Livestream shopping is having a moment.
Retailers all over the globe are starting to experiment with livestreaming technology which - when implemented well - can enable retailers to reach an unlimited number of shoppers at the same time. Coresight Research predicts that the US livestream shopping market will grow fourfold from $6BN to $25BN by 2023.
Livestream shopping can deliver incredibly high conversion rates. According to McKinsey - up to 10X that of traditional e-commerce. In China where the market for livestreaming is more mature, consumers are predicted to spend a whopping $300BN via livestream shopping this year. 👀
Live chat between seller and shopper mirrors the in-store shopping experience, and according to CNBC, can lead to up to 50% reduction in returns.
And everyone wants a piece of the action - this week TikTok unveiled new shopping features for brands including shoppable links, livestream shopping, and product galleries in ads.
The retail industry has a lot to learn from TV when it comes to livestream shopping. In our six years' experience working with innovative live shopping brands from QVC, and HSN to Fashion Relief TV, there are many factors that make livestream shopping successful - a quality production, the right context of setting, an engaging presenter, and a delightful viewing experience, but above all - great storytelling.
Until next week!