Generally, whenever we come across the word live streaming we perceive it as influencers or celebrities doing QnA sessions. However, there is a major industry developing alongside live streaming. Live commerce or live streaming e-commerce is growing at a very rapid pace. In this article, we will help you understand what is live commerce, what is its scope in the future, and what are the existing live streaming companies providing services.
What is live commerce?
In this form of online shopping, the customers make the purchase during a live streaming event. In Live commerce, Live means lively experience before buying a product. Sellers creates videos of the products which they are selling and shares it on the platform.
Heavy penetration of smart phones and affordable internet has led to huge growth in the field of content. Over the years we have witnessed multiple kinds of content. However, the short form of content has taken over by storm.
There are many platforms available for sharing micro-video content. This has given a massive boost to the thought and practice of using the platform as an alternative strategy to bring new customers. It is perceived as the next big thing in the content and eCommerce space.
What is the future of the live commerce industry?
As per a report published in Business Insider in June 2021, India’s live commerce industry is ready to reach $ 4 – 5 Billion. The majority of this will be coming from Fashion and Personal Care which is expected to contribute $1Billion in the live commerce industry.
The short content platforms available in the country currently comprise more than 100 million DAU ( Daily Active User). This is only going to increase seeing the current scenario. The short content market is expected to grow three times in the next 5 years.
Live e-commerce has seen massive success in China and this is giving more confidence to startups of another country including India as well.
How giants are supporting e-commerce?
- Last year Walmart live streamed an even. It was completely shopping-related and broadcasted through the Tik-Tok platform.
- Amazon recently rolled out a live platform. The main intention of this platform is to help users to endorse products and have live chat with the customers.
- Shop feature on Instagram to promote and check and sell products within the app itself is a major step that is helping the live commerce industry.
- Facebook started live shopping Friday for beauty and fashion-related categories.
What are the benefits of live commerce?
The major benefits of live commerce are as follow:-
- One can host and showcase products through a live event from anywhere using shopping and entertainment on a single platform.
- One can interact with the audience and build urgency with short-term offers and give away. This encourages viewers to make a buying decision.
Live commerce platforms operational in India:-
The famous live commerce platform in India are
- Bulbul was founded in 2018 headquartered in Gurugram
- Sim Sim which was recently in buzz as Youtube acquired the platform.
- Pesopie is also one of the live commerce platforms founded in 2019.
The evolution of technology and the Internet have changed the way of buying products on a massive scale. After India witnessed a major shift of customers towards e-commerce, live commerce is expected to disrupt the market.
Do share your experience if you have ever bought a product using live commerce and if the entrepreneur inside you is looking for a digital partner who can help you develop a high quality app or website, contact us now!