The future of shopping is now; Coresight has identified live shopping as one of the most influential global commerce trends of this year, showing no signs of slowing, and this year's 10.10 Shopping Festival is centred around this phenomenon.
Coresight Research will host its second annual 10.10 Shopping Festival on October 10th from 10am to 10pm ET in partnership with livestream shopping platforms, CommentSold and Smartzer, and 1:1 live video co-shopping platform, GhostRetail! The Smartzer platform will be used by global brands to kickstart their shoppable live stream journeys, and to accelerate US consumer adoption of the format that has become a global phenomenon over the past few years.
Deborah Weinswig, CEO and Founder of Coresight Research, said, “Livestream shopping has grown from a zero to a $300 billion industry in China in a very short period of time. We are very confident that the US market will reach what we are seeing in China, and the 10.10 Shopping Festival will enable retailers and brands to test and learn and grow this commerce segment. Compared to 2020, Coresight Research estimates that livestreaming e-commerce penetration in the US will more than triple by 2023, representing huge growth potential.”
The inspiration behind the festival this year is accelerating US consumer adoption of livestreaming. Livestream platforms boast superior consumer engagement and significantly reduced return rates versus ecommerce generally, providing retailers with significant opportunities for enhanced ROI, CTR & conversions. According to a Coresight Research survey, 39.7% of consumers shop in livestreams for an exclusive deal, 38.2% to discover new products, 36.6% to learn more about new products, and lastly 30.7% because the buying is exciting.
“We are incredibly excited to be part of the 10.10 event, giving brands and retailers access to Smartzer's live shopping technology,” stated Karoline Gross, Founder and CEO of Smartzer. “We are very interested to see how different brands and retailers in the US will approach shoppable livestream content throughout the event, following the huge success of the format in China—where nearly 15% of all online sales now come from live shopping. Results from live shopping in other markets are already showing engagement rates of up to 75%, strongly suggesting that this format will become core to e-commerce.”
Retailers such as Macy's, Guess, Vera Langley, Neighborhood Goods and many others are taking part in the event, that will be spearheading the adoption of livestream shopping as a mainstream form of commerce in the US. Technologies like Smartzer are enabling the future of shopping to be accessible to many brands of different sizes; unlocking additional revenue and making video content work harder.
If you would like to learn more about Smartzer, book in a demo here!
This new social shopping format allows brands and retailers to make BIG sales in real-time. But the shoppable technology's reception has been 50:50.
While some brands are jumping on live stream shopping trend, others are doubting its effectiveness and questioning whether the novelty will wear off.
Let us break down the key aspects of live stream shopping that make it a winning and attractive format for brands.
LIVE SHOPPING CREATES AN INTIMATE RELATIONSHIP BETWEEN BRANDS AND CUSTOMERS
2020 and 2021 starved us socially with brands feeling the pressure of not being able to reach customers in bricks and motor stores. Thankfully, advances in technology meant that brands were able to sell successfully online.
Live stream shopping platforms offered a life saving solution to brands bringing them together with customers in real-time experiences....
Chat bars allow viewers to ask stream hosts questions creating a personalised way to shop online
Bespoke, ticketed events created a sense of exclusivity for customers encouraging impulse purchases
By harnessing the power of the influencer, brands posed key industry figures as hosts to increase customer confidence and trust in their brand
STREAMING COMMERCE SHORTENS THE PATH TO PURCHASE
You can demonstrate your products clearly using video. Whether this is showing how it is made, how it is worn or how it works, you can display to your customer exactly why your product is the answer.
Clickable popups to featured products within the stream direct the viewer to sizing information, pricing, colour options and more. These popups provide immediate answers to questions alongside the call to action button to buy. This moves the viewer quickly down the purchase funnel and boosts conversion rate massively with the possibility to measure this metric with tracking links.
LIVE SHOPPING BY MARKET: CHINA, EUROPE AND THE US
China's live stream shopping industry is the largest in the world, set to be worth $239 billion by the end of this year. This growth is not slowing down as it is estimated to grow by 27% annually up until 2025. In fact, in 2020 streaming commerce accounted for 10% of China's overall e-commerce market.
In the US, Amazon Live was re-launched in 2019. The platform features key brands like Covergirl and Neutrogena. Not only this, but Amazon's Twitch has also started to sell products via streams after integrating a check-out system in 2020.
TikTok recently announced a new partnership with Shopify that could see the platform support live stream shopping in the near future.
Globally, the live shopping industry grew 45% between March and April 2020, showing a 99% increase from the previous year.
HOW CAN I BUILD A SUCCESSFUL LIVESTREAM?
Creating your own live shop experience is easy with the right platform. Smartzer's shoppable live stream platform allows brands to easily create seamless, state-of-the-art broadcasts. But there are some other things to bare in mind...
Choose the right online and in-person location. Place your stream where your customers can find it. For example, if your engagement comes from your website you can embed on a webpage, or if your customers are more vocal on social share across social media and email newsletters. Make sure you broadcast from a nice, aesthetic area with good WiFi.
Time the stream intelligently. Choose to broadcast when your viewers will be able to watch and make sure your stream is not too short.
Build in house expertise. You don't always need to hire influencers or expensive production teams as hosts. Sometimes your own brand representatives know your product the best, you could even film effectively from a high quality smart phone.
Introducing you to the greatest live shopping experiences hosted by brands in 2021.
With live stream shopping picking up speed in the world of video Ecommerce, there have been many thrilling examples that we have seen this year so far. There is no denying that the exclusivity of real-time shopping experiences excites the viewer and drives them to make an impulse purchase.
In this article we will break down some more of the most impressive shoppable live streams to grace the internet over the past few months...
Aldo: Canadian Footwear Takes Live Shopping
Canadian retailer, Aldo, teamed up with celebrity stylist Mimi Cuttrell and LA entertainer Nate Wyatt to deliver a social shopping spectacular. On the stream, the pair shared their favourite style tips on how to wear various shoes and accessories. After hosting a shoppable live stream in the Spring of 2021, Aldo noted a 308% engagement rate and registered 17,000 pageviews on its website in the first five days after the event.
Samsung: Tech Meets Tech in Shoppable Live Stream
Samsung Panama used Smartzer's interactive video platform to deliver a highly successful live shopping experience with exclusive, event-based discount deals. Sales representatives from Samsung demonstrated a variety of products to hundreds of viewers. Customers could communicate with the hosts via a chat bar by giving themselves a nickname. This created a bespoke and personalised shopping experience that replicated the benefits of in person shopping.
Sephora: Facebook Live Fridays
Brand representatives from Sephora have been using Facebook's new feature to sell via live events. Facebook live is being trialed in the US at the moment, but big brands like Sephora and Abercrombe are already taking advantage of the platform. The beauty brand was able to demonstrate a variety of cosmetics in a real-time tutorial, customers could buy straight from links next to the stream.
Clarks: Combining Social Media and Social Live Shopping
Clarks used Smartzer's tool to share their shoppable live stream across their Instagram. Customers could swipe on the Instagram story to be taken to the live stream event. An influencer hosted the stream to encourage viewers to purchase by clicking product popups alongside the stream and in a browsable carousel. The seamless shopping experience directed users to product pages to add the item to their cart.