May 24, 2024

Livestream shopping is a groundbreaking trend that allows businesses to advertise and sell their products through platforms like Facebook, Instagram, and YouTube. Viewers can see products in use, ask the host questions, and finally purchase the products in real-time.

Live commerce, also called live stream shopping, is a good way to improve your connection with clients, expand the scope of your business through influencer partnerships, and increase your conversion rate. It combines high website traffic and conversion rates to achieve successful online sales. $20 billion was spent on livestream commerce in 2022; $31.7 billion could be spent in 2023, and $55 billion by 2026.

Due to the closure of physical stores during the COVID-19 pandemic, many individuals turned to online purchasing channels. This resulted in a surge in online sales, and this trend has continued to increase over the years. This article will highlight its key statistics and discuss the direction of live streaming in shopping and commerce.

Major Statistics

Major Statistics

  • Multiple platforms perform sales via live streaming.
  • Retail touchpoints think the live-streaming market will likely reach $35 billion in sales volume by 2024.
  • 36% of sales made through shopping events on Livestream are from the fashion and clothing industry.
  • Many marketers (80%) think that selling via a live stream will become an essential part of product advertisement in the coming years.
  • With 30.2% usage, YouTube is the most used channel for generating Livestream shopping and commerce sales.
  • According to a survey, Livestream luxury shopping has an average of 70% conversion rate.
  • About 80% of companies use live streaming to develop good customer relationships.
  • The rate of conversion via livestream sales is believed by businesses to be greater than the orthodox sales method.
  • Every day, Around 17% of consumers in the United States spend time watching live-stream videos by influencers.
  • The interest of American consumers in live stream activities is growing at an exponential rate.

Industry Livestream Sales Trends of 2023

1. Several Platforms Provide Their Users with Live Streaming Selling Services.

There is no online platform with an exclusive right to provide live stream services such as selling, marketing, and shopping. Out of the number of platforms available, the top picks are Zoom, TikTok, Facebook, and Instagram. The trend of selling and product purchases through live streaming has been on for a while. However, it increased during and after the COVID-19 pandemic. To get started on social sales, also called livestream selling, you need to use a platform with the highest number of engagements and followers.

2. Retail Touchpoints Think That by 2024, the Live-Streaming Market Will Reach $35 Billion in Sales Volume.

This is because, in a study conducted by the Coresight Research Institute, the livestream market had a sales volume of $11 billion in 2021, double its value in 2020. So, this growth is expected to repeat even higher.

3. The Clothing and Fashion Industry Accounts For 36% of All Shopping Through Live Streaming.

The statistics of live streaming show that the clothing and fashion sectors provide 36% of all shopping events on Livestream. This is followed by the beauty sector with 8%, next is fresh food at 7%, home décor at 4%, consumer electronics at 5%, and automotive at 1%. This, therefore, reveals that fashion and clothing lead in livestreaming sales.

4. 80% of Marketers Think Live Streaming Will Be Integral to Product Sharing in Successive Years.

Livestream is used across various sectors of human endeavor, though the live streaming sales statistics reveal it is still in its infancy growth stage. A report made by Media Ocean shows that it will become a crucial aspect of customer engagement and also a valuable part of product advertising.

YouTube can achieve this feat because many YouTubers advertise their products, feature videos, and social selling engagements. Facebook Live follows this at 29.2%, Instagram Live at 28.9%, and Amazon Live at 20.7%. Companies like QVC and Avon are catching up on livestream commerce and shopping trends.

6. The Conversion Rate of Livestream Luxury Shopping is An Average of 70%.

Though livestreaming commerce is still new, the market for the luxury sector has been experiencing some level of positive turnout, with an average conversion rate of 70%.

7. About 80% of Businesses Use Livestream Selling to Develop Substantial Customer Relationships.

According to marketing professionals, there are a lot of benefits associated with live streaming selling. Two major reasons why companies use live streaming are for clients’ data collection and conversion rate. 66% of companies use live stream commerce for easy video access, 59% want their brand featured across all social networks, while 28% seek an improved conversion rate.

8. According to Reports by Businesses, the Rate of Conversion Via Live Streaming is Greater Than the Conventional Methods.

Businesses that use live streaming tend to experience up to 30% conversion rates, more than what is obtainable from conventional methods. Live selling is currently gaining an edge due to retail selling competitive nature.

9. Installing a Live Stream App For Shopping Increased by 77% in the First Quarter of 2022.

There was an increase in the number of shopping app installations by 2.3 million within the first five months of 2022. These apps that experienced a rise in consumers include QVC, Whatnot, and NTWRK.

