The State of Live Commerce Trends & Live Shopping Stats 2023

This article will cover the most recent live shopping statistics and trends, so your business can consider it to take advantage and scale rapidly. Online live shopping became the norm worldwide and saw exponential growth during the pandemic.However, it hasn’t been able to adequately replace the feeling of interpersonal and human interactions we are accustomed to from in-store shopping experience. To bridge this gap between retailers and consumers, more and more eCommerce brands today are considering the shift to live shopping. As the name suggests, livestreaming is used to promote and sell products to website visitors.

Distinct Ways of Enriching Web Experience for Your Users

The live shopping format is completely digital and offers an interactive customer experience. Many eCommerce websites are using different formats to help visitors have an enriched web engagement with their products, such as:

1. Influencer marketing

Brands and websites can leverage celebrities, influencers, micro-influencers or industry experts to promote their products to a larger audience. This marketing method is more effective for fashion, beauty, home decor, and furnishing or jewelry.

2. Personalized live video shopping trend

By offering a one-on-one live video shopping experience, brands can sell more high-value products. Moreover, the store assistant can share product information with prospective buyers and encourage conversions.

3. Live interactions

Just like the personalized livestream, a store assistant can livestream for a wider audience promoting different products that viewers can buy directly from the video.

4. Online events

From fashion shows to Black Friday sales, livestreaming these events can help businesses create a sense of community and drive sales.

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Now that we’ve learned how businesses are implementing live commerce let's look at some of the critical live shopping statistics taken from Statista on how effective it has been for businesses so far.

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Source: Statista, Astound Commerce[/caption]While these numbers are compelling enough, here's a look at some of the benefits that can transform the online live shopping experience.

Why can Live Commerce no Longer be Ignored?

Below you can see how Heinz Boosted Customer Engagement With Firework.

1. Creates a phygital experience

Live commerce can help your business recreate the in-store experience in a digital space. Live video experience humanizes customer engagement in the digital realm making it more like the in-store experience.

2. Increases conversion rates and revenue

Adopting live commerce on your website or app can increase interest in the product and cut the time between intent and purchase. As a result, this leads to increased conversion rates, sales, revenue, and profits.

3. Reduces return rates

Once customers are able to check the fitting, size and learn more about the product they can make a more informed decision. This will reduce product return rates which in turn drives down costs.

4. Boosts interaction and engagement

By using different video formats, you will be able to engage better with customers while encouraging them to browse your website for longer. Additionally, by using a story format for your videos, you can also create a shoppertainment experience on your website.

5. Future outlook for eCommerce

With brands getting on the live commerce bandwagon, it is set to be a leading cause for growth in the eCommerce industry. Here’s the predicted growth of online sales through live commerce in the future across the world.

• The GMV of eCommerce livestreaming in China is expected to surpass 4.9 trillion yuan in 2023
• Similarly, in the US, eCommerce revenues from live shopping are expected to increase 3x from its 2021 levels and reach 35 billion dollars by 2024.

You can also assess how prepared your business is for a next-gen customer engagement evolution:

Summary

To keep up with the changing landscape in customer engagement, live commerce is integral for retail businesses. Furthermore, as the world moves towards more online experiences, live commerce holds the power to humanize customer engagement and boost conversions effectively.Firework’s live commerce solution recreates store-like shopping experiences online through interactive, engaging, shoppable video live streams.