Live-streaming E-commerce Market is one of the most popular technologies in the world today. It has revolutionized how people interact with the world around them, and it’s no surprise that its use has expanded to the e-commerce sector. As live-streaming continues to grow in popularity, businesses are starting to see new opportunities. In this blog post, we will take a look at some of the emerging live-streaming market opportunities and analyze what they could mean for your business. From creating a more engaging user experience to increasing sales, read on to learn more about what these opportunities could mean for your business.
Why live-stream E-commerce?
According to a recent report by Grand View Research, the live-streaming E-commerce market is expected to grow at a CAGR of 18.7% between 2019 and 2027. The growth in the live-streaming E-commerce market can be attributed to the increasing trend of online shoppers using mobile devices to browse and buy products.
Key Players: Tencent, Pinduoduo, SeaGroup, Gravy Live, Wayfair Inc., Shoclef, Kuaishou, ShopShops, Kwai, Inly Media, Shunwang, Livby, Rocket Internet, Byte Dance, Mogu Inc., and Alibaba
Some of the key reasons why companies are adopting live streaming as a marketing strategy include:
1) Increasing popularity of video content on social media platforms such as YouTube and Instagram.
2) Increase in demand for real-time video experiences from customers.
3) Increased use of video marketing channels, such as Facebook Live, by retailers.
The potential market for live-streaming E-commerce
The live-streaming E-commerce market is expected to grow at a CAGR of around 20% during the forecast period 2018-2022. This growth is mainly attributed to the increasing demand for real-time streaming of ecommerce activities and the rise in adoption of smart devices among consumers.
Live-streaming E-commerce market has been segmented on the basis of end users and applications. On the basis of end users, the market has been segmented into retailers and consumers. Retailers are primarily focused on leveraging live-streaming for product promotion, engaging with customers, and improving customer retention rates. Consumers are mainly interested in watching product demonstrations and buying products directly from the retailer through live streaming.
Applications are broadly classified into retail and B2B segments. The retail segment dominates the market due to high adoption of smart devices among consumers. The B2B segment is expected to witness significant growth owing to increasing interest among businesses in utilizing live streaming for business operations such as product launches, customer engagement, and employee training.
A Porter’s Five Forces analysis is conducted to assess the competitive landscape in the live-streaming E-commerce market. The major players in this market include Amazon, Facebook Live, Twitter, Periscope, Twitch, and YouTube Live. These companies are engaged in various initiatives such as partnerships with retailers or launching their own live streaming platforms to capture a larger share of this growing market.
Benefits of live-streaming E-commerce
Live-streaming is rapidly becoming an important marketing strategy for companies looking to engage customers and build trust. In fact, a study by Mindshare revealed that live-streaming is the top way consumers engage with brands on social media.
Live-streaming allows customers to see what’s happening in the store while you’re still selling. It also creates a sense of intimacy, which can drive sales. Live streaming also allows you to answer customer questions and take orders in real time.
Additionally, live streaming can help you track your sales performance and learn from your mistakes. By live streaming your E-commerce store, you can show potential customers what your product looks like before they buy it, which can create trust and encourage them to buy.
Many E-commerce companies are using live streaming as their primary marketing strategy. For example, Amazon has been live streaming its Prime Day deals since Thursday morning. Walmart Livestreamed its Black Friday sale on Thanksgiving night, and Kohl’s streamed its holiday sale from 8 a.m. to 12 p.m. on December 1st. These companies realized that by broadcasting their sales events live, they were able to attract more customers and build greater trust with their customer base.
Additionally, many E-commerce companies are starting to use 360° livestreaming technology to create immersive experiences for their customers. This technology enables you to capture footage from all angles so that viewers feel as if they are
Strategies to achieve success in the live-streaming E-commerce market
Live-streaming E-commerce market is growing rapidly and there are number of opportunities that can be tapped in this market. To tap the full potential of this market, it is important to have right strategies.
Some of the key strategies that can be adopted in this market are as follows:
- Invest in Platforms: The first and most important step is to invest in platforms. These platforms allow you to create and manage your live-streaming account, grow your audience, monetize your content and measure your performance. Some of the popular platforms for live-streaming E-commerce include Twitch, YouTube Gaming, Mixer and Facebook Live.
- Choose the Right Channel: Once you have invested in a platform, it is important to choose the right channel. There are different types of channels that can be used for live-streaming E-commerce such as gaming, fashion and home décor. It is important to ensure that the channel you select aligns with your business goals and target audience. Some popular channels for live-streaming E-commerce include Twitch, YouTube Gaming, Facebook Live and Instagram Stories.
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