Livestream shopping is an attractive new playground. The great success of this feature in the Chinese market has built confidence that it will also flourish in the US market and other markets around the world. The strong development of livestream shopping has really threatened the form of buying and selling at brick and mortar stores. In this article, let’s find out why it is so popular and becoming a big threat to brick and mortar stores.
What is livestream shopping?
Livestream shopping refers to a combination of shopping and live streaming. This is a more modern version of the home shopping network. The difference here is that the livestream form has the ability to create a much higher interactive experience thanks to social networks. This is a form of shopping that enhances the experience rather than the monotonous “Add to Cart” clicks.
Livestream shopping is a form that can help earn huge profits thanks to influencers. The reason influencers can attract a large audience in their live streams is because they know how to create entertainment for their broadcasts. They make their sales live streams become programs that people look forward to instead of just for commercial purposes.
Development of livestream shopping
Live shopping is expected to gross $480 billion in China, where it originated, and $11 billion in the United States, according to eMarketer, according to Foresight Research. However, that could change quickly, as Facebook, Amazon, TikTok, Twitter and other tech giants like Pinterest are diving into this way of shopping in a big way.
Livestream shopping on social networks is certainly huge in areas you can imagine, such as fashion, beauty, fitness, home decor. Just 3 years ago, this was virtually non-existent in the West and was a small commercial segment, accounting for only 3.5% of all retail e-commerce, in China. Last year, the segment in China was $300 billion, accounting for just under 12% of retail sales, and by 2023, eMarketer estimates it will be 19.4% and worth more than $600 billion. The corresponding figure in the US is $11 billion this year and rising to $25 billion in 2023.
Why is livestream shopping the greatest threat to brick and mortar stores?
Livestream shopping is a big threat to brick-and-mortar stores because the benefits it brings are too great.
Like selling goods over the Internet, livestream shopping makes it more convenient for shoppers. They don’t have to go to the store or shopping mall, just sit at home and view the goods via a mobile device and select the purchase.
For sellers, live shopping helps them reduce a large amount of money in-store investment, staff and monthly costs. Instead, they just need to design and create an account on social networking sites.
Live stream shopping also makes it easy for sellers and buyers to ask, consult and exchange prices and products. This is completely similar to the experience at a brick and mortar store, but with a more convenient and less moving version, as you can buy and ask for goods anytime, anywhere.
Live stream shopping is growing rapidly and becoming increasingly popular, and they help businesses thrive in the e-commerce segment. If you take advantage of the benefits it brings, you will see outstanding achievements in your business.
Contact us to support your business with livestream shopping.