Video Creation

Top Live Shopping Statistics of 2023 For Business - Firework

A lot is being said about Live Commerce and how it is permeating into the traditional online shopping method and creating a massive impact. In this article we will talk about the many live shopping statistics to help not be one of the businesses that are still sitting on the fence, undecided about whether to plunge into live commerce statistics. Businesses of all hues use live streaming to increase brand awareness, revenue and create powerful brand experiences of the future. We have compiled a bunch of livestream shopping statistics and facts about live streaming and Live Commerce from all over the Internet in this blog. These stats will help you make a well-informed decision to shape your brand's Live Commerce strategy. Let’s get started.

What is Livestream Shopping, and How Does It Work?

Live streaming will be a $35 billion industry in the US alone by 2024, so you should know all about it.Live Commerce enables brands to create live streams with an integrated shopping ability that allows consumers to interact with products and services, live stream hosts, and the community of consumers that attend the live stream event. Think of Livestream shopping as QVC for the digital age which effectively integrates great content with seamless commerce!It is an online live event where a host makes a presentation and marketing products. Consumers can purchase these products in real-time, with clickable buttons and links directing them to the product landing page.

Is Video Commerce Simply a Trend, Or Will It Grow?

Live streaming is one of the fastest-growing trends in the e-commerce space. But at a 60 billion USD annual evaluation, it is the future of e-commerce.
Moreover, companies are reporting that conversion rates using live commerce are 10X times higher than regular e-commerce.
Brands like GFuel have accelerated their growth based on live streaming. In 2019, around 37% of online shoppers in China did Livestream shopping.
The key advantage of a digital marketing medium, like live streaming, is that the ROI is immediately measurable, unlike traditional media such as TV and hoardings.
Little wonder then that 70% of marketers agreed, even in 2017, that live streaming conversions are the highest.

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What Do Users Feel About Live Streaming?

Cutting the cord (cable connection) is happening sooner than most marketers are realizing. Streaming services offer an undoubtedly larger variety of content.
Content on the go is the need of the hour. In fact, 45% of online audiences would readily pay for live video from a favorite speaker, sports team, or performer.
Video enables an easy understanding of features and usability as compared to user manuals. According to a recent survey, 96% of people confirm that they have viewed an explainer video to know more about various products or services.
Going viral is every marketer’s dream. The research also shows that social media videos get 1200% more shares than static text and images.

How Can Live Commerce Take Your Business Forward?

Unlike traditional broadcasting, live streaming attention spans are longer. US adults are watching six hours of video daily.
Different industries are making the most of streaming inventions. For example, financial companies cut their support time in half through explanatory videos.
Time is always of the greatest essence. Young adults between 18 - 34 spend close to 43% of their time-consuming content on various digital platforms.
If you are not doing video streaming as a marketer, you are not at the top of the mind of consumers. That’s why about 80% of marketers realize the importance of live video marketing.

Which Industries Are Riding The Live-Streaming Wave?

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Source: Nielsen[/caption]Instead of just writing about it, any business that wants to show its prospective customer how it looks in real life can use live video commerce. Whether it’s a gym, restaurant, digital platform, or financial service, the power of expression through video is unparalleled.

Not surprisingly, in 2022, 87% of marketers feel that video gets them a higher ROI, way up from 33% who felt the same way in 2015. The same study also shows that video is unbeatable when it comes to lead generation. With 86% confirming that more leads are generated.
An industry that benefits the most from video streaming is gaming. Game streaming is undoubtedly one of the fastest-growing segments on social media. High-quality and entertaining games are being streamed to a vast audience.
The growing popularity of video gaming boosts growth in the entire video marketing industry. Video gaming is expected to be a $200 billion global industry by 2023.

Why Should You Switch to Live Streaming?

Your brand should switch to live video commerce to increase user engagement, drive leads and conversions, and increase brand revenue and visibility. Still thinking about your brand strategy?Here are a few reasons to switch. According to a recent live stream survey:

40% of users believe they are more likely to buy after watching video
79% of users believe they were convinced to buy software or download an app after watching a video
Companies that do video marketing enjoy 41% more traffic from search engines
80% of users prefer watching videos to reading blogs
47% of users are watching more live videos than a year ago
By 2022, live video is expected to be 82% of all traffic on the Internet

What Are The Latest Trends in Livestream Shopping?

As more people stayed at home due to lockdowns, most live-streaming platforms have seen exponential growth in their subscriber base. There was a 76% increase in purchases using live streaming during the pandemic.

The pandemic accelerated investments in live-streaming platforms and new features were rolled out quickly to entice the users. Consumers, creators, and businesses have all enjoyed the enhancements in live functionality.

Here are the latest key trends in the live streaming industry

79% of American households have paid or ad-funded streaming subscriptions
20% of users are discovering new products and brands through social media streams.
Watch time on live stream has i ncreased by 250% in March 2020
Remote education via live stream saw an increase of 980% between spring and fall of 2020

How Much Revenue Has Live Commerce Generated?

While revenue from traditional media is on the decline, that from online videos is steadily increasing.

Let’s look at a few stats that show the lucrative nature of the livestream.

The online live streaming industry grew by approximately 99% between 2019 and 2020
The live streaming industry will be valued at around $184.27 billion by 2027.
More than a third of streaming broadcasters are monetized
The E-learning industry will be valued at around $325 billion by the year 2025

The stats are there for all to see. So, why wait? Join the ever-increasing bandwagon of businesses using live streaming to propel their growth. Check out Firework to understand how to build transformative customer experiences with the power of Live Commerce.