Livestream e-commerce: Why companies and brands need to tune in ' TechCrunch

When you think about livestreaming, what comes to your mind? In the U.S., people will name their favorite celebrity to host a Q&A on Instagram or a Twitch speedrun.China's shopping is streamed live.In China, livestream ecommerce has seen rapid growth in recent years. It is predicted to bring in more than $60 billion in revenue this year. Livestreams were used by 37% of Chinese online shoppers (a total of 265 million) to make purchases in 2019. This was long before the quarantine. It is estimated that it reached 560 million people in 2020.Livestreams nearly doubled the sales of Taobao's 2020 Singles Day Global Shopping Festival (Chinas Black Friday) to $6 billion.Are you starting to notice a trend? It's obvious that the big U.S. corporations have noticed and are jumping on board faster than you can say. Swipe up now to purchase!Walmart streamed live shopping events via TikTok last December. Amazon launched a live platform that allowed influencers to promote products and have conversations with customers. Instagram introduced a Shop feature, which encourages users browse and purchase within the app. Live Shopping Fridays were also launched by Facebook for fashion and beauty categories.This is a fun way for shops and brands to tell their story. It allows buyers to get in touch with their favorite creators, and gives them a chance to participate in the conversation.PopShop.Live raised $20M to allow people to buy books, toys, and jewelry directly from sellers who livestream. Whatnot raised $50 million in a Series B to help expand its livestream commerce infrastructure. Bambuser is a SaaS tool that allows users to livestream their purchases directly from their apps. This has been a growing category.Retailers will welcome livestream commerce teams at this rate, just as they have in the past with influencer partners. It will be part of digital equation for staying competitive and relevant in future marketplaces and online e-commerce.From B.C. From B.C.It is possible to make something new from what is already old. QVC was a great way to share the joy of talking with an associate while still having the convenience of the TV room in your retirement community. Your grandparents watched QVC for years. Today's shoptainment is livestream. Livestream hosts present products dynamically and interact with their viewers to build urgency.Livestream commerce allows hosts to establish deeper customer relationships and answer customers' questions in real-time. This new standard of communication is based on a well-known truth, which stretches back to Istanbul's Grand Bazaar and extends to smartphones: People shop for entertainment and are more inclined to purchase when they feel connected to a salesperson.