You will find the following livestream selling statistics for 2023 interesting at the very least.
Livestreaming isn’t what it used to be because this technology and concept has expanded into the selling and shopper realm, especially via social media.
Livestreaming started as an entertainment technology to bring more movies, television shows, and all sorts of videos to the public.
It was especially geared towards gamers.
However, today, livestream selling statistics show that livestream selling has achieved a high level of relevance across the globe.
Well, that’s one of the buzzwords used to describe livestream selling and shopping.
Basically, we are discussing live marketing. The following livestream selling statistics will surprise you, and make you wonder why you’re not doing it.
Key Livestream Selling Statistics 2023
- Livestream selling occurs on multiple platforms.
- Retail Touchpoints believes that the livestream market will achieve $35 billion in sales by 2024.
- The fashion and apparel sectors make up 36% of all livestream shopping events.
- A vast majority of marketers (80%) believe the livestream selling ideal will become a vital part of product sharing over the next several years.
- YouTube, at 30.2%, is the most-used platform for livestream selling and shopping.
- On average, luxury livestream shopping is at a 70% conversion rate.
- Nearly 80% of companies are using live selling to build meaningful customer connections.
- Businesses are reporting that live selling conversion rates are at least 10 times higher than conventional selling methods.
- In the United States, 17% of consumers regularly watch influencers’ livestream selling videos.
- American consumers are showing a wide interest in livestream shopping events.
Industry-Related Livestream Selling Statistics 2023
Let’s start by addressing some industry-related livestream selling statistics to get this ball rolling.
These are some of the facts and figures we found for our readers.
1. Livestream Selling Occurs on Multiple Platforms.
Livestream marketing, selling, and shopping isn’t exclusive to one online venue. It’s being seen on Instagram, TikTok, Zoom, and Facebook.
It’s not been a “thing” for very long, but during the pandemic, it became a thing that caught on, and is now growing.
The best way to get started with “social selling” (livestream selling) is to use the platform upon which you have the most followers and engagement first.
(Influencer Marketing Hub)
2. Retail Touchpoints Believes that The Livestream Market Will Achieve $35 Billion in Sales by 2024.
A 2020 study by Coresight Research showed that the overarching livestreaming market would amount to $11 billion by 2021, which was twice its worth from 2020.
While this is representing the whole market, there is plenty of room for livestream selling to get its piece of that pie.
3. The Fashion and Apparel Sectors Make up 36% of All Livestream Shopping Events.
Livestream selling statistics reveal that 36% of all livestreaming shopping events involve fashion and apparel.
Next in line includes beauty (8%), fresh food (7%), consumer electronics (5%), home decor and furnishings (4%), and automotive (<1%).
You can see that nothing has come close to fashion and apparel for livestream shopping events.
4. A Vast Majority of Marketers (80%) Believe the Livestream Selling Ideal Will Become a Vital Part of Product Sharing Over the Next Several Years.
Livestreaming is alive and well across many sectors, but livestream selling statistics show that this sector is still in its infancy.
However, a 2021 Market Report from Media Ocean reveals that livestream selling and shopping will be an integral part of customer engagement and it will be the most valuable for product and service sharing.
(Media Ocean Research)
5. YouTube, at 30.2%, Is the Most-Used Platform for Livestream Selling and Shopping.
When you think about it, this makes sense. YouTube has hundreds or thousands of YouTubers that demonstrate products, feature unboxing videos, and that engage in other forms of social selling.
You also might expect Facebook Live (29.2%), Instagram Live (28.9%), and Amazon Live (20.7%)to be following closely behind.
More and more companies like Avon and QVC are also getting in on this action.
6. On Average, Luxury Livestream Shopping Is at A 70% Conversion Rate.
While the concept of livestream commerce is still pretty new, the luxury sector of this market is showing massive and positive results with a 70% conversion rate on average.
That could be because people who buy luxury goods are ready to buy, so showcasing these products prompts action.
7. Nearly 80% of Companies Are Using Live Selling to Build Meaningful Customer Connections.
Livestream selling statistics and marketing professionals have shown that there are several advantages for using live selling for companies.
Customer data collection and conversion rate enhancement are two of the main reasons companies are using livestream selling for better relationship building with their customers.
They also use livestream commerce to make videos more accessible (66%), to humanize their brand (59%), to engage on social networks (57%), and to get higher conversion rates (28%).
8. Businesses Are Reporting that Live Selling Conversion Rates Are at Least 10 Times Higher than Conventional Selling Methods.
