Live commerce allows retailers to digitally broadcast their products via video and connect directly with online consumers. In recent years, it has grown exceptionally in popularity and has been adopted by some of the biggest e-commerce companies. You might want to know more about this evolving digital market.
Hence, we’ve gathered some latest stats and facts on Live Commerce to know in 2022 and beyond.
Let’s take a look at the general stats below.
Live Commerce Stats Highlights
- Live selling has grown by 76% since the start of COVID.
- The live stream market is estimated to be worth $35 billion in the US by 2024.
- Companies report live commerce conversion rates are up to 10x higher than conventional e-commerce.
- Livestream shopping sales in China have grown more than 280% between 2017 and 2020.
- The categories of products that are most presented in the live broadcasts are clothing and fashion.
On This Page
- 1 Live Commerce - Key Stats
- 1.1 Live selling has grown by 76% since the start of COVID.
- 1.2 The live stream market is estimated to be worth $35 billion in the US by 2024.
- 1.3 Companies report live commerce conversion rates are up to 10x higher than conventional e-commerce.
- 1.4 Livestream shopping sales in China have grown more than 280% between 2017 and 2020.
- 1.5 The categories of products that are most presented in the live broadcasts are clothing and fashion.
- 1.6 In 2020, live shopping reached $171 billion in the Asian market.
- 2 Additional Live Commerce Stats
- 3 Wrapping Up
Live Commerce - Key Stats
Now let’s dive into the stats a bit deeper.
Live selling has grown by 76% since the start of COVID.
(Statista)
Live selling is when online retailers showcase their products via a live stream on social media or streaming platforms, such as Facebook, Instagram, TikTok, YouTube, or Twitch. During the live stream, retailers can highlight product features, interact with customers and sell products in real-time. As people were forced to stay home and shop online during the pandemic, Livestream shopping grew tremendously. In fact, there was a 76%increase in purchases using live streaming during the pandemic.
The live stream market is estimated to be worth $35 billion in the US by 2024.
(Fitsmallbusiness)
Live Commerce enables brands to create live streams with an integrated shopping ability that allows consumers to interact with products and services, live stream hosts, and the community of consumers that attend the live stream event. In 2021, the live streaming market reached $11 billion, nearly doubling its 2020 value. Then, by 2024, the Livestream market is estimated to be worth $35 billion in the US, which is 3.3% of all US e-commerce.
Companies report live commerce conversion rates are up to 10x higher than conventional e-commerce.
(Fitsmallbusiness)
The pandemic served as a catalyst for retailers and e-commerce brands alike to adopt an aggressive digital strategy to match the fresh demand of online shoppers coming in. With the retail e-commerce market more saturated and competitive than ever, companies that use Livestream selling strategies are seeing conversion rates of up to 30%. That is 10x times higher than the average e-commerce conversion rate.
Livestream shopping sales in China have grown more than 280% between 2017 and 2020.
(McKinsey)
Live commerce has evolved rapidly in China, taking less than five years to develop into an innovative sales channel with an estimated penetration of 10%. The value of China’s live commerce market grew at a compound annual growth rate (CAGR) of more than 280% between 2017 and 2020, to reach an estimated $171 billion in 2020. The COVID-19 pandemic has intensified this growth spurt, and Chinese sales are expected to reach $423 billion by 2022.
The categories of products that are most presented in the live broadcasts are clothing and fashion.
(Mckinsey)
A wide variety of products are bought and sold through live commerce, from household to hand-crafted items in different categories. The product categories most often showcased in live commerce are apparel and fashion, with a 36% share which is the most common live commerce category by far, followed by beauty products and food, with roughly 7% each. Consumer electronics account for some 5%, and furnishing and home decor for almost 4%.
In 2020, live shopping reached $171 billion in the Asian market.
(Shopify)
Live shopping is big in the Asian market, reaching about $171 billion in 2020. Live shopping is also on the rise in Western countries, and it is predicted that it will account for 10% to 20% of all e-commerce by 2026. With live shopping, brands can create a fun, interactive Livestream experience and promote their products, which viewers can then buy directly from the Livestream.
Additional Live Commerce Stats
- YouTube is the most popular live commerce platform in the US.
- 78% of businesses use live commerce to build deeper connections with their customer base.
- 17% of US consumers frequently watch influencer shopping live streams.
- 28% of shoppers said more Livestream commerce would encourage them to buy through social.
- 60% of shoppers who tried Livestream shopping said it improved their shopping experience.
- 66% of global consumers wish retailers would be more digitally innovative.
Wrapping Up
Live commerce is the future of modern shopping. It can put an end to wasting time traveling to physical stores, waiting in lines, and navigating through busy shopping centers. Plus, it’s not just about shopping. Live commerce brings the entertainment and fun factor, offering an engaging customer experience.
Hence, Live Commerce will become an integral part of digital commerce in the near future.
That’s all for now, see you at the next one.
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Sources
https://www.statista.com/topics/8752/livestream-commerce/
https://fitsmallbusiness.com/livestream-shopping-statistics/
https://firework.com/us/blog/top-live-commerce-statistics-2022/
