11 Statistics that make a case for livestream shopping
Livestream shopping offers a number of different benefits to both consumers and business owners. While still relatively new to the scene, livestream shopping events have already seen great success in Asia, and this success has already begun to be translated into the European market. As this trend continues to grow we thought it would be useful to compile a number of statistics that demonstrate the potential for livestream shopping.
1. 70% of European customers have expressed interest in forms of shoppertainment
Based on a report conducted by Forrester over two-thirds of Europeans have demonstrated an interest in forms of shoppertainment, livestream shopping included. While the demand for livestream shopping is obviously present, the supply has yet to catch up. This is why we have created our own livestream shopping solution for businesses of all sizes to use.
2. Gen Z are on track to become the biggest consumers and they already influence a whopping 93% of household purchases
Although still not the main spenders, Gen Z are on track to become the biggest consumers the market has yet to see. In addition to this fact, Gen Z are already responsible for influencing a huge 93% of household purchases. This is huge for livestream shopping as Gen Z have grown up around this kind of technology and are the biggest consumers of streamed content. By harnessing a medium that is used by the biggest future consumers livestream shopping promises a bright future for e-commerce.
3. One of the major e-commerce platforms in China reported more than 150% year-over-year growth of livestreaming commerce for three years continuously
Livestream shopping originally made its debut in China and the results have been promising. With a year-over-year growth of more than 150% China can confidently confirm that livestream shopping is a success. So now it’s time to see the same level of success in Europe.
4. 86% of people would like to see more video content from brands
While e-commerce already boasts success, our current systems of selling online are not perfect. One way in which this can be improved is by listening to what the consumers want. Recently a study found that 86% of consumers wish to see more video content from brands. This is huge for livestream shopping as it provides exactly that.
5. 68% of consumers prefer watching videos to learn about new products or services when compared to articles, infographics, ebooks, and presentations
With product returns predicted to cost online retailers a collective $550 billion, it has never been more important for e-commerce stores to help their customers make better-informed decisions. With a reported 68% of customers preferring product videos over written formats, livestream shopping provides the perfect solution to this growing problem.
6. 96% of people have watched an explainer video to learn more about a product or service
Just as with the above statistic, studies have shown that there is a high demand for video content over written content when it comes to product information. There is already a huge amount of people watching explainer videos about products and services and these are usually found on third-party websites, such as YouTube. Livestream shopping presents the perfect solution to combine these explainer videos with already existing e-commerce stores so customers can watch and purchase all on one site.
7. Marketers who incorporate video into their campaigns experience 34% higher conversion rates
With more consumers requesting video content over any other form it is no wonder that video campaigns generate 34% more conversions than other methods. It, therefore, stands to reason that livestream shopping will generate more conversions than a static e-commerce site.
8. People are twice as likely to share video content with their friends compared to any other type of content
Organic marketing is every business’ dream and so with video content being shared at twice the rate of any other content, livestream shopping events present the perfect way in which e-commerce stores can utilize this.
9. 73% of all customers point to great customer service as an important factor when making a purchasing decision
It is difficult for online stores to maintain a level of customer service when they aren’t actively interacting with their consumers. With 73% of customers naming great customer service and an important factor for making a purchasing decision, livestream shopping breaches this gap between the online and the personal.
10. 75% of customers want more interaction with humans as technology advances
With more of our daily life being conducted online, customers are beginning to crave that human interaction. With livestream shopping this is made possible as the host can interact with viewers in the live chat feature.
11. Consumers are most likely to trust a business that makes it easy to contact the staff members
Consumers want to know that they can trust the businesses they are purchasing from and a big part of this is having human interactions. Studies have shown that consumers are more likely to trust a business when the staff members are easily contactable, a feature that is often missing with e-commerce stores. Livestream shopping breaches this gap putting staff in the forefront as they present the products to consumers watching the stream.
As technology advances into the future it is important not to lose sight of the human element. While online shopping is a popular and convenient way of making daily purchases, more and more consumers are craving something personal. Livestream shopping presents the perfect way to combine the human with the technical in a way that maintains the convenience of e-commerce and the benefits of in-store shopping.
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