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The e-commerce industry has experienced tremendous growth since the COVID-19 pandemic. Internet users crave retail therapy, and live shopping delivers just that. China is the undisputed leader in the live shopping industry, showing the world how it’s done. The most popular live shopping Chinese platform is Taobao, owned by Alibaba. According to a McKinsey report, in just 3 years, China’s livestream shopping market has exploded from $3 billion to $171 billion.
Statista reports that livestream shopping has increased by 76% globally. Europe has experienced the highest growth with 86%, closely followed by the Middle East with 76%, and North America with 68%. By 2024, the livestream market in the US is expected to reach $35 billion, as reported by Retail Touchpoints. The Asia-Pacific region is projected to dominate the market in the future mainly due to the large population and smartphone use.
Vantage Market Research reported that the livestream shopping industry is expected to have a compound annual growth rate (CAGR) of 23.50%. By 2028, the live-streaming market, which stood at $988 million in 2021, is expected to reach $4.29 billion globally.
Source: Firework.com
0.45 Intro to Steve Hubbard
2.30 : What is live commerce
5.38: Key differences between prerecorded content and live content
8.17: Commercial content generation for different platforms
16.07: Which product groups are most successful in this format?
22.38: Customer demographics and conversion
25.58: How Steve became the expert
31.08: People architecture and specialists required to create successful live commerce
35.16: Global growth of live commerce
38.00: Current state of retail
40.09: Which other companies are doing a great job with live commerce
45.55: Profitability of the model
51.33: Where are the areas of opportunity for live commerce
57.30: How does a business get started with live commerce
104.10: Wrap up
In less than 5 minutes.