Conversion rates of up to 30% are being seen across those businesses that use livestream selling strategies. That’s 10 times higher than average for traditional selling strategies.
We all know that retail is highly competitive, so when we can gain an edge, we do it.
It seems that live selling is that edge right now.
Customer Behavior and Livestream Selling Statistics 2023
How does customer behavior factor into livestream selling statistics? Well, customers are the people who buy the things we livestream.
Let’s see what the customer-centric livestream selling statistics tell us.
9. In the United States, 17% of Consumers Regularly Watch Influencers’ Livestream Selling Videos.
One study from Insider Intelligence revealed that 17% of United States consumers regularly watch the livestreams of influencers.
Influencers are usually trying to sell something for someone, so this fits nicely into the livestream selling market. Imagine what using influencers could mean for your business.
10. American Consumers Are Showing a Wide Interest in Livestream Shopping Events.
In the United States, consumers are showing more and more interest in livestream ecommerce.
With the Asian market in this arena being the highest, the United States is starting to come around.
More than 10% of American consumers claim that lvie shopping events would encourage them to use social commerce more.
Roughly 15% say they are generally interested in livestream shopping.
Global Statistics for Live Shopping and Selling 2023
Now let’s take a look at a few global livestream selling statistics that are interesting.
11. The Pandemic Helped to Create a 76% Boost in Livestream Shopping Purchases.
The pandemic created the lockdown ideal, which kept people in the homes most of the time for several months. For some, that’s turned into years.
During this time, more people were shopping online in general, but livestream selling saw a massive boost between March 2020 and July 2021.
12. China’s Livestreaming Ecommerce Value Rose to 127.9 Billion Yuan in 2020.
This rapid growth shows an increase over its 2017 figure of 20.9 billion Yuan. It’s expected that its Gross Merchandise value (GMV) will be over 4.9 trillion yuan by 2023.
(Statista, The Guardian, CNBC, Emplifi)
13. In 2020, One Survey Showed that More than 40% of Consumers in The UK, France, Spain, and Poland Showed an Interest in Buying Electronics While Watching Livestream Shopping Events.
The group surveyed were people in Europe who watched livestream shopping events in apps or on ecommerce sites.
Likewise, 34% of shoppers in Europe said they are interested in fashion livestream shopping events hosted on social media networks.
14. Almost One-Third of Consumers Around the World Claim that Livestream Selling Would Prompt Them to Make Purchasing Decisions via Social Media.
Roughly one-third (28%) of consumers across the globe have said that more livestream shopping events would inspire them to make more purchases through their social media networks.
So, if livestream shopping events were frequent, they would engage and buy more.
15. Magazine Media Reported that 66% of All Global Consumers Want Retailers to Engage Through Digital Means.
As things have been since the beginning of time, humans are sometimes reluctant to partake in the latest technology in commerce.
However, more global consumers are open to this new digital realm. In fact, 66% of global consumers want to see more digital innovation among retailers.
What Is Live Selling?
Live selling is how retailers showcase their products and services via livestream, especially on social media.
It gives consumers a way to buy products and services online in real-time. Livestream selling is also referred to as live shopping or live commerce.
This method of selling lets retailers broadcast their products through digital videos and connect with their online audiences.
What Is Live Shopping?
Live shopping and live selling go hand-in-hand. After all, when businesses are using livestream selling, consumers are using live shopping to make buying decisions, right?
Have you ever bought something after watching a livestream selling video?
Most of the time, consumers will see a demonstration of a product or service through livestream selling. If they like what they see, they make a purchase.
What’s One Important Factor of Livestream Selling?
Just like with any content, the first few seconds/minutes are vital to grabbing the attention of your audience.
This means you need to be “on” from the time you press “Live” to the end of the live stream.
Likewise, be engaging, interesting, unique, and informative. There is a lot more to livestream selling, but those first few minutes need to be the most impressive.
After reading these livestream selling statistics, will it impact how you market your products and services? This opportunity is currently wide open.
You can essentially get in on almost the ground floor before this concept gets too saturated on social media.
Just know that retail selling using demonstrations and livestreaming shopping events are the way things are going.
It may well be in its infancy in the United States, but livestream selling has seen excellent results in China and other countries across the globe.
We are already seeing a massive uptake in live commerce on social media and apps in the United States, so they are too far behind China.
It’s believed that the United States will experience huge growth in this market.
Taking advantage of livestream selling now could boost your business, brand, and revenues. Waiting could result in slower growth for your business.
We hope these livestream selling statistics have been informative for you.