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.
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