Asia Pacific generates about three quarters of global retail growth, and about two thirds of online growth, according to the Bain report, titled 'The Future of Retail in Asia-Pacific: How to Thrive at High Speed.'
Covid-19, which emerged late last year in the Chinese city of Wuhan, has since infected more than 22 million people worldwide and killed over 786,000 people. In an effort to limit the virus' spread, local governments have announced stay-home orders and limits on social gatherings, which have accelerated pressure on already struggling malls and brick-and-mortar stores.
Parekh estimates livestreaming accounted for about 7% of China's online sales prior to the coronavirus pandemic, and could more than double this year. The report cited a Bain survey of 4,700 consumers in China in the spring, which found that respondents were now more likely to use livestreams and short videos to make online purchases than prior to the outbreak.
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