Updated: Jun 1, 2021
Introducing livestream: the latest trend for video ecommerce
For a lot of 2020 and 2021, brands have had to rethink selling strategies in the face of a 'storeless' economy.
Now, brands are starting to realise the potential of livestream for making big digital sales after noticing the popularity of shop live technology in China. It was quoted that in 2019, China’s live-stream shopping market was worth 451.3 billion yuan [$66 billion], and is expected to show even more growth. This doubled to almost 1.2 trillion yuan ($170 billion) in 2020. For the rest of the world and particularly the US, this is expected to take off. By 2023 the market is set to be worth $25 million in the US alone.
Customers are loving live shop experiences because they provide an exciting, real-time shopping experience without leaving home. Hosts upload products they want to display to a player before streaming live. Product popups then display alongside the stream for customers to purchase direct. Viewers can communicate with hosts in a chat bar, connecting them to their favourite brands and creating a community feel.