Eighty-one broadcasters have made it into the "100 million yuan club" after annually selling products fetching more than this figure. Some 65 percent of people watching these livestream broadcasts decide to buy the products being recommended, according to Taobao.

Liu Bo, a partner with Crystal Stream Capital, a venture capital investor, said the popularity of livestreaming e-commerce can be attributed to "lazy or sometimes mindless shoppers".

"With the growth of the Chinese economy, many people today are no longer shopping for food because they are starving, or buying clothes out of necessity. But confronted with multiple choices, making decisions can sometimes be intimidating for lazy shoppers, or those who don't like shopping in the first place," Liu said.

"Therefore, when there is someone with a credible reputation for recommending quality products, people love to follow such guidance, instead of making their own decisions. In addition, livestreaming can also function as a means of entertainment," she added.