With the rise of e-commerce and the increasing popularity of live streaming, it’s no surprise that live-stream shopping has become a major trend in the retail industry. Live stream shopping is a form of interactive shopping that allows consumers to shop for products in real time through a live video broadcast. Whether it’s through a shoppable livestream, a shoppable post, or a shoppable video, live stream shopping provides consumers with a unique and engaging shopping experience.
So what are the top live stream shopping statistics, and what do they tell us about the future of this innovative form of retail? Here’s a closer look:
š²Live streaming will be aĀ $35 billion industryĀ in the US alone by 2024, so you should know all about it.
š Apparel and fashion are expected to be among the top categories ā MckinseyĀ
šŗ YouTube is the most popular live commerce platform in the US with 30.2% of businesses using the platform. Facebook Live, Instagram Live, and Amazon Live follow closely behind.Ā ā RetailTouchPoints
š¹ Live Commerce Conversion Rates are Up to 9x higher compared to conventional commerce ā Logie
š§š½āš¤ Livestream selling attracts a conversion rate of up to 70% for Luxury goods ā BCG
š The aggregate volume of orders grew by up to 237% during the pandemic ā Logie
š Click to action customer engagement on shoppable live streams increased by up to 213% during the pandemic – Logie
š China will remain the country with the most live stream commerce buyers ā Statista
šļø Up to 20% of U.S. consumers have participated in or are familiar with live stream shopping – Statista
š¦ 20.8% of retail purchases will take place online in 2023 ā Forbes AdvisorĀ
šŖ Amazon retains the highest market share of all e-commerce companies at 37.8% – Forbes AdvisorĀ
š§¾ Most cart abandonments result from additional costs such as shipping, taxes, and fees ā Forbes AdvisorĀ Ā
š” Live stream shopping is popular among young consumers. 59% of 18-24 year-olds and 56% of 25-34 year-olds reported using live stream shopping in the past year – Hootsuite
š§ Live stream shopping can drive up to three times more sales compared to traditional e-commerce – Facebook
š Live stream shopping is becoming more popular not just in China, but also in the United States, Europe, and other parts of the world – Forbes
š©š¼āš¤ Influencer marketing is becoming an increasingly important driver of live stream shopping growth. Influencers are using live stream shopping to monetize their content, and to provide their followers with a unique and engaging shopping experience – Digiday
Conclusion
The top live-stream shopping statistics demonstrate the growing popularity and potential of live-stream shopping as a form of interactive retail. Whether it’s through shoppable live streams, shoppable posts, or shoppable videos, live-stream shopping is providing consumers with a new and innovative shopping experience and is driving growth and sales for retailers and influencers alike. As live-stream shopping continues to grow in popularity, it’s important for retailers and influencers to stay ahead of the curve and embrace this exciting new form of retail.
