Live shopping, also known as live selling or live commerce, is an emerging marketing channel where brands or retailers use live video streaming platforms to showcase their products and engage with their audience in real-time. That may include partnering with an influencer or celebrity to host a live shopping event on a brand’s website. Live selling has become increasingly popular in recent years and has proven to be a transformative and overwhelmingly effective strategy for e-commerce store owners. Do you work for an ecommerce company or marketing agency?
Here is what you need to know about live shopping in 2023:
1. The rest of the world already loves it
Live shopping is a huge market in other parts of the world. It accounted for $480 billion in revenue in China in 2022. It grew 76% worldwide in 2021 and is expected to grow even more in the United States.
2. Apparel, Beauty and Food companies are already sold on it
According to McKinsey, fashion and apparel account for 36% of live streamed events. Beauty and food are next at 7% each. Other product categories are beginning to emerge now that media attention and revenue numbers is public.
3. Gen Z loves live shopping
This should come as no surprise that the generation born on social media would be the most active shoppers in this new channel. In fact, 47% of Gen Z consumers have made a purchase through a live shopping event in the United States and the UK.
4. Its growth is accelerating quickly in ecommerce
It is projected that live shopping will account for 20% of all ecommerce by 2026.
5. Consumers prefer live video from brands
In a world where content is king, live video is next on the throne. In fact, 82% of consumers would rather see live video from a brand than a social post.
6. More consumers actively watch live video than you think
If you thought consumers were watching more recorded video, you would not be alone. However, a Hubspot survey found that 57% of people watch live video at least 3 times per week.
7. Live shopping converts better than regular ecommerce
How much better you ask? Live shopping events convert 10X better than a traditional ecommerce experience. Conversion rates are as high as 30% for certain brands and their live events.
8. Live shopping is becoming part of consumer behavior
The beauty of ecommerce is that consumer behavior can change far quicker than retail ever has. For live shopping, 35% of viewers made a purchase after experiencing a live shopping event.
9. Live shopping and influencer marketing are a match made in heaven
Many direct-to-consumer brands already utilize influencer marketing in their overall marketing strategy. It’s effective and scalable. Utilize influencer partnerships and launch live shows from them on your website and the results are insane.70% of viewers would make a purchase from an influencer they follow.
10. Global consumers want brands to innovate
The modern ecommerce website looks pretty much the same as they did when they emerged 20 years ago. Your consumers want more. In fact, 66% of global consumers wish brands would be more digitally innovative. Live shopping experiences would certainly address that.
Reactive was built to help redefine the future of ecommerce. That future is interactive shopping experiences for consumers. It’s time to shake up how brands and customers interact and truly connect the gap between retail and ecommerce.
If you are interested in bringing a live selling experience to your website, check out Reactive. Start your free trial now, or contact firstname.lastname@example.org to request a live demo.