Bringing Asia's livestream shopping success to Europe
Why is livestream shopping such a success in Asia?
With more people turning to online shopping every day, especially in a time of pandemic, Asia has taken the next step forward into the e-commerce world.
As it stands the Asian market already dominates the world of online shopping with China making up 40% of the total e-commerce market. Now, with the introduction of livestream shopping, the market has had yet another boom.
The growth in popularity has been huge, with live shopping holding an estimated worth of $70 billion at the end of 2020, and a massive 300 million Chinese users already, the future sure does looks bright.
One of the underlying reasons for livestreaming’s success is the community feel it provides. Reports have shown that the Chinese market enjoys the livestream experience due to its social and interactive nature.
The effectiveness of using influencers to sell products has long been known, but live shopping takes this to a new level. Customers are now able to use the live chat features to interact with the seller and have any questions answered in real-time.
Pair this with the added bonus of event discounts and the usability of live shopping, with most platforms offering a one-click-to-cart option, that doesn’t even require you to exit the stream, it is no wonder that Asia is seeing such success.
How can this success be translated to the European market?
While the size of the e-commerce market in Europe may not be able to compete with the size of that in Asia, there has still been a considerable shift towards online shopping, with many predicting the death of the high street.
While much of the rise in online shopping may be attributed to Covid-19, with an 80% increase since the outbreak, it is unlikely that there will be a drop when shops reopen to their pre-pandemic state. We are already seeing a considerable shift in work spaces, with many offices downsizing in favor of home offices, and there is no reason to suggest that this change in shopping habits will disappear. Indeed, six out of ten customers say they will continue to do their shopping online once the pandemic has passed.
Despite this, live shopping is yet to make a proper debut in Europe. However, a report released this year by Forrester found that 70% of European customers have expressed interest in forms of shoppertainment, and with live shopping ranking top in those on offer, it is clear the market is ready to be tapped.
The Forrester report also highlighted some interesting points when considering live shopping for the European market. While some aspects have worked in Asia, they may not be an instant success in Europe, and what may work in one European country may not work in another.
It is therefore important to consider your business’s customers. As mentioned in the report, UK customers look for trustworthy hosts and mobile-friendly content, customers in Spain are on the hunt for the best deals and discounts, and customers in Poland value host and customer interaction.
While this may seem overwhelming at first, it is important to remember that live shopping is here to help your business, not hinder it. You will know what is best for your customers, and by staying authentic and honest with your audience you are bound to succeed.
What does the future of livestream shopping hold?
The future of live shopping is obviously bright, but with your help it could be brighter.
Already big brand names are jumping on the bandwagon in the hope to keep with the times and utilize the latest technology for their own gains. The latest developments in livestream shopping have seen: Amazon launch their own version of live shopping, Tiktok sign a deal with Shopify, and Instagram introduce a new checkout feature.
As more and more brands get on board with this new trend it is important for any businesses that wish to succeed to take on board the changing ecosystem. Forbes is clear with their stance on this stating that ‘the shift toward live shopping and social retail will only continue to intensify’, and we can’t help but agree.
In fact, one of the main reasons behind live shopping’s success in Asia is the weight that Gen Z brings to the market. While the market in Europe is older, with the primary drivers of live shopping in Europe being between the ages of 32-43, this isn’t set to be the case for long.
This shift in buyers has already begun, and with Gen Z already on track to becoming the biggest generation of consumers, it is clear that businesses must adapt to their wants, are they to succeed and thrive. Perhaps even more telling, a report by Cassandra found that Gen Z already influences a huge 93% of household purchases.
There has never been a better time to take the plunge and implement livestream shopping into your business. With many big names already on board, or trialing the concept, it is important to stay ahead of the curve and be the competition. There are many ways in which you can take this step, and many platforms that offer tools to make it as easy as possible. As always, we are here to help both you and your business succeed.