The retail industry’s emerging trends and prospects are rapidly expanding. The retail industry’s emerging trends and prospects are rapidly expanding. From brick-and-mortar to online shopping and from cash to online payment —now livestream shopping is gradually flourishing.
Another popular selling method is livestream shopping, in which retailers promote their brands using video content on digital platforms, social media, e-commerce and third-party platforms, and owned channels. It’s recognized to be a convenient purchase because viewers may choose from a variety of products in real-time by simply commenting on their lives.
The analysis found that between pre-pandemic and 2021, livestream purchases increased by an average of 76% globally. Additionally, the research indicated that live streaming generated $11 billion in revenue in 2021 and that businesses considering it can anticipate a 20% spike in customer engagement.
In general, a significant percentage of livestream shoppers belong to Generation Z and Millennials. 32% of Gen Z customers shop online daily, based on data. Younger generations are seen as tech-savvy digital natives. According to State of Gen Z research studies, 95% of Gen Z have smartphones, 83% have laptops, 78% have high-end gaming consoles, and 57% have desktop computers.
Furthermore, based on a survey by McKinsey & Company, 36% of live streams feature products from apparel and fashion, 7% from beauty, and 3% from the food sectors.
Statistics, therefore, show the potential of live streaming and how it might expand significantly within the sector and be viewed by many as the upcoming trend to transform the retail industry.