It’s official – live commerce is not only booming, it's expected to continue growing worldwide. Analysts are suggesting that live commerce sales could account for 20% of all Ecommerce by 2026. At the same time, the Livestream Ecommerce market is expected to reach $35 billion by 2024, a threefold increase from 2021.
Why is live commerce trending up? Here’s some food for thought:
78% of businesses use live commerce to build stronger connections with their audience.
Brands that are adopting livestream selling are seeing a 30% rise in conversion rates, which is 10x times higher than conventional Ecommerce.
66% of global shoppers wish that brands and retailers are more digitally innovative.
One study reports livestream selling of luxury goods has resulted in 70% conversion rates.
Fast-forward to today, and plenty of live shopping statistics show just how rapidly it’s growing, and will only continue to grow.
In this post, we’ll dive into current trends in live commerce and take a look at what’s ahead. For a deeper dive into these trends, as well as more trends to keep an eye on, be sure to download our guide on the live commerce trends changing the online shopping landscape.
4 live commerce trends to know in 2023
1. Powering one-to-one shopping experiences with live commerce
Rather than taking place via a stream with unlimited audiences, one-to-one live commerce connects a consumer directly with a product-matched specialist. Consumers receive a personalized consultation and get dedicated attention from the in-store specialist.
One-to-one interactions often work well for high-ticket items or purchases that require extra consideration, and also present an easier opportunity to upsell. Other benefits include how easy it is to do these, as well as the ability to track customer satisfaction easily.
Arguably, it’s also cheaper to run; particularly in cases where other streams are utilizing influencers. One-to-one live commerce surged in popularity during the pandemic as consumers looked for new ways to shop. Now, it’s become desirable for its flexibility as consumers no longer have to drive to store locations or scour the internet to find their products. Instead, they can connect instantly to experts who know the products well and are trained specifically to sell them.
2. Maximizing live streams with influencer marketing
In the last few years, influencer-hosted live streams have gained popularity. For example, Shopify’s recent integration with TikTok has allowed users to purchase items featured in livestreams, engage with others in a live chat, and interact with their hosts in real-time.
Influencer marketing is successful in live commerce because it establishes an authentic connection between the consumer and the host. In an article for Vogue, Estee Lauder explained that their live streams had succeeded because "[livestream influencers] allow us to reach audiences and new users through authentic dialogue."
3. The surge in AR and VR shopping
The augmented reality (AR) / virtual reality (VR) market is already making a splash, reaching $28 billion in 2021, and is expected to cross $450 billion by 2030. Retailers such as Macy’s, Sephora, and Ray-Ban have adopted AR/VR into their retail strategy, with Sephora recently introducing a “Virtual Artist” feature that utilizes AR to give consumers “virtual makeovers.”
AR in live commerce is arguably one step ahead of VR because it provides users with a physical, real-world environment where they can see both the real world and virtual objects. For example, a consumer shopping on a furniture website may want to see what a sofa would look like in their home. Retailers working with Emplifi’s live commerce solutions can connect their consumers to an in-store advisor via video so that they can see the sofa displayed in real-time.
Both technologies bring many benefits to the table for retailers. They help to reduce friction in the customer journey. They also increase consumer confidence because the consumer can visualize the product before making the purchase, reducing worry about gambling on a product only to have to return it later. Both AR and VR bridge the gap between brick-and-mortar stores and online shopping.
4. The intersection of social commerce and live commerce
Globally, social commerce is expected to grow three times faster than traditional commerce, reaching a massive $1.2 trillion by 2025, with 62% of this growth driven by millennials. As the younger generation of consumers gravitates towards shopping on social apps, many platforms have integrated live commerce into their strategy.
Shopping on social channels adds value to the live commerce experience because it helps to unify it — consumers don’t have to leave their favorite apps for their purchases and can add to the basket as they watch.
More on trends
We have lots more from there on live commerce trends and what they mean for your marketing team. To get the full details on these and four other huge trends having a massive impact on the present and future of live commerce and social media, download our latest guide.
In addition to the full list with more detail, you’ll get action items for what your team can do to take full advantage of each of these trends with your customers, along with a sneak preview of our Live Commerce Buyer’s Guide, also available for download today.
Take advantage of these live commerce trends now
If you’re a brand thinking about implementing live commerce into your strategy, here are a few tips to help get you started:
Research your vendors. Ensure they can provide you with all the functionalities you need to get the most from your live commerce efforts.
Optimize your content for your audiences. If you’re streaming through a social site, remember it’s likely your audience will be younger. Be sure you have the right insights to adapt and optimize your content to cater to those attending your live streams.
Make sure your content is authentic to your brand. If you’re partnering with an influencer, ensure you’ve done your research and are confident that they are the best advocate for your brand.
Emplifi’s proven live commerce solutions have helped brands achieve up to 25% more conversions, and 36% higher spending. To learn more about how Emplifi’s live commerce solutions can help your brand today, book a demo of Emplifi Live Commerce with an Emplifi expert today!