Evolving market size of Livestream shopping over the years
Live streaming is becoming more popular as a major component of social commerce, allowing customers to engage in the testing, learning, and buying experience in ways that traditional e-commerce does not allow.
The worldwide Live Shopping market size increased at a moderate pace between 2015 and 2019. The worldwide Live Video Shopping market is expected to reach a million USD by the end of 2020, with a CAGR of between 2020 and 2025.
Live Streaming Commerce, a market-like online shopping experience that seems like a mash-up of the Home Shopping Network (HSN), chat shows, and auctions, has swept China. The epidemic further contributed to the issue since brick-and-mortar shops were temporarily shuttered and customers stayed at home.
Live streaming for Retail is not a new phenomenon
According to our estimates, live streaming is now an essential component of eCommerce, earning $300 billion in China this year and increasing 85 per cent year on year. This represents 11.7 per cent of total retail eCommerce sales in the nation.
At the beginning of 2020, the COVID-19 illness started to spread across the globe, infecting millions of people globally, and major nations around the world enacted foot bans. With the slowdown in global financial growth, the Live Video Shopping industry has undergone a certain collision but has still maintained relatively positive growth.
Customers in China purchase through Live Streaming Shopping for a variety of reasons. Some consumers leverage live online shopping to learn more about new brands and to test out their products. As a result, it’s no wonder that product debuts through Live Streaming Shopping have become a huge business.
The Rise of Live Online Shopping
And the growing concern about the spread of COVID-19 throughout the world has a significant impact on online shopping and the growth of eCommerce.
Because most individuals want to avoid large crowds and public places, they resort to eCommerce suppliers for their needs. Thus Live video Shopping sales are increasing across the board. This is particularly true for the fashion, makeup and travel industry.
The future seems to be blended
The transition to technology-enabled engagements will be permanent as part of a multi-layered strategy that combines human contact with online platforms. However, in the future, this Live shopping behaviour will be inverted, with physical shops serving as a supplement to the digital shopping experience. This shift is already underway, as shown by widespread shop closures.
Likewise, the crisis has combined B2B and B2C brand experiences by adopting live streaming shopping to create a sense of community with its consumers. Its capacity to reach new audiences all over the globe has not only introduced a new level of authenticity, but also a need for openness linked to sustainable and ethical methods of operating throughout the value chain.
A huge Gen Z and Millennial audience base
The bulk of shoppers and hosts are Gen Z and Millennials, who are usually between the ages of 20 and 35. This is hardly surprising given that more than 70% of Chinese Gen Z customers prefer to purchase goods straight via a live commerce platform, compared to a worldwide average of 44%. They view it as a normal part of their life, rather than as something novel and revolutionary.
The increase in the adoption of live video commerce is helping brands all across the globe to gain popularity and create a brand image. Businesses that want to engage with their customers in authentic ways should integrate a Live Streaming Shopping platform into their sales and marketing stack.
If you’re searching for a cutting-edge professional live shopping platform, contact Channelize.io at [email protected]. Channelize.io offers a professional Livestream shopping platform with streaming capabilities to help you grow and prosper.