New Oriental Only Sells 5 Million Yuan in First Live Commerce Stream
At 8:00 pm on Tuesday, Yu Minhong, Chairman of New Oriental Education & Technology, held a live stream to sell agricultural products through Douyin for the first time. Douyin data shows that Yu ranked 16th among all hosts in terms of sales.
According to Huitun Data, a third-party platform for live commerce statistics, a total of 1.82 million viewers tuned into Yu’s live-stream, 57,000 orders were made, income registered between 100,000 yuan to 500,000 yuan, while sales volume was 4.81 million yuan.
Yu sold several different types of agricultural products, including apples, quinoa, oranges, rice, corn, radish, navel oranges, pork, and others. Products were priced between 9.9 yuan and 960 yuan. Many netizens think Yu’s agricultural products are a bit more expensive than average and Yu even admitted in the live-stream several times that his products were a bit more expensive. “We don’t select products with the lowest price, but only those with the best and greatest quality.”
During the live-stream, Yu said he would join the live commerce of Dongfang Zhenxuan from time to time. When introducing the products, Yu Minhong often made reference to several their geographical region which had some netizens joking that “watching his live commerce is like attending classes”.
New Oriental has been involved in teaching and training for a long time and only recently transfered to e-commerce. Affected by the “Double Reduction” policy, New Oriental closed 1,500 of its teaching centers, donated 80,000 sets of tables and chairs, and recently announced the cessation of its K12 business. Yu later said that New Oriental plans to set up a large-scale agricultural platform to help sell agricultural products through live commerce. In this way, it could help farmers and support rural revitalization.
SEE ALSO: New Oriental Education Officially Enters Live Commerce Industry
In addition to selling to agricultural products online, New Oriental has set up many companies in the fields of live webcasts, software technology, human resources, sports industry and other fields.
