#China has been the pioneer in #LiveStreamingEcommerce, starting with Alibaba Group‘s #TaobaoLive platform in 2016. It was the first live streaming shopping channel designed to showcase products on video, delivering 150,000 hours of daily live streams within a few years. Now, some of the biggest Chinese platforms offer this feature: #Taobao, #WeChat, #Douyin (China’s version of #TikTok) and #Bilibili.
According to eMarketer live e-commerce is expected to reach $480b in China this year & worth more than $600b by 2023. However, foreign markets are growing at a slower rate… 📈
Per Foresight Research (Pvt.) Ltd. live e-commerce revenue will only be approx. $11b this year in the US, which means there’s room for growth! While the live e-commerce market may appear oversaturated in China, pieces of the pie rest in overseas markets, and retail giants are jumping on the bandwagon: Amazon via #AmazonLive; Meta #LiveShoppingFridays; Pinterest’s Pinterest TV, and France’s Printemps launching live shopping during the pandemic.
Influencers showcasing live products appears to be a successful basic model across all markets. However, cultural differences and language barriers appear to be the biggest hurdle for cross-border e-commerce, as is understanding the concept behind live streamed shopping, as live streaming is mainly used for games, entertainment, and social media.
#Florasis, a Chinese beauty brand, however, is devoted to #overseasmarkets, using TikTok broadcasts with influencers to gain 300,000 followers for the brand. 📱
Per Marketplace Pulse merchants are also toying with playful e-commerce, making live streamed shopping a content platform, rather than a standard e-commerce platform—TikTok and Amazon are great examples. #GoogleTrends is also used to collect data of what to try, as well as to compare common opinions.
It appears that influencers and inventive content creators will play a key role in the live e-commerce boom … Sound off: What potential opportunities do you see for live #ecommerce? 📣
Photos: Vogue Business China / GMA Marketing Chine