10. Chinese Consumers Are More Familiar With Live-Stream Shopping Than Consumers in the United States.

Although the market of live-streaming commerce is moving at an exponential rate in the United States, the live shopping market in China has experienced greater growth. According to research by Coresight, virtually all consumers in China have viewed a livestream sales video. However, this contrasts with 43% of United States consumers who do not know live shopping.

Livestream Selling and Consumer Behavior Statistics in 2023

Livestream Selling and Consumer Behavior

11. Around 17% of Consumers in the United States Watch Videos By Influencers On a Live-Streaming Selling Channel.

A study by Insider Intelligence showed that about 17% of consumers in the United States regularly watch influencers’ livestream videos. Influencers regularly look for products or services to advertise, which means more sales for businesses that use live streaming.

12. There is a Growing Interest of American Consumers in Livestream Shopping.

Consumers in the United States are showing more interest in e-commerce livestreaming events. The Asian market is leading in the area of livestreaming shopping, while the United States is yet to get a full grasp of the market. Over 10% of consumers in the United States believe that live shopping will further encourage them to partake more in social commerce. About 15% of United States consumers were interested in livestream shopping.

Global Live Retail Statistics

Global Live Retail Statistics

13. Promoting Live Shopping is a Global Priority For Digital Retail Commerce Platforms.

According to WARC, livestream commerce has a high purchase tendency for over 30% of businesses. This is, however, far below 70% of purchases realized from online marketplaces and personal websites.

14. The Period of the Pandemic Caused a Boost of 76% in Purchases Made Via Live Stream.

The pandemic kept people in their homes, and this stirred most people toward the direction of online shopping. Sales through live streaming was greatly increased between March 2020 to July 2021.

15. Live Stream E-Commerce Activities in China Increased in Value to 127.9 Billion Yuan in 2020.

The growth of live streams in China showed an increase from the previous record of 20.9 billion Yuan in 2017 to 127.9 billion Yuan in 2020. This growth trend is expected to continue to 4.9 trillion yuan at the end of 2023.

16. Over 40% of Consumers in France, Poland, and the United Kingdom Indicated Their Interest in Purchasing Electronics While Viewing a Livestream in 2020.

The individuals who participated in the survey were Europeans who watched live-stream shopping through apps and e-commerce sites. However, 34% of European shoppers showed interest in live-streaming fashion shopping events via social media channels.

17. Livestream Selling is a Propelling Force For Making a Purchase Decision By One-Third of Shoppers on a Social Media Platform.

About 28% of consumers worldwide will be willing to make purchases through their social media accounts when there is an increase in live-streaming shopping activities.

18. Globally, 66% of Consumers Wish Retailers Do More Digital Sales Engagement.

Humans tend to be quite slow in switching to a new development in commerce, but this is not the case with digital trading. 66% of consumers globally are open to a unique experience in digital retail sales.

19. Revenue Generation and Customer Engagement Are Major Benefits of Livestream Shopping.

Customer engagement and revenue generation top the list for retailers in North America on live stream sales. This was seen as a primary benefit for 49% of retailers in a survey.

20. Retailers in Live-Streaming Products and Services Use An Average of 4 Platforms For Consumers.

In research done by Coresight, social media platforms and video-sharing channels are part of the 4 platforms used by retailers in livestreaming. Consumers use an average of three live-streaming platforms to watch a live-stream shop event.

21. About 30% of Retailers Use Their Platform to Livestream Their Products.

Nearly 30% of retailers use self-developed websites and apps in livestream sales. Retailers who use their platforms, social media channels, and video-sharing sites account for 28% of retailers.

22. Retailers Think Providing Educational Content is Essential to Influencing Viewers on Livestream.

Retailers who were surveyed stated that educating the viewers on the product while on a live stream greatly impacts the behavior of consumers. This should be followed up with the topic of the lifestream and incentives on purchase.

23. Over 50% of Livestream Retailers Utilize Marketing Agencies to Promote Their Products.

Research by Coresight showed that over 50% of retailers use a marketing agency in promoting their livestream eventsAbout 50% of retailers promote their live-stream activities with the assistance of other retailers and brands.

24. Improvement in Shopping Experience Was Reported By 60% of Shoppers on a Live Stream Event.

Though sales channels are still in their development stage, it has proven to have a great impact on consumer sentiment. According to Klarna, 60% of shoppers who shopped via live streaming reported a better purchase experience than the conventional method.

Verdict: What is the Impact of Livestreaming on Sales?

Though at its early stage, live streaming has experienced a surge in consumer patronage globally. China, the United States, France, Poland, and several other countries are gradually accepting the convenience that livestream shopping provides consumers. Selling via live streaming can improve your business sales, revenue, and brand popularity. Shopping at a live-stream event removes the inconveniences generally associated with the conventional method. It gives consumers a better connection with sellers and products and allows them to shop beyond their country and continent.

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