Tapping into potential of social commerce

The 2018 China Social Networking Festival opens in Hangzhou, Zhejiang province, on Dec 25. [Photo/chinanews.com.cn]

Hangzhou, capital of Zhejiang province, is tapping into the potential of social commerce, with the 2018 China Social Networking Festival commencing in the city, on Dec 25.

Focusing on new growth drivers, new retails, and new consumption, the event is aimed at illuminating future trends of the industry and creating a sound ecosystem for the healthy development of social commerce.

Unlike traditional e-commerce industry, social commerce involves social media, online media that supports social interactions and user contributions to assist online buying and selling of products and services.

More succinctly, social commerce is what social networks do in the context of e-commerce transactions.

In recent years, while the bonus in traditional e-commerce industry is going in reverse, social commerce is embracing a new era of development, and has become a driving force to the economy and retail industries.

Chen Bin, president of Cybernaut Investment Group, one of the pioneering investment funds in China, noted that commerce driven by social networking is an exciting domain, and will thrive with the help of new retails, artificial intelligent technologies and big data in Zhejiang province, an emerging hub of Chinese e-commerce industries.

An achievement report on the impact of social commerce on agriculture, along with the list of top 500 Chinese social commerce platforms were also revealed.