Newark, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1 billion in 2023 global live commerce platforms market will reach USD 6.19 billion in 2033. Live shopping and live streaming commerce platforms are other names for live commerce platforms. These services broadcast live video to facilitate real-time communication between buyers and sellers. Infomercials and conventional home shopping networks inspire this idea. To satisfy the needs of modern consumers, it has now undergone a transformation that includes integrating social media, e-commerce capabilities, and video streaming technologies. Platforms for live commerce provide a more interesting and genuine shopping experience. Merchants provide real-time product or service showcases. In addition, viewers can remark, ask questions, and get prompt answers. Because of the authenticity and transparency this contact fosters, live commerce systems are becoming increasingly well-liked by customers. Platforms for live commerce enable instantaneous purchases. Additionally, it enables companies to use existing social networks to expand their audience and create a community around their name or line of goods. Product launches, instructional displays, flash sales, and promotions all use it.
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Key Insight of the Global Live Commerce Platforms Market
Asia Pacific will dominate the market during the forecast period.
Because of the region's mobile-centric population and the growing amount of time people spend on smartphones, particularly on social networking apps, live commerce is now easily accessible and convenient for customers on the go, fueling the expansion of the regional industry. Live commerce platform suppliers and users can benefit greatly from the growing popularity of social media influencer marketing and the region's sizable consumer base. The quick uptake of electronic payment methods simplifies transactions even further on live commerce platforms. The youthful population in the area, combined with tech-savvy consumers, has accelerated the uptake of live commerce. The rise of the regional market will also be aided by the e-commerce sector's expansion and growth, which is taking advantage of customers' greater disposable income.
In 2023, the apparel and fashion segment dominated the market with the largest market share of 40% and revenue of 0.40 billion.
The category segment is divided into apparel and fashion, cosmetics and personal care, consumer electronics, furnishing, and others. In 2023, the apparel and fashion segment dominated the market with the largest market share of 40% and revenue of 0.40 billion.
Advancement in market
TalkShopLive, a prominent live commerce platform, was named one of the world's "Most Innovative Companies" by Fast Company magazine in 2023. Now, TalkShopLive, a "Best Early Stage Technology Company" (AdExchanger), is demonstrating its dedication to product innovation with the release of TalkShopLive Studio, the first broadcast-quality mobile app. With the software, producers, business owners, brands, merchants, and publishers may stream high-definition live shopping shows directly from their mobile devices. With the app's fully integrated broadcast studio, sellers can assign a producer to oversee up to four participants at once during a live event. Additionally, retailers can use TalkShopLive's "Shoppable Simulcast" technology to simulcast their show by linking the TalkShopLive Studio app to their Facebook accounts.
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Market Dynamics
Driver: The growing popularity of influencer marketing and social media.
Social media integration increases engagement and reach, which helps with customer reach and sales. Users can now easily interact with live commerce events while on the go because of the increasing number of people owning smartphones and accessing the internet. The increasing prevalence of cooperation has led to a notable development in live commerce through influencer marketing. E-commerce is incorporated into live streams, entertainment is added, and live interaction improves the overall purchasing experience, making it more pleasurable, spontaneous, and memorable, translating into comparatively higher sales. Live commerce makes it easier for businesses to access a global audience by connecting them with a variety of audiences across the globe, which boosts sales. Thus, the growing popularity of social media and influencer marketing combined with an increase in the number of smart, connected devices owned will fuel the expansion of the worldwide live commerce platforms market.
Restraints: The difficulties with live streaming technology.
Potential users are discouraged from using live commerce platforms due to subpar user experiences caused by technical challenges like buffering and poor video quality. The need for a reliable internet connection in the absence of infrastructure across most of the world further constrains the market's potential. Some customers may be discouraged from participating in live commerce due to impulsive purchases and possible post-purchase regret. Concerns about authenticity arising from the absence of face-to-face connection make it harder for customers to develop trust in a brand and its offerings, further impeding the market's expansion. Difficult return procedures may hinder the expansion of live commerce systems.
Opportunities: developments in technology.
The development of live commerce platforms has been further accelerated by technological improvements, which have resulted in a more engaging, effective, and user-friendly experience. The visual appeal of live streams has been enhanced by advancements in streaming technologies, guaranteeing a more captivating experience for viewers. High-speed mobile network proliferation has made it easier to access content while on the go, increasing the ease and reach of live commerce events. By integrating virtual reality (VR) and augmented reality (AR), vendors can present their products in interactive virtual worlds, which improves user decision-making and visualization. Users can make purchases immediately within the live stream, given the seamless e-commerce integration, which expedites transaction processing. Artificial intelligence (AI) and advanced data analytics improve personalization by giving users customized recommendations based on their interactions and preferences. Throughout the projection period, all of the improvements will continue to present profitable opportunities in the global market, contributing positively to the growth of live commerce platforms.
Challenges: Data privacy and security concerns.
Users often provide personal information to create accounts, participate in live streams, or conduct transactions, raising worries about how this data is handled, stored, and shared in the face of a lax regulatory environment for digital technologies and services. Integration with third-party services and social media platforms raises concerns about data sharing beyond the platform's control. Security of financial transactions is another cause of concern in the face of rising cyber fraud. User profiling and targeted advertising based on live commerce data bring concerns about the extent of data influence on ad targeting and dark patterns. Additionally, the risk of data breaches amplifies worries about unauthorized access and misuse of user information. Therefore, data privacy and security concerns will hamper the market's growth.
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Some of the major players operating in the global live commerce platforms market are:
• Bambuser AB
• CommentSold
• Firework
• GhostRetail Inc.
• Giosg
• Klarna Bank AB (publ)
• Livescale
• Restream, Inc.
• ShopShops
• TalkShopLive
Key Segments covered in the market:
By Category
• Apparel and Fashion
• Cosmetics and Personal Care
• Consumer Electronics
• Furnishing
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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