(Image Source: E-commerce News)
Live-streaming was one of the biggest shifts for the retail industry in 2020. With the global population forced to stay home during the COVID-19 pandemic, brands and retailers had to provide an online shopping experience that went beyond just having a digital presence.
“Livestreaming ecommerce … marries the best bits of digital and physical retail experiences. It’s this sweet spot that has made it the take-away retail trend of 2020 with relevance far beyond just being a way to make sales during a pandemic.
This is a permanent shift and retailers need to be ready.”
Simply put, live commerce is when customers are able to watch live-streamed video content and purchase what they see in real-time. Live-streaming also provides social interaction, where consumers can pose questions and concerns to the video presenter.
And we already have several examples that show how effective live streaming can be. For instance, Kim Kardashian sold over 15000 perfume bottles within minutes of live-streaming it to 13 million people on Tmall Global (a platform owned by Alibaba). Independent retailers like Taobao-based UU Pearl have also seen great success, who recorded RMB 100,000 in a day during Singles’ Day last year with live-streaming.
To find out more about how retailers can make livestream shopping a success, check out the full analysis on Insider Trends!
About Cate Trotter
Cate Trotter is the Head of Trends at Insider Trends, and also one of the world’s most influential people in retail. Cate has been named one of LinkedIn’s 12 Top Voices in the UK and is regularly quoted by publications such as Forbes. In addition to opening and closing conferences around the world, Cate has delivered retail presentations to brands such as Chanel, Nike, Galeries Lafayette, EE, Johnson & Johnson, Debenhams, Jaguar Land Rover, and Levi’s.
About Insider Trends
Insider Trends is an end-to-end retail consultancy that has been delivering meaningful, original, no-nonsense insights on the future of retail for more than 12 years.