HomeeCommerce NewsLivestream shopping has become the next big thing in eCommerce: Report

Livestream shopping has become the next big thing in eCommerce: Report

It is worth noting that the trends in e-commerce keep changing and it is believed that the market will continue to evolve once the rise of AI reaches the e-commerce industry as well. Talking about the trends, we are here to tell you about live streaming which has become a new way to shop online. Basically, it is a way to shop online during live streaming of others. We must tell you that while this trend might not be prevalent in some parts of the world, it is a huge way to sell products in SouthEast Asia.

Anthony Velez, CEO of Bagriculture, a small business selling pre-owned designer handbags said they have sold $100,000 worth of bags from his brick-and-mortar store in New York City over a month. However, he mentioned that he decided to close his physical locations and embrace live shopping. Since then, he has been able to do $100,000 in sales just in a day. Velez said “All the metrics exceed any other form of shopping I’ve seen – period”. “We can go live on three to four platforms simultaneously.” He also mentions that “Poshmark, eBay, TikTok. [I’ve gotten] nonstop phone calls. TikTok flew in from China to meet with us.”

Coresight Research, the firm that tracks the live streaming e-commerce market globally, said that “The original estimate was set early this year and didn’t fully take into account South Korean internet giant Naver’s acquisition of Poshmark. At the time, TikTok Shops, a way for users to buy products within the app without having to go to a separate e-commerce store, was also still getting its footing”. Now, CEO Weinswig mentions that “we believe that livestreaming sales in the U.S. could easily reach $50 billion this year.”

eBay’s Chief Product Officer also said that “We’re really bullish for the growth of this new way to shop,” and added that “The sky’s the limit … and we’re gonna keep learning. We’re going to keep investing.” She added that “We have 134 million buyers all around the globe who are chomping at the bit and really thrilled to engage with sellers in this new way,”

Alf Alferez
Alf Alferez
Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on alf@ecommercenext.org

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