The top seller earns over 10 million yuan a year! Americans are also eyeing this piece of cake

In the past two years, as more and more cross-border sellers have begun to try to attract consumers through social media, live shopping has also set off a wave in the e-commerce industry.

According to a survey conducted by Morning Consult , less than half of Gen Z adults and millennials in the U.S. are familiar with livestream shopping — meaning there ’s still a lot of room for growth . Moreover, of those who have purchased something from a livestream , 86% said they were satisfied with the experience .

Although live shopping is becoming increasingly popular, a survey by market research firm Insider Intelligence shows that only 17% of people in the United States have participated in live shopping , which is still much worse than the situation in China .

In fact, live shopping is like a new type of home TV shopping. Sellers or internet celebrities will start live broadcasts online and show their products to the audience. The difference is that the audience can communicate with the live broadcast host in real time , which further improves the conversion rate .

At present, some start-ups in the United States have begun to try to layout the field of live shopping . Last October, the Financial Times reported that TikTok was negotiating with TalkShopLive in West Hollywood , a company that provides live shopping services , to launch an online shopping service .

Also planning livestream shopping is Marina del Rey- based Whatnot , an online auction platform that lets people bid on and buy novelties , vintage clothing and more .

According to a Whatnot representative, the top sellers on the platform currently have annual revenues of up to eight figures, and more than 100 sellers made nearly $1 million last year. Since its founding in 2019, the company has raised about $485 million from investors.

“ Competition in the live shopping space in the U.S. has been intensifying over the past few years , and as we gradually increase our investment in our platform, sellers, and audiences, we are confident that we will become the industry leader in the future , ” said Grant LaFontaine, co-founder and CEO of WhatNot, in a press release.

A Whatnot representative said live shopping is growing in popularity because shopping platforms like eBay are " boring and impersonal ."

“ The combination of entertainment and shopping is nothing new. Television shows have always had product placements, and of course there are old-fashioned TV shopping channels , so TikTok ’s explosion is completely understandable ,” said Crystal Russell, a marketing professor at Pepperdine University .

“Just like selling products on Amazon , sellers can enter TikTok and open their own live broadcast channels . If you find the trick, you can develop very quickly. ”

As major platforms enter the field of live shopping, competition will surely become more intense in the future. For cross-border sellers, choosing a platform that suits them in advance and then slowly trying their own live style may help them find new revenue growth points.

USA

Live Shopping