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What you need to know about livestream shopping in 2023

By Alessandro Bogliari | Co-founder and CEO

The Influencer Marketing Factory

|

The Drum Network article

This content is produced by The Drum Network, a paid-for membership club for CEOs and their agencies who want to share their expertise and grow their business.

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November 22, 2022 | 5 min read

Alessandro Bogliari of The Influencer Marketing Factory digs into findings from the agency’s recent study on livestream shopping in 2023.

A live stream shopping set-up

Will livestream shopping take off in 2023? / Libby Penner via Unsplash

Livestream shopping is a way for consumers to purchase items in real-time, making it convenient for audience members to purchase directly from the brands they love (and the influencers they trust).

Livestream shopping gives customers a way to preview products live and have their questions answered by experts. This interactive experience allows customers to feel as though they are a part of the brand experience, fostering trust between buyer and seller.

We recently conducted a study on the state of livestream shopping; here are some of our findings.

Livestream shopping for entertainment

We ran a survey with 1,000 users based in the US, and 1,000 based in the UK, to understand if and how they shop during a live video event. We looked at their livestream shopping and social commerce preferences, behavior and approaches. Our target audience was 18-67-year-old users.

For US participants, 36% confirmed purchasing something during a livestream shopping event. Their preferred platforms were Facebook Live at 26%, Instagram Live at 19%, TikTok Live at 18%, Amazon Live at 18% and Pinterest at 6%.

UK participants were similar, with some nuances. 25% confirmed purchasing something during an event. Their preferred platforms were TikTok Live 30%, Amazon Live 18%, Facebook Live 17%, Instagram Live 16% and Pinterest 6%.

What are the top reasons our study participants attend livestream shopping events?

The number one reason for US participants was entertainment, followed by being able to take advantage of a discount, knowing and liking the host and accessing an exclusive drop collection. The number one reason for our UK participants was being able to take advantage of a discount followed by entertainment, knowing and liking the host, and access to exclusive drops.

Livestream shopping in 2023

Hosting a livestream shopping event can boost your brand’s conversion. In our study, a surprising number of respondents confirmed spending $100-$300+ while attending such events. Let’s break it down.

This means that 27% of our study participants in the US confirmed spending $100-$300+; a further 24% confirmed spending $50-$100. In the UK, slightly fewer spent big, but it was still a considerable portion: 14% confirmed spending $100-$300+.

This confirms our belief that livestream shopping is not just for low-ticket items; you can have success at a variety of price points, along with leveraging these types of events for B2C and B2B marketing efforts.

How to make livestream shopping work for your brand

To make livestream shopping work for your brand, you’ll want to dig deep into data and trends. We’ve done a lot of the hard work for you with one of our recent studies on the state of livestream shopping.

You’ll want to learn more about past events hosted on platforms such as YouTube, Pinterest, Instagram, Facebook and TikTok. You’ll also want to research and review case studies from the various livestream shopping hosts and platforms. In a world of artificial intelligence (AI), consumers crave human connection. What better way to entice an audience of buyers than hosting a livestream shopping event with a known influencer in your niche?

Just like any other new marketing tactic or trend, explore the opportunity and don’t close the door on livestream shopping before giving it a fair chance.

Modern Marketing Ecommerce Social Media

Content by The Drum Network member:

The Influencer Marketing Factory

We Deliver Influencer Marketing Campaigns on TikTok, Instagram, YouTube. Tailor-made campaigns. We are a Global Data-Oriented Influencer Marketing Agency. Our Services: Brand activations, Content creation, Influencer strategy, Influencer identification and management, Tracking & Reporting.

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