Image source: “Lao Yu Gossip” public account

Mustard Duiwen “I call the live broadcast economy the third revolution in business. The first time was hypermarkets, the second time was e-commerce, and the third time was live broadcast delivery.” On June 8, New Oriental founder Yu Minhong said in his personal In the official account “Lao Yu Gossip”, he wrote his views on the live broadcast economy, and introduced the direction of New Oriental’s exploration of the live broadcast delivery track.

Yu Minhong said that in the past week, he led New Oriental to set up the “New Oriental Live Room” team. Different from “Oriental Selection” which focuses on live broadcast of agricultural products, “New Oriental Live Room” specializes in promoting New Oriental’s high-quality educational products and other high-quality education-related products, including books, intelligent software and hardware learning equipment, and learning-related cultural and educational supplies.

“Since last year’s policy, my definition of New Oriental is to become an education company with educational products as its core. Products need sales channels, and I found that the most effective sales channel, apart from finding agents, is live streaming.” Yu Minhong believes that over time, ” “New Oriental Live Room” will become a good platform for selling educational products.

In order to make the platform active, from May 30 to June 1, Yu Minhong personally led the team to do three live broadcasts in the “New Oriental Live Room”, selling more than one million New Oriental products. “For a new platform, this is also a victory.” Yu Minhong wrote.

According to previous disclosures, after nearly half a year of exploration, the single-day GMV of Dongfang Selection, another live broadcast platform of New Oriental, has exceeded 1 million yuan. In the live broadcast of the selection of the East that Yu Minhong personally participated in on June 2, the GMV of the day was close to 2 million yuan.

At the Yabuli Forum on May 19, Yu Minhong once introduced that there are two systems behind Dongfang Selection. One is a sales system centered on the Dongfang Selection live broadcast platform, which will be expanded into a comprehensive sales system in the future. The second is the product system of New Oriental, including the external product system and its own product library. In the future, there will be agricultural products selected by the Oriental selection brand, and categories will be expanded, such as household items.

After the “double reduction”, live streaming has been included in the scope of transformation and exploration of major education companies. Before the “New Oriental Live Room”, TAL and Doushen Education had all left the stage to start live broadcasts of teaching and auxiliary products.

TAL’s Douyin accounts sell teaching materials, books and educational hardware through live broadcasts. Last year, some self-developed teaching materials were sold out. Doushen Education disclosed in its financial report that in Q1 of 2022, Douyin live streaming will receive 45.76 million yuan. Among them, the sales income of educational software and educational hardware was 24.04 million yuan.

Source: Mustard Pile

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