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14 Livestream Selling Statistics to Know in 2022
Summary
1. Livestream selling is a marketing technique in which businesses hold real-time virtual shopping events to showcase and sell their products to customers. 2. The livestream market is estimated to be worth $35 billion in the US by 2024. 3. China’s livestream selling market grew from $3 billion to $171 billion in three years. 4. YouTube is the most popular live commerce platform in the US. 5. 78% of businesses use live commerce to build deeper connections with their customer base. 6. 80% of marketers think livestream commerce will be an important part of sharing products in the coming years. 7. Companies report live commerce conversion rates are up to 10x higher than conventional ecommerce. 8. Livestream selling has a 70% conversion rate average for luxury goods. 9. There was a 76% increase in livestream shopping purchases during the pandemic. 10. There is growing interest in livestream shopping among American consumers. 11. 17% of US consumers frequently watch influencer shopping livestreams. 12. 28% of shoppers said more livestream commerce would encourage them to buy through social. 13. 66% of global consumers wish retailers would be more digitally innovative. 14. 60% of shoppers who tried livestream shopping said it improved their shopping experience.
Q&As
What is livestream selling?
Livestream selling is a marketing technique in which businesses hold real-time virtual shopping events to showcase and sell their products to customers.
What are the benefits of livestream selling?
The benefits of livestream selling include deepening your connection with your customers, expanding your reach via influencer partnerships, and potentially boosting your conversion rates.
What are the most popular live commerce platforms in the US?
The most popular live commerce platforms in the US are YouTube, Facebook, and Instagram.
What is the average conversion rate for livestream selling?
The average conversion rate for livestream selling is 30%.
What are the most common livestream shopping categories?
The most common livestream shopping categories are apparel and fashion, beauty, fresh food, consumer electronics, and furnishing and home decor.
AI Comments
👍 This is a great article that provides valuable information on a new and upcoming trend in the retail industry!
👎 This article is just a bunch of statistics and isn't very helpful.
AI Discussion
Me: It's about livestream selling statistics for 2022.
Friend: That's interesting. I had no idea that livestream selling was such a big thing.
Me: Yeah, it's definitely growing in popularity. I think it's a great way for businesses to connect with their customers and boost their conversion rates.
Friend: Yeah, I can see how that would be the case. It's definitely something to keep an eye on. Thanks for sharing!
Action items
- Research livestream selling platforms to find the best fit for your business.
- Create a strategy for how you will use livestream selling to engage with customers and boost sales.
- Partner with influencers or other businesses in your industry to host joint livestream shopping events.
Technical terms
- Livestream selling
- A marketing technique in which businesses hold real-time virtual shopping events to showcase and sell their products to customers.
- QVC
- A home shopping network that has been struggling to appeal to younger generations.
- Live commerce
- A sales channel in which businesses showcase and sell their products to customers in real-time.
- Coresight Research
- A research firm that estimated the US livestreaming market would reach $11 billion in 2021.
- Retail Touchpoints
- A publication that reported on the Coresight Research study.
- US
- The United States of America.
- China
- A country in which livestream selling has already made huge waves.
- Apparel
- Clothing.
- Fashion
- A style or practice, especially in clothing, footwear, or accessories.
- Beauty
- The quality of being pleasing, especially to look at, or listen to.
- Fresh food
- Food that has not been preserved and so is perishable.
- Consumer electronics
- Electronic goods designed for everyday use, such as televisions, phones, and computers.
- Furnishing
- Furniture and other equipment for a room or building.
- Home decor
- Items used to make a house or apartment more attractive, such as paintings, lamps, and rugs.
- Automobile
- A vehicle with an engine, typically one that carries passengers, and is used for land transport.
- YouTube
- A video sharing website.
- A social networking website.
- A social networking website.
- Marketer
- A person whose job is to advertise and promote a product or service.
- Luxury goods
- Expensive products that are not essential.
- Pandemic
- A disease that spreads easily and affects many people over a wide area.
- Astound Commerce
- A research firm that found that, globally, there was a 76% average increase in live commerce purchases between March 2020 and July 2021.
- Influencer
- A person with the power to affect the buying decisions of others because of his or her authority, knowledge, position, or relationship with his or her audience.