The live stream shopping market is estimated to be worth 25 billion USD by the year 2023
The pandemic sparked a push towards new shopping platforms as consumers prefer to shop online. As 60% of shoppers are estimated to integrate social networks in their purchasing journey.
The pandemic sparked a push towards new shopping platforms as people were not shopping in stores anymore. Established live stream commerce platforms have changed their approach to reach homebound shoppers. In addition to new players entering the space. For example, QVC has launched their Livestream shopping channel on Youtube TV to reach a new set of consumers, and LGTV launched a new free shopping platform (Shop Time). This allows customers to buy directly from retailers.
Facebook has also caught on and has featured shoppable live videos from beauty brands through their pages, Shop tab, or mobile. They have also developed a Livestream shopping series in addition to a Shop live in-app, as a new shopping feature. Facebook claims that their new development will allow them to build relationships with customers and advance the purchase process with Shops.
Large brands are catching on to these live streams as well and are actively participating in them. These brands include Sephora, Bobbi Brown, Clinique, etc. The growing popularity of these live streams is attributed to their nature of being interactive. Here consumers can find new products, ask questions and receive tips in real-time.
With the increase in participation of large brands, the live stream shopping market is estimated to grow and be worth 25 billion USD by the year 2023. It is no surprise here as 60% of shoppers are estimated to integrate social networks in their purchasing journey.