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Wanghong live commerce sold out locally made cosmetics worth KRW 2 bln
On the back of the Wanghong economy, Gangwon Province continues to sell out KRW 2 billion worth of locally manufactured cosmetics. Wanghong translates to online celebrities in Chinese. The term Wanghong describes social network influencers who get their fans to purchase goods that they’ve endorsed. The social media marketing appears to help local enterprises hit hard by the coronavirus-induced recession get resilient and find new sales network in Chinese markets.
The province said the authority-sponsored ‘Wanghong live commerce’’ which took place three times in mainland China from Oct 22-29, was a real success, selling out products worth KRW 2 billion of 53 product lines made from 17 locally-based companies.
At the 8th anniversary of Greater Tumen Initiative (GTI) Investment & Trade Fair in Oct, they’ve made another big hit exporting beauty products equivalent to KRW 570 million to China.
The two rounds of Wanghong sales pitch are estimated to raise almost KRW 2.57 billion in sales. The wanghong marketing approach turned out to be very effective advertisement strategy as the show hit more than 21 million viewers.
The provincial authority will keep supporting local businesses, running Wanghong live video streaming services to interact with customers in China by the end of this year.
jlee@yna.co.kr
Date
2020.11.09
Views
371
According to Yonhap News,
On the back of the Wanghong economy, Gangwon Province continues to sell out KRW 2 billion worth of locally manufactured cosmetics. Wanghong translates to online celebrities in Chinese. The term Wanghong describes social network influencers who get their fans to purchase goods that they’ve endorsed. The social media marketing appears to help local enterprises hit hard by the coronavirus-induced recession get resilient and find new sales network in Chinese markets.
The province said the authority-sponsored ‘Wanghong live commerce’’ which took place three times in mainland China from Oct 22-29, was a real success, selling out products worth KRW 2 billion of 53 product lines made from 17 locally-based companies.
At the 8th anniversary of Greater Tumen Initiative (GTI) Investment & Trade Fair in Oct, they’ve made another big hit exporting beauty products equivalent to KRW 570 million to China.
The two rounds of Wanghong sales pitch are estimated to raise almost KRW 2.57 billion in sales. The wanghong marketing approach turned out to be very effective advertisement strategy as the show hit more than 21 million viewers.
The provincial authority will keep supporting local businesses, running Wanghong live video streaming services to interact with customers in China by the end of this year.
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jlee@yna.co.kr
Source: Yonhap News (Nov 2, 2020)