3…2…1…lift-off! Livestream shopping is just getting off the ground in the U.S., but we think it’s going to be big.
While livestream shopping has been super popular and profitable in China, it’s still in its infancy in other parts of the world. Social platforms such as Facebook have pulled back their live shopping efforts, which is leading some to believe that social platforms are valuable tools for product discovery, but maybe not necessarily shopping.
However, Coresight Research projects that livestreaming in the U.S. market will more than triple by 2024 to reach $35 billion. This indicates how large the opportunity for growth is. One company that is driving this category forward is the global livestreaming platform Firework. They’re on a mission to help thousands of brands create lasting relationships with their customers. Firework strongly believes that livestream shopping is truly effective when it’s implemented in the right place, which is why they’ve built the capabilities that allow brands to bring social experiences onto their branded websites. As a result, the company is rapidly growing and is working with a diverse list of clients such as: Albertsons Companies, The Fresh Market, Omnicom Media Group and Unilever.
We had the pleasure of working with Vincent Yang, Co-Founder and CEO at Firework, on the speaking faculty for the Retail Innovation Conference & Expo this past May. He spoke on a panel session titled, “The Future of Social Commerce: Embracing Content and Community to Drive Customer Loyalty,” which was moderated by Deborah Weinswig, CEO of Coresight Research and also featured Meagen Johnson, who was then SVP of Marketing for Jane. The panel focused on how livestream shopping and social commerce strategies built around your customer are extremely important to gain loyal customers.
To hear more from Vincent Yang and Firework, check out the video below to see an exclusive look at the live shopping studio featured at #RICE22. Andrew Gaffney, SVP of Retail TouchPoints and Vincent Yang, Co-Founder & CEO of Firework, take you behind-the-scenes to understand the livestream shopping trends.