The Influencer Marketing Hub released data showing that from March 2020 to July 2021, the development of the global live broadcast e-commerce industry showed an upward trend, and the number of live broadcast purchases increased by 76%. Compared with other forms of e-commerce, the conversion rate through live broadcast is ten times higher.
According to the purchase category segment, the most concerned are still fashion and beauty (15%), health and fitness rank second with 13%, travel and lifestyle 12%, games 11%, Parenting (6%), and outdoor sports (4%). The attention on fashion and beauty was 25% last year. Although it has dropped from last year, it also just proves that the attention of other categories in the field of live broadcast e-commerce has increased, and the sales of products in this field are becoming more and more diversified.
In live e-commerce, the most popular social media platforms are TikTok, Instagram, and YouTube. According to the user group, the biggest fans of Instagram are those aged 25-34, followed by those aged 18-24, with more women than men. And male millennials make up almost one-fifth of all YouTube viewers, more than twice as many as females. Then on TikTok, which has a strong development momentum, Generation Z and Millennials are gathered.
According to a survey by Influencer Marketing Factory, 40% of Gen Z and millennials have purchased at least one item or service while watching a social media live broadcast, with the majority of that spending on TikTok. The current purchasing power of Gen Z is 360 billion US dollars, which is undoubtedly a huge potential consumer group.
Purchasing via online streaming on social media is becoming a global consumer trend, and live streaming is just one form of social commerce. In 2021, social e-commerce sales in the United States will be $51.2 billion, accounting for an estimated 6.9% share of the global market, of which live e-commerce sales will be about $11 billion. As a market for China’s cross-border e-commerce exports, data shows that the value of the live-streaming shopping industry in the United States is expected to reach $35 billion in 2024.
Data shows that global social e-commerce sales in 2020 are about $560 billion, and this figure is expected to reach $958 billion in 2022 and may reach $2.9 trillion in 2026. The year-on-year market growth rate of global social e-commerce was 30.8%. This segment is expected to account for 17% of all e-commerce spending by 2025.
Although the live broadcast e-commerce in Europe and the United States started late, driven by technological development and changes in fashion trends, the sales of live broadcast e-commerce will grow rapidly. It is expected that this field will gradually become mainstream consumption in the next few years.
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