Fort Collins, Colorado, April 19, 2024 (GLOBE NEWSWIRE) -- The livestream commerce market size was valued at USD 702.4 Billion in 2022 and is anticipated to reach USD 3,058.8 Billion by 2032 at a CAGR of 15.9%.
Livestream commerce, or live commerce, is an online shopping experience where viewers can buy goods while watching a live video. It was introduced in China by Alibaba in 2016 under the name Taobao. This method is gaining popularity due to its immersive buying experience and the ability to get doubts during live streaming.
The market for livestream commerce is expected to grow due to its benefits for buyers and sellers. Moreover, with AI and analytical tools on shopping platforms, users can understand viewer sentiments and get real-time analytics with live video streaming. This adds to their benefit.
Live streams demonstrating product features and applications on online shopping platforms help build trust among buyers, leading to increased online shopping demand. It enables viewers to understand the product better, which is impossible with regular e-commerce shopping. Consequently, they feel more confident in buying products online.
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Segmentation Overview:
The livestream commerce market has been segmented into product type, demographics, livestream type, and region. Apparel and fashion are popular and in high demand. Social media has increased the demand, especially among younger generations who prefer shopping online. Brands prefer online streaming to reach a wider audience, and social media influencers help create brand awareness among their followers. Catalogs with professional photos also help customers understand the apparel better.
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Livestream Commerce Market Report Highlights:
- The livestream commerce market growth is anticipated at a CAGR of 15.9% by 2032.
- Livestream commerce allows viewers to purchase products while watching a live video. This method is gaining popularity due to its immersive buying experience and the ability to get doubts during live streaming. Live streams help build trust among buyers, leading to increased online shopping demand.
- China and South Korea dominate the livestream commerce market in the Asia Pacific region. Alibaba, one of the leading e-commerce sites, played a major role in the growth of the market in China by launching it and integrating a buying option for viewers within the live streaming app.
- Some prominent players in the livestream commerce market report include Amazon Live, Alibaba, Grip, CommentSold, Bambuser, Shopshops, Livescale, Golive, Dacast, Skeepers, and others.
Industry Trends and Insights:
- Videeo, a Shopify live-selling app powered by CommentSold, is now available. This innovative app has set a new standard in the online shopping space.
- Liyia Wu, the Founder and CEO of ShopShops, discusses the evolution of online shopping and the current trends in vintage 90s fashion items that are gaining popularity.
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Livestream Commerce Market Segmentation:
By Product Type: Apparel and Fashion, Beauty, Consumer Electronics, and Others
By Demographics: Gen X, Millenials, and Gen Z
By Livestream Type: Social media-based, Website- based and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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