NEW YORK, November 14, 2022 (Newswire.com) - Livestream shopping is a way for consumers to purchase items in real-time while the host of a live event is explaining the products and their features. Viewers can purchase the item from their phones or other devices as the host describes it.
The Influencer Marketing Factory completed a survey of 1,000 U.S. and 1,000 UK-based respondents between the ages of 18 and 67 in October 2022 to know more about their experience and interest in Livestream shopping and live commerce.
This survey was focused on learning about users' preferences and buying behaviors when it applies to Livestream shopping, while also understanding how users like to support their favorite influencers and which platforms they use most.
Livestream events are usually hosted by an influencer, a KOL, or a celebrity, and are commonly referred to as live commerce or live video shopping. Purchasing products via online streams is becoming more popular worldwide. More specifically, in the U.S. and the UK, this phenomenon is relatively new, but in comparison, the Livestream trend is taking off more slowly than in countries like China.
In 2022, the Livestream shopping revenue in the U.S. is expected to hit $20 billion and by 2026, the e-commerce revenue created from live online shopping is expected to grow more than 5X and reach more than $60 billion in revenue.
After analyzing its results, The Influencer Marketing Factory narrowed down six main findings, which include:
- In the U.S., 36% of our study participants confirmed purchasing something during a livestream shopping event, while 25% of our UK respondents confirmed the same.
- The preferred platforms for Livestream shopping in order of preference for the U.S.: Facebook Live 26%, Instagram Live 19%, TikTok Live 18%, Amazon Live 18%, Pinterest 6%, Others 4%, Whatnot 3%, ShopShops 3%, TalkShopLive 2%, Bambuber 1%.
- The preferred platforms for livestream shopping in order of preference for the UK: TikTok Live 30%, Amazon Live 18%, Facebook Live 17%, Instagram Live 16%, Pinterest 6%, Others 4%, Whatnot 2%, TalkShopLive 3%, NTWK 2%, ShopShops 2%.
- "Quality of product" was the top reason for livestream shopping for respondents both in the U.S. and the UK. Free delivery came in second, discount coupons came in third, and being able to see reviews from other shoppers in real-time came in fourth for both the U.S. and UK respondents.
- A portion of US responders (27%) has spent between $20 and $50 on livestream shopping in the last three months. Comparatively in the UK (31%) of responders have spent between $10 and $20.
- Livestream shopping is not considered "more fun" or "more entertaining" than regular online shopping.
Source: The Influencer Marketing Factory