas such as live-streaming base construction, enterprise inclusion rewards, and talent introduction.

Highly Market-Oriented and Contract-Spirited Environment: Shenzhen’s market environment is extremely transparent and efficient, with corporate collaborations emphasizing efficiency and ROI (Return on Investment), making it highly suitable for live-streaming e-commerce teams focused on human efficiency and rapid commercial model validation to establish operations.

Data from iiMedia Research shows that China’s online retail sales reached 15.52 trillion yuan in 2024 and are expected to reach 16.65 trillion yuan by 2025. With the development of internet technology, live-streaming e-commerce provides consumers with a more vivid shopping experience through immersive scenario construction and real-time interaction mechanisms, resulting in high conversion rates and effective marketing. "Immersive scenarios + real-time interaction" live-streaming sales have become a new growth driver for e-commerce and content platforms.

Analysts from iiMedia Research believe that driven by multiple factors such as the widespread adoption of mobile payments, the rise of e-commerce live-streaming, and the introduction of a series of policy measures, China’s e-commerce penetration rate has shown a rapid upward trend, stimulating consumers’ desire to purchase and encouraging more people to participate in online shopping. This has also brought more opportunities and development space to China’s live-streaming e-commerce market. (Produced by Harbor Finance)