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.
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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.
In May 2021, Facebook introduced Live Shopping Friday events.
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Amazon 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.
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.
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