What is Live-Stream Shopping?
What is Live-Stream Shopping? To put it simply, livestream shopping offers the ability to demonstrate and ultimately advertise products to a live, online audience that can interact in that live experience. Promoters directly interact with the customers through an online video, chat or other features. Because it is live, it reduces possibility of manipulation of imagery and settings – allowing the audience to trust confidently in the brand. Similarly, to physical retail, brands are able to develop inter-personal relationships with their customers. They are able to immerse themselves without the time pressure with the guidance of live-stream shopping. Not only do brands build relationships and increase sales, but audiences are also entertained and engaged. Further proving why livestream shopping is taking the e-commerce world by storm.
The Introduction of Live-Streaming in the UK and the US?
The Introduction of Live-Streaming in the UK and the US? Platforms in Europe and America, such as Facebook and Amazon have already implemented livestream shopping into their branding. Facebook Marketplace, and Instagram Shopping are growing channels. Over at Amazon, they have released “Amazon Live” where products are being livestreamed 24/7 in multiple different categories. Forbes claims Amazon Live as the “Future of E-Commerce.” Kiri Masters states that Amazon Live, “will play a significant role in online shopping going forward. We see it already at scale in China, and marketers and influencers alike in the US have embraced the platform, of which Amazon is currently kingmaker.” She goes on further to say that Amazon have “jumped in” to this trend of e-commerce, showing these brands as leaders of the future.
Livestreaming e-commerce is growing rapidly. It’s estimated to already be $60 billion annually. Last year over 430 million people, about 30% of China’s population, viewed livestreams, and in 2020, it’s projected to reach 560 million, or around 39%. Sales from live streams are expected to grow more than 100% in 2020 vs. 2019 to almost 9% of all online retail sales. In 2019 approximately 37% of China’s online shoppers made livestream purchases. While it has been driven by Gen-Z and Millennials, middle-aged Chinese and seniors are jumping on the trend.
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