Pune, July 19, 2024 (GLOBE NEWSWIRE) -- Live Commerce Platforms Market Analysis:
“As per the SNS Insider Research, The Live Commerce Platforms Market size was valued at US$ 0.98 billion in 2023, and is estimated to surpass US$ 5.40 billion by 2032 with a compound annual growth rate (CAGR) of 20.9% over the forecast period 2024-2032.”
Live commerce is becoming more and more in demand as customers want for more engaging and interactive buying experiences. The market study of the live commerce market shows that, China, the market leader of e-commerce had reached the market value of more than 5 yuan, as large numbers of people streaming the online shopping on daily basis. In Addition, Technological developments such as adoption of AI in the e-commerce platform such as Chatbot, Virtual Assistants that allow for smooth live broadcasting and creative selling strategies like social media into selling product, driving the market.
Live Commerce Platforms Market growth is further fueled by technological developments such as Augmented Reality (AR) and Virtual Reality (VR), which enhance product visualization and create an immersive shopping environment. Additionally, rising consumer disposable income coupled with increasing smartphone penetration is fueling brisk business across demographics. For Instance, IKEA had partnered with Alibaba to launch a new platform called Virtual IKEA in Tmall, which provide the wide range of customers, a new experience of shopping in china.
Use of augmented AR/VR for virtual try-ons, AI-enabled personalised suggestions such as Chatbot, Virtual Assistants (for customer support), and creative interactive elements can all help to increase user engagement. These include interactive product demos, product visualisation, virtual try-ons, and in-store navigation aids.Secure online transactions are also necessary for real-time business. Based on Google's ARCore data, a study by the KTH Royal Institute of Technology in Sweden indicates that over 40% of the AR mobile market is currently using mobile AR.
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Major Players Listed in this Report are:
- CommentSold
- GhostRetail, Inc.
- Firework
- ShopShops
- TalkShopLive
- Restream, Inc.
- Bambuser AB
- Livescale
- giosg.com Ltd.
- Klarna Bank AB (publ)
- Taobao
- Jingdong
- Suning
- Pinduoduo
- Douyin
- Kuaishou
- Xiaohongshu
- Bilibili
- Amazon & Other Players
Live Commerce Platforms Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 0.98 billion |
| Market Size by 2032 | US$ 5.40 Billion |
| CAGR | CAGR of 20.9% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Increase in the demand for e-commerce platform to reach wider audience and enjoy more interactive experience with customers. |
Recent Developments
- Recently, China has combined its two million dollar fashion e-commerce companies, SHEIN and Temu, to compete with the leading market giants like Amazon.
- Leading live commerce company TalkShopLive released a mobile merchant app in October 2023, giving companies easier-to-use capabilities for tracking sales, controlling live streams, and interacting with clients. The increasing need for specialist live commerce systems is shown by this trend.
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Based on Category, the apparel and fashion category led the market with more than 40% of the market share in 2023.
Working together with fashion influencers and industry insiders significantly increased viewers and impact of the live commerce events. According to the market study on the revenue generated by fashion business through e-commerce is seen to be around $ 400- 500 Million in 2023. The companies in this industry are taking steps such as collaboration or partnership with the service providers to gain attraction among the customers. For Instance, FREAKINS, a fashion brand has announced collaboration recently with SAPL Industries Pvt. Ltd. To redefine contemporary fashion in India, for market expansion. In Line with that, Myntra has also announced a partnership with Twid, a reward based payment channel, to provide its customers reward points and discounts using this payment option, aim at focusing to increase its brand value.
Live Commerce Platforms Market Key Segmentation:
By Category
- Cosmetics & Personal Care
- Apparel & Fashion
- Consumer Electronics
- Furnishing
- Entertainment
- Others
Regional Analysis
Asia Pacific region dominated the Live Commerce Platform Market with a revenue share of more than 40% in 2023. The development of the live e-commerce business was stimulated not only by the reasons stated above. The high rate of internet penetration and widespread use of smartphones made the region an attractive area with numerous potential buyers. Since social media have grown to be an important part of people’s daily activities, they turned into almost direct channels of access for online live commerce providers. Along with the efforts done by companies to boost its e-commerce platform, govt. is also supporting by granting and implementing programmers to support the market. For Instance, the government of India has also taken several initiatives to promote e-commerce, such they had launched the Digital India program and raising the FDI limit in e-commerce market. As like same, in U.S., SBA (small business administration) is providing grants to small Business for development, and to promote their market on online Platform.
North America is anticipated to register the highest CAGR over the forecast period, due primarily increased adoption of internet access on a wide scale; increasing per capita income levels; rapid increase among them for hassle-free shopping experiences, without ads, mature e-commerce ecosystem of the region and tech-savvy consumers together make it an ideal breeding ground for live commerce to flourish.
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Key Takeaways
- With its immersive and engaging purchasing experiences, live commerce is quickly changing the retail scene.
- Social media and e-commerce integration is a major factor in the market's expansion.
- The visual attractiveness and influencer-driven marketing of the apparel and fashion industry have made it the market leader.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Live Commerce Platform Market Segmentation, By Category
8. Regional Analysis
9. Company Profiles
10. Competitive Landscape
10.1 Competitive Benchmarking
10.2 Market Share Analysis
10.3 Recent Developments
10.3.1 Industry News
10.3.2 Company News
10.3.3 Mergers & Acquisitions
11. Use Case and Best Practices
12. Conclusion
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