Future of Shopping: Your Guide to a Successful Live Commerce Strategy
Published by Byteplus
Live Commerce has exploded onto the E-Commerce scene with China leading the way in terms of growth and market penetration. In fact, E-Commerce sales as a result of livestreaming are projected to reach US623 billion in 2023.
In Asia Pacific, countries like the Philippines, Vietnam, and Thailand all have awareness levels above 80% when it comes to Live Commerce. In fact, a Singapore study predicts that the shoppertainment opportunity will be worth US$1 trillion by 2025 for brands in APAC compared to US$550 billion today. The same trends are happening in Europe and in the Middle East. An Arvato study found that 70% of European consumers are open to live shopping, and retailers are responding in kind. More than one-third of all fashion and beauty brands included in the study have experimented with at least one live shopping event. One prominent example is Galeries Lafayette, a French departmental store that recently experimented with a one-on-one video selling strategy. The brand experienced a 30% conversion rate and saw a six-fold increase in revenue generated by remote shopping since 2020.
While the Middle East is relatively less mature with regards to Live Commerce, the region does have one of the fastest-growing E-Commerce markets in the world at 20% within the next five years. In 2021, United Arab Emirates saw its first social commerce live video shopping marketplace called ShopperOn, which was set up to tap this burgeoning market.
Live Commerce is an exciting opportunity to engage audiences and grow revenue. BytePlus is the ideal technology partner to help you maximize that opportunity using the same technology that powers TikTok and Douyin, which are amongst the most popular applications in the world.
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