Today, consumers have more ways to shop than ever before. The rise of online shopping has made purchasing products and services more accessible and efficient, as it’s eliminated the hurdles of physically commuting to retail stores. The rise of social media shopping has boosted eCommerce, with consumers able to discover an array of new, diverse businesses through social media. From these modes of digital shopping comes an exciting new trend: livestream shopping.
Livestream shopping on social media platforms blends online shopping with entertainment, turning eCommerce into a full digital experience for consumers. A livestream host (such as a social media influencer) discusses a product with their live audience, engaging potential consumers in real time via a live video stream. In 2021, livestream shopping proved to be a booming trend, with livestream shopping sales hitting $363.26 billion in China (Yahoo, 2021) and $11 billion in the U.S. (Coresight Research, 2021). By 2023, livestream shopping is predicted to hit $25 billion (Coresight Research, 2021).
Businesses should consider this growing eCommerce tactic, as it could help boost sales, engagement and overall brand awareness. Additionally, livestream shopping has been particularly successful among younger generations, with Meta reporting over half of Gen Z and Millennials stating they would purchase goods directly from livestream videos (Meta, 2021). Ultimately, livestream shopping could lend businesses a fresh way to advertise and sell online, while driving social media KPIs simultaneously.