Positive Reviews: Dual-Driven by Top-Level Influence and Model Innovation, Live E-commerce Enters a New Stage of High-Quality Development
During the 618 shopping festival in 2025, the live e-commerce industry presented a lively picture of “veterans making efforts and new tricks emerging frequently”, indicating a positive signal of its transformation from wild growth to refined operation. The continuous influence of top anchors, the model innovation of MCN agencies, and the industry’s in-depth exploration of user needs jointly constituted the core driving force for this round of growth.
First of all, the “top-stream effect” of top anchors remains stable, serving as an irreplaceable traffic engine during major promotional events. Li Jiaqi conducted high-intensity live broadcasts for multiple consecutive days, with a GMV of 2.5 – 3.5 billion yuan on the first day of pre-sale; Xin Ba’s two live broadcasts had a sales volume of over 4 billion yuan; Dong Yuhui achieved a result of 176 million yuan in a single live broadcast; even Luo Yonghao’s debut of the digital human attracted 13 million views and a GMV of 55 million yuan. These data confirm the user stickiness and commercial value of super anchors. Their characteristic of “as long as the persona exists, the traffic exists” is essentially the result of long-term content precipitation and trust accumulation. For example, Li Jiaqi’s emotional connection with “all girls”, Dong Yuhui’s differentiated label of “knowledge-based product promotion”, and Xin Ba’s perception of cost-effectiveness through “strong supply chain control” have all enabled consumers to form stable consumption expectations. This strong connection between “anchors and users” is not only the basis for the short-term explosion during 618 but also a key asset for the live e-commerce industry to build user mindsets.
Secondly, the model innovation of MCN agencies has broken the old logic of “GMV-only theory” and injected new vitality into the industry. From Qianxun’s trial operation of a self-operated mall through the “Super Member” mini-program to Meione’s operation of the self-owned brand “Meiwan Youxuan”; from Meione’s slow-paced live broadcasts for the silver-haired group called “The Happy Home for All Parents” to the “social group live broadcast” cooperation between Wuyou Media and Luyuan; from the in-depth exploration of the supply chain of Dongfang Zhenxuan’s self-operated sanitary pads to Yaowang Technology’s entry into the female niche market through Huang Zitao’s “loving husband persona” – these actions mark that MCN agencies are transforming from “traffic movers” to “ecosystem builders”. For example, Qianxun’s Super Member’s “low-price flash sales + full-category coverage” essentially transforms the short-term traffic in the live broadcast room into long-term repeat purchases of private domain users; Meione’s silver-haired live broadcast room precisely addresses the pain point of the elderly group of “not being able to understand fast-paced promotions” by reducing the speaking speed and designing a more daily-life scenario; and Wuyou Media’s “social group live broadcast” upgrades live broadcasts from “product sales” to “entertainment + product sales”, expanding the boundaries of consumption scenarios. These innovations not only improve the user experience but also avoid the trap of “low-price involution” through differentiated competition.
Finally, technology and global layout have opened up new growth spaces for the industry. The success of Luo Yonghao’s digital human live broadcast verifies the application potential of AI technology in the live broadcast scenario – digital humans can break through the time limit of anchors, enabling 24/7 continuous live broadcasts while retaining the unique style of personal IP, which has a demonstration significance for solving the industry pain point of “limited energy of top anchors”. The overseas exploration of MCN agencies (such as Yaowang Technology’s localized training on TikTok and Meione’s layout in the Indonesian market) is a key move to seek incremental growth against the backdrop of the peak of domestic traffic. According to statistics, nearly 30% of MCNs have attempted to go overseas, and 14.9% are in preparation. This trend not only conforms to the general logic of “Chinese supply chain + global market” but also promotes the global output of the live e-commerce model by exporting Chinese characteristic phrases such as “3, 2, 1, link up”.
Negative Reviews: Coexistence of Dependence and Risks, and the Industry Still Needs to Overcome Multiple Challenges
Although the bustling data of 618 are exciting, the deep-seated contradictions and innovation risks in the live e-commerce industry cannot be ignored. The “double-edged sword effect” of top anchors, the questionable sustainability of model innovation, the complexity of global expansion, and the potential problems of technology application may all become obstacles to the further development of the industry.
Firstly, the “strong dependence” on top anchors remains a hidden concern for MCN agencies. Although each MCN emphasizes “de-centralizing anchor influence”, from the performance during 618, super anchors are still the core pillar of GMV. For example, Li Jiaqi’s high-frequency live broadcasts, Xin Ba’s personal participation, and even Luo Yonghao’s digital human “riding on the wave” all indicate that the agencies’ dependence on top IPs has not fundamentally changed. The risk of this model lies in that once an anchor leaves due to personal image, health, or contract issues (such as the incident of Wei Ya back then), the agency may face a double collapse of traffic and trust. In addition, the high bargaining power of top anchors will also compress the profit margin of agencies. For example, costs such as slot fees and commission splits may erode the profits of self-operated businesses. How to balance the “value of anchors” and the “independence of agencies” remains a difficult problem.
Secondly, the long-term effectiveness of model innovation needs to be verified. Take the self-operated malls of MCNs as an example. Although Qianxun’s Super Member sold out some products during 618, the imperfect interface of the mini-program and the unclear product selection logic (covering multiple categories such as clothing, beauty, and food) may lead to user confusion; although Meiwan Youxuan serves over 1.5 million users, its annual sales volume of 2.5 million pieces is still tiny compared with the single live broadcast GMV of billions in Li Jiaqi’s live broadcast room, and the “traffic feedback” ability of self-owned brands has not been fully released. Live broadcasts targeting specific groups also face challenges. Meione’s silver-haired live broadcast room only has 52 single products in a single live broadcast, which is one-tenth of that in the main live broadcast room. The low SKU may lead to low efficiency for users during “browsing live broadcasts”; although Wuyou Media’s “social group live broadcast” brought high growth to Luyuan, the suitability of this “show + product sales” model for brand tonality (such as high-end products) is questionable, and it is difficult to replicate across all categories.
