🗞️400+ Days later – What’s Changed for Brands? 🗞️
By now, it’s been well over a year since we’ve entered our #nextnormal. For brands, expecting a return to the status quo is like wishing for pigs to fly; but still, here we are, occasionally glancing out the window. While we remain nostalgic for in-store experiences and late-night trips to the mall, the data has shown that change looks like choice, expanding into a world where convenience and community live in synergy.
*Live Shopping has entered the Chat.*
Read below for a quick, curated take on what’s on our radar this month, and what innovators like you should be looking out for in the world of e-Commerce. It’s a rollercoaster, and we’ve got front-row seats for the season.
The playbook for brands? Get started now, and grow alongside the industry.
The projected value of Live Shopping in the west is not set to be astronomical in five years; it’s set to tip scales now. For brands seeking a way to connect with community in a #phygital hybrid, this article by Business Insider gives a great breakdown of the world’s top players.
Authenticity Wins, but Comedy? It just might sell more.
While most brands rely on the star power of actors and idols whose passionate fans are willing to make purchases in order to support their favorite celebrities, down-to-earth comedians are emerging as the newest faces of global beauty in China.
Live Shopping Hosts: To build or not to build?
With the power of Livestreaming clearly rooted in the personability of a brand’s chosen hosts, businesses are now facing the inevitable question: do we build up an emerging talent, or partner with an even bigger name?
East Meets West: Live Shopping is, you guessed it, still booming in China
Ready to have your mind blown? In 2019, according to KPMG and Alibaba, the live shopping e-commerce industry had already exceeded 433.8 billion yuan, with a penetration of 4.1% of the e-commerce market. By 2020, live shopping would have accounted for more than 1 billion billion yuan (US$154 billion) (Source: China Banking News). According to the Chinese Ministry of Commerce, in the first 6 months of 2020, more than 10 million « social commerce » livestreams were organised, with more than 50 billion views. That is 50,000 live shopping streams per day, with a daily audience of 260 million people.
Read More (Full article is in French): https://viuz.com/2021/05/03/le-live-shopping-en-chine-un-marche-de-154-milliards-de-dollars/
People want more Convenience. But what does that mean in Today’s world?
According to Facebook’s Emerging Trends Research, around 84 percent of users are expecting that the demands on their time will increase in the near future. This means they will be doing more things in the limited time they have in a day.
Among those surveyed, 71 percent said household chores take up most of their time, followed by researching purchases (69 percent), shopping for daily necessities (54 percent), doing administration tasks (35 percent), and making offline payments (30 percent).
« What we are seeing is that because of this burden on time, more and more people are increasingly willing to pay in order to save time, » John Rubio, Facebook Philippines country director, said during the Facebook Emerging Trends and State of Small Business Media Round Table on April 13, 2021.
So, a tip to consumer-facing brands out there? Offer options. Make it easy. And better yet, give your audience a reason to tune in, shop, and have fun, all with one temporal investment.
We don’t have a Crystal Ball, But if we did, it would say this:
Customers aren’t shopping on social media platforms, but they are connecting to brands through them. A Coresight survey of U.S. consumers in March shows that 80.6% of respondents used social media platforms. Among social media users, 60% integrate social platforms into their shopping process. But what, you must be asking, does that mean for livestreaming?
Well, Coresight Research projects livestreaming to be a top trend in 2021, with the market expected to reach $6 billion this year and $25 billion by 2023.
« Although US retailers can take learnings from China, they will need to adapt livestreaming e-commerce strategies to US market conditions to effectively engage consumers and drive sales, » Coresight’s report said. « The service is likely to be a key competitive differentiator for brands and retailers to attract new customers moving forward. »