November 1, 2023
Welcome to retail’s latest and greatest show: the livestreamed shopping extravaganza that’s taking over social media faster than you can Swipe Up.
With Channel 4 recently trailing its first shoppable TV experience with Made in Chelsea, this trend is just about to become more mainstream.
Its origins, of course, lie in social.
Picture this: it’s like QVC and Instagram had a baby, and this baby is flashy, fun, and oh-so-irresistible. It’s not just browsing anymore, it's a full-blown entertainment bonanza, with a side of shopping.
Asia has been ahead of the curve, showing us how it’s done with millions tuning in and products flying off the virtual shelves. Tommy Hilfiger, for instance, pulled a crowd of 14 million in China, selling hoodies faster than you could say “Do I really need another one?” This market is booming to the tune of $497bn, and it’s clear that it’s not just a passing fad.
TikTok, as ever, leads the way. Not content with being the creator-first network for this type of experience, it has also invested heavily in fulfillment – taking over the storage and delivery of goods. The Meta apps and YouTube aren’t far behind but also, surprisingly, Amazon – not a social platform by design – is looking to use its vast data capabilities to muscle in with its own offering, Amazon Live – and Prime Day is its logical centerpiece.
And as for X? Elon wants to turn it into a Chinese-style ‘everything app’ like WeChat, so don’t count them out.
The ultimate goal? Capturing the hearts, minds and wallets of a generation that wants it all, and wants it now.
But let’s spill the tea: it’s not all sunshine and rainbows. While Asia is all-in, the Western world is slower to adopt. TikTok Shop had a bit of a stumble in the UK, and ultimately it will be a mix of brand expertise and consumer ease that will make this trend lift off.
What can brands learn right now?
Embrace the new retail reality. Livestream shopping isn’t just a trend; it’s a retail revolution. Brands need to jump on the bandwagon or risk being left in the digital dust. It’s time to test and learn and think outside the traditional retail playbook.
Understand your audience. Gen Z is leading the charge and they’re not interested in business as usual. They want a shopping experience that’s personal, instant and, yes, entertaining. Brands need to know their audience and deliver content that strikes the right chord.
Influencers are still your best friends. Social-media stars are the secret sauce to livestream shopping success. But beware, they’re not just looking for a paycheck; they want partnerships that make sense for their brand. Choose wisely and nurture these relationships.
Keep an eye on the b2b space. Don’t think livestream shopping is just for the b2c crowd; b2b influencers are on the rise, becoming the voice of businesses looking to make their mark. Brands should consider how this trend can be adapted for their own industry.
Stay nimble and adapt. The social shopping landscape is ever-evolving, and what works today might not work tomorrow. Brands need to be ready to pivot, experiment and embrace the change that the platforms throw at them.