Thirdly, the challenges of localization in global expansion cannot be underestimated. Although agencies such as Yaowang Technology and Meione have made overseas layouts, the complexity of cross-border live broadcasts far exceeds that in the domestic market. For example, problems such as TikTok’s algorithm logic, overseas users’ consumption habits (such as sensitivity to “flash sales” and “low prices”), localization of the supply chain (warehousing, logistics, after-sales), and policy compliance (data privacy, advertising laws) may all become “invisible thresholds” for going overseas. Meione only signed five top influencers in the Indonesian market, with a product promotion amount of about 95,000 US dollars. This data shows a huge gap compared with the scale of domestic top live broadcast rooms, indicating that the cultivation of overseas markets requires a longer cycle and more in-depth local investment.
Fourthly, the “ceiling of user experience” in the application of AI technology needs to be broken through. Although Luo Yonghao’s digital human live broadcast received high attention due to the “curiosity effect”, the problems of stiff facial expressions and mechanical interactions were still criticized by the audience. If digital humans only exist as “replicated real people”, they may not be able to meet users’ needs for “realness” and “emotional connection” – the charm of live broadcasts lies not only in the transmission of product information but also in the instant interaction and emotional resonance between anchors and audiences. In addition, copyright and ethical issues of digital humans (such as using celebrity images without authorization) may also lead to legal disputes, and technology application needs to find a balance between “innovation” and “compliance”.
Suggestions for Entrepreneurs: Seize “Refinement” and “Differentiation” to Build Sustainable Competitiveness
Facing the new node of the live e-commerce industry, entrepreneurs need to break away from the old thinking of “traffic harvesting” and take user needs as the core to build differentiated advantages in terms of model, technology, and market. The following are specific suggestions:
- Balance “Anchor IP” and “Agency Ecosystem” to Avoid Single Dependence: The value of top anchors cannot be denied, but entrepreneurs need to cultivate an “anchor matrix” and “self-owned brands” simultaneously. For example, they can disperse risks by incubating anchors in vertical fields (such as the silver-haired market and the pet industry), and at the same time, establish a “de-anchor” supply chain barrier through self-operated products (such as Dongfang Zhenxuan’s sanitary pads). In addition, they can explore the combination mode of “digital human + real person”, using digital humans to undertake regular live broadcasts and releasing the content creation energy of real anchors to improve efficiency.
- Deeply Explore Specific User Groups and Replace “Low-Price Involution” with “Precise Demands”: User segmentation is already a common understanding in the industry. Entrepreneurs need to dig out unmet needs based on data. For example, they can focus on the cost-effectiveness preferences of “town youths”, the quality and education needs of “exquisite moms”, and the national trend and entertainment attributes of the “Z generation”, and design targeted live broadcast content (such as slow-paced explanations and scenario-based displays) and product selection strategies (such as small-sized trial packs and co-branded products). Meione’s silver-haired live broadcast room and Jiaogemengyou’s sample special are typical cases, and entrepreneurs can learn from their logic of “user pain points – content design – product selection matching”.
- Technology Application Should Be “User-Centered” to Avoid Innovation for the Sake of Innovation: The core of technologies such as AI and digital humans is to improve user experience, rather than simply pursuing a “sense of technology”. Entrepreneurs need to prioritize solving the pain point of “real interaction” in live broadcasts. For example, they can develop digital humans that support real-time facial expression capture and natural language dialogue, or use AI to analyze user bullet comments and adjust the focus of explanations in real time. At the same time, they need to pay attention to technology compliance, lay out intellectual property rights and user privacy protection in advance, and avoid legal risks.
- Going Overseas Should Prioritize “Localization” and Shift from “Replicating Models” to “Integrated Innovation”: The expansion of overseas markets cannot rely on “translating domestic experience”. Entrepreneurs need to conduct in-depth research on the culture, consumption habits, and policies of the target market. For example, in the Southeast Asian market, they can learn from the domestic “social group live broadcast” model, but they need to design marketing activities in combination with local festivals (such as Eid al-Fitr); in the European and American markets, they need to strengthen “brand stories” and “after-sales guarantees” to meet users’ high requirements for “trust”. In addition, they can reduce operating costs and improve user experience by cooperating with local KOLs and establishing overseas warehousing centers.
- Shift from “GMV Orientation” to “User Lifecycle Management”: Although the short-term explosion during 618 is important, the long-term value lies in user repeat purchases and word-of-mouth communication. Entrepreneurs can enhance user stickiness through private domain operations (such as membership systems and community interactions), and improve the value per customer through “content + services” (such as adding skin care tutorials in beauty live broadcast rooms and providing installation guidance in home appliance live broadcast rooms). Qianxun’s Super Member’s “low-price flash sales + full-category coverage” and Meiwan Youxuan’s “product selection based on life scenarios” are essentially attempts at user lifecycle management. Entrepreneurs can further optimize data tracking and user segmentation operations to achieve precise reach.
In summary, the live e-commerce industry during the 618 shopping festival in 2025 is not only a testing ground for the strength of “old players” but also the starting point for “new stories”. The continuous influence of top anchors proves the value of “people”, while the model innovation of MCNs reveals the necessity of “change”. For entrepreneurs, seizing the two main lines of “refined operation” and “differentiated competition” and building barriers in terms of users, technology, and market can enable them to gain a foothold in the high-quality development of the industry.
