(Yicai) June 7 -- Alibaba Group Holding has launched a new service aimed at getting well-known chief executives to sell their products by livestream on its Taobao shopping site, as the e-commerce giant tries to fend off competition from the likes of group-buying platform Pinduoduo and Douyin, the Chinese version of TikTok.

Nicknamed Brave CEO, the free ‘one-stop service’ spans on-air training to studio management and logistics support, so that CEOs can promote their products during China’s midyear 618 online retail festival, Yicai learned from an industry insider.

Business leaders have shown an interest in the service. After Taobao opened a social media account on June 5 to invite applicants, nearly 70 showed up on the first day to learn more about it.

To take advantage of the service, though, CEOs need to be influential in their field, the products must have a certain degree of brand power, and the executive needs to appear in front of the camera in person. But Taobao has not set out which fields or what business scale makes them eligible.

Hangzhou-based Alibaba also requires long-term commitment and regular attendance, the source said. Taobao has sent a questionnaire to potential participants, asking them how many events they could do in a week, among other questions.

It is not common for executives to regularly sell goods online, but some do occasionally feature in one-offs or seasonal specials during shopping festivals. Some have livestreamed on Taobao in the past few years, such as Wu Rongzhao, chairman of sportswear brand Erke, and Yu Minhong, who founded tutoring giant New Oriental Education & Technology Group.

But Taobao has failed to attract star CEOs with massive online followings such as Li Bin, who set up electric carmaker Nio, and Xiaomi founder Lei Jun, as they plumped to appear on Douyin instead.

The real-time selling of goods on camera can pay off. Sun Laichun, founder of skincare brand Forest Cabin, told Yicai that he had more than 40,000 followers on Douyin in just one livestreaming event during Chinese New Year, up from an earlier 10,000 to 20,000.

For CEOs, the most important function of livestreaming is building a direct connection with consumers who can give suggestions on how to improve their products, Sun added.

An entrepreneur’s personal brand can help get consumers to trust their products, which is also a huge asset for e-commerce platforms, according to Zhang Yi, CEO and chief analyst at iiMedia Research. As business leaders, CEOs can introduce their corporate cultures and values, which should improve their brand image, he added.

That personal bond formed with CEOs in the live broadcast studio can also help shield Taobao from products, users, and fans going to other platforms, Zhang added.

Editors: Tang Shihua, Emmi Laine