Live E-commerce Reshapes Business Models and Investment Evaluation Frameworks of High-end Liquor Brands

The rise of live e-commerce is significantly reshaping the business models and investment value evaluation frameworks of high-end liquor brands. First, China’s live e-commerce market size reached 5.8 trillion yuan and user scale reached 833 million in 2024[1][2][3], providing a huge online market space for high-end liquor. There are essential differences in user structure between Douyin and WeChat Channels: Douyin is dominated by young users, with high average order value (AOV) orders accounting for 18% under the public domain traffic logic; WeChat Channels, relying on the WeChat ecosystem, has users aged 35-65 accounting for over 60%, and high AOV (2000+) orders accounting for 35%[4][5]. Taking Moutai distributors as an example, the single live broadcast sales on Douyin are approaching 15 million yuan, and the AOV and industry repurchase rate (35%) are in line with the characteristics of high-end liquor live broadcasts[6].

In terms of business model reshaping, traditional offline distributors are transforming to online live broadcasts, promoting channel diversification, reducing intermediate links and improving efficiency; at the same time, live broadcasts combine product introduction with brand stories, innovating marketing models to enhance user interaction. However, it should be noted that the liquor industry as a whole is in a period of adjustment, and under the influence of factors such as demand pressure and high inventory, the active layout of live e-commerce has not reversed the downward trend of Moutai’s stock price (down 11.14% in 2024, down 7.48% as of December 19, 2025)[0].

1. Platform Adaptability Differences
   : The performance of high-end liquor live broadcasts is highly related to platform characteristics. The social trust mechanism of WeChat Channels is more suitable for high-end liquor with high AOV (such as Moutai 8000-15000 yuan) and long decision-making cycle, while Douyin’s algorithm-driven traffic is more suitable for medium and low AOV products.
2. Gradual Nature of Business Model Transformation
   : Live e-commerce does not replace traditional channels, but serves as a supplementary channel to help brands reach more users. The effect of transformation needs to be observed in the long term, and short-term sales data cannot fully reflect the value of the model.
3. Expansion of Investment Evaluation Dimensions
   : Investing in high-end liquor brands requires adding live channel-related indicators, such as the proportion of live sales, AOV and repurchase rate on different platforms.

: Live e-commerce provides a new way for high-end liquor brands to reach users, especially the high-net-worth user group of WeChat Channels is highly matched with high-end liquor consumers; refined operation and product differentiation are expected to achieve efficient traffic monetization[7].

: Live e-commerce may impact the traditional channel price system and exacerbate brand price fluctuations; the social attributes and long decision-making cycle of high-end liquor pose challenges to the live broadcast operation model, which needs to be adjusted and adapted; traditional risks such as industry demand pressure and high inventory will still affect investment value.

The rise of live e-commerce has promoted channel diversification and marketing innovation of high-end liquor brands, but has not changed the overall adjustment trend of the industry in the short term. The investment value evaluation framework needs to include new dimensions such as the proportion of live channels, user data, and platform adaptability, while paying attention to the potential impact of live broadcasts on the price system and traditional industry risks.

Note the following unverified information: specific cases of Moutai’s single live broadcast of 4.54 million yuan, and decision-making cycle data of 25-30 days.

[0] Jinling Analysis Database
[1] iResearch 2024 China Live E-commerce Market Data Report
[2] CNNIC 2024 Statistical Report on Internet Development in China
[3] China International Electronic Commerce Center “Live E-commerce High-quality Development Report (2024)”
[4] NetEase “China Short Video User Behavior Research Report (2025 Edition)”
[5] Tencent News “From ‘Entering’ to ‘Overturning’, WeChat with 1.4 Billion Monthly Active Users, Four Measures to Heavily Boost E-commerce”
[6] Tencent News “Latest 1520 Yuan! Feitian Moutai Wholesale Price Dropped 43% in Two Years, Distributors’ ‘Lying Win’ Myth Broken”
[7] Securities Times “Moutai, Striving for This Channel!”