Recently, the proliferation of e-commerce platforms and available mobile technologies has dramatically reshaped the Chinese retail marketplace on both the demand and supply sides. People have become increasingly accustomed to buying and selling through the Internet. In the meantime, live streaming services, where users can interact with each other and the host simultaneously, have been widely adopted in various business fields, especially online shopping, which accounts for an increasingly part of online sales. Despite its large sales, live streaming shopping (LSS) is still in its infancy. Its challenges and impacts have not yet fully manifested. In this paper, we review the current status of live streaming shopping in China and interpret the data from the perspective of major market participants. The paper provides valuable insights and future research agenda essential for the development of the next generation of LSS. The study of its business model, industrial ecology, economic influences, and policy has theoretical and practical implications that are profoundly relevant and impactful.