Live Stream Shopping is a relatively new trend in e-commerce that combines the interactive and engaging experience of live streaming with the convenience of online shopping. This type of shopping experience allows customers to interact with products and purchase items in real-time while watching a live stream video. According to McKinsey, the most popular product categories for live stream shopping are apparel and fashion, beauty products, food, consumer electronics, and furnishing and home décor.
Live streaming Shopping is a relatively new concept in the Western world, but in China, it’s common and extremely popular. If you think that’s an exaggeration, check this out: In the first half of 2020, one third of China’s internet users — which is roughly 309 million people — tuned in to a live streaming shopping session. What’s more, in October of 2019, Viya, one of China’s most popular live streamers, earned roughly $49.7 million in just one day of live streaming. Two early adopter brands in the U.S., Levi’s and Tommy Hilfiger, have plans to start running live stream shopping events. Amazon, Facebook, and Instagram are also in the works to make this a reality. Coresight Research forecasts that live stream shopping will generate $25 billion in sales in the U.S. by 2023.
Live Stream Shopping has become increasingly popular in recent years, particularly in Asia, as a way for businesses to connect with customers and build brand awareness. The live stream format creates an interactive and engaging experience for customers, allowing them to ask questions, learn about products, and make purchases directly from the live stream.
One of the key benefits of Live Stream Shopping is the ability to reach a large and engaged audience. Live stream videos can reach millions of viewers, and the live and interactive format encourages engagement and encourages customers to make purchases.
In addition to reaching a large audience, Live Stream Shopping also provides businesses with valuable data and insights into customer behavior and preferences. By analyzing customer interactions and feedback, businesses can gain valuable insights into what customers want and need, enabling them to make data-driven decisions and improve their marketing strategies.
Live Stream Shopping also provides a more personalized and convenient shopping experience for customers. By allowing customers to interact with products and purchase items in real-time, Live Stream Shopping provides a more engaging and interactive shopping experience, helping to build stronger relationships with customers and drive sales.
In conclusion, Live Stream Shopping is a new and innovative approach to e-commerce that provides businesses with a powerful tool to connect with customers and build brand awareness. By combining the interactive and engaging experience of live streaming with the convenience of online shopping, Live Stream Shopping has the potential to revolutionize the way we shop.