by During the pandemic, live video and online commerce have surged. People just want to feel connected but what does that mean for marketers?
In this analysis, you'll discover insights on the growth of live commerce and how you can take advantage of this trend.
Live Video Consumer Adoption Blossoms
Today, livestreaming is a huge consumer trend, according to a report on live video adoption from App Annie, a company that tracks Android user behavior.
According to its data, watching livestreams is the top way consumers are spending their time on social platforms. The report predicts that consumers will clock 548 billion hours consuming livestreams in 2021. That's substantially more than chat, photo, or regular video consumption.
Livestreaming consumption (calculated in hours) has grown 25% annually over the last 3 years!
The livestreaming platform Twitch has seen explosive growth since the pandemic began, more than doubling its global monthly user base.
Look to China and See the Future
China has been leading the innovation in a new category called live commerce.
According to a McKinsey report, Alibaba introduced Taobao Live in 2016, an online livestreaming solution that makes it easy for viewers to watch and shop via an integrated eCommerce store.
In only 4 years, revenue generated via this innovation grew 280% and accounted for $171 billion in merchandise sales in China in 2020!
In 2020, Alibaba's Taobao Live generated $7.5 billion in a 30-minute sale.
Live commerce is set to experience massive growth in China. By 2023, it will represent nearly 20% of all online sales in the country, according to eMarketer.
So What Does China Mean for You?
Innovations that are happening in China are coming to the rest of the world. And that just might be good for you or your clients.
If you have a Facebook shop, you can now sell products via a livestream.
Discover Proven Marketing Strategies and Tips
Want to go even deeper with your marketing? Check out the Social Media Marketing Podcast! Publishing weekly since 2012, the Social Media Marketing Podcast helps you navigate the constantly changing marketing jungle, with expert interviews from marketing pros.
But don’t let the name fool you. This show is about a lot more than just social media marketing. With over 600 episodes and millions of downloads each year, this show has been a trusted source for marketers for well over a decade.
In May 2021, Facebook introduced Live Shopping Friday events.
Ready to Unlock AI Marketing Breakthroughs?
If you’re like most of us, you are trying to figure out how to use AI in your marketing. Here's the solution: The AI Business Society—a new AI marketing community from your friends at Social Media Examiner.The AI Business Society is the place to discover how to apply AI in your work. When you join, you'll boost your productivity, unlock your creativity, and make connections with other marketers on a similar journey.
I'M READY TO BECOME AN AI-POWERED MARKETERAmazon Live also offers live shopping streams.
Regardless of whether you plan to sell products directly using live video, there's still an opportunity to cultivate a loyal following with livestreaming.
What Marketers Think About Live Video
Marketers are placing live video near the top of their lists for planned marketing activities.
According to a study by Salesforce, 92% of marketers are currently using or plan to use live video in their marketing.
According to our research, Facebook is the platform most used by social marketers.
Closing Thoughts…
People are spending a lot of time watching live content on the major social platforms.
If you can figure out a way to tap into this trend, you could develop a stronger connection with your prospects and customers.
If you're targeting consumers with eCommerce products, setting up a store and experimenting with livestreaming sales might be worth exploring.
Get More Advice on Marketing With Live Video
Curious About How to Use AI?
Our newest show, AI Explored, might be just what you're looking for. It's for marketers, creators, and entrepreneurs who want to understand how to use AI in their business.
It's hosted by Michael Stelzner and explores this exciting new frontier in easy-to-understand terms.
Pull up your favorite podcast app and search for AI Explored. Or click the button below for more information.
