According to Yonhap News Agency, YouTube is set to launch a new venture in live e-commerce by opening its first official shopping channel. Will open its first official shopping channel in South Korea on June 30th, taking advantage of the country’s flourishing live streaming e-commerce market, which is spearheaded by the tech giant Naver. South Korea provides an ideal test market for YouTube to introduce its inaugural official shopping platform.
YouTube will launch its first official shopping channel in South Korea at the end of the month, and companies like Samsung Electronics, LG Electronics, Baskin-Robbins, Dunkin’ Donuts, Cosme, and Puma, among others, will conduct live broadcasts through the YouTube shopping channel. The project was initially planned to last for 90 days but may be extended.
Google’s Chief Business Officer, Philipp Schindler, stated in February that facilitating people’s shopping from their favorite creators, brands, and content holds great potential, as YouTube’s advertising revenue is suffering from deductions in advertiser spending and competition from platforms like TikTok.
Naver shares dropped by 4% on Wednesday morning, while retailer Lotte Shopping fell by 3.3% and the broader market decreased by 0.5%. According to Jingbo Securities’ estimation, South Korea’s live e-commerce market will rise from 2.8 trillion won (approximately 15.624 billion yuan) in 2021 to 10 trillion won (approximately 55.8 billion yuan), with Naver currently holding about 60% of the market share.