Finally, the missing link of livestreaming is here – the ability for consumers to purchase products directly from the video.
Livestream shopping (or livestream e-commerce) incorporates live video content, two-way communication, and the ability for viewers to seamlessly buy or save featured products directly from the platform. Think of it like QVC-meets-social-media, with an integrated e-commerce module replacing the 1-800 number.
For retailers, benefits of livestream shopping include reduced consideration period, increased customer engagement and higher sales. The U.S. livestream shopping market is expected to reach $11 billion by the end of 2021 and $25 billion by 2023, according to Coresight Research. In China, livestream shopping skyrocketed from $66 billion in 2019 to $150 billion in 2020 according to iResearch, a market research firm based in Shanghai. Coresight expects China’s livestream shopping sales to reach $300 billion in 2021.
"Livestream shopping enables retailers to develop deeper connection with consumers due to the immediacy of the interactions, leading to increased sales and share of wallet," Sudip Mazumder, retail industry lead, Publicis Sapient, said.
Below are four considerations to help evaluate how livestreaming fits into an overall e-commerce strategy.