Global purchase volume surges by 76%, is live streaming e-commerce the dark horse of the new consumer channel?

Recently, Influencer Marketing Hub released data showing that from March 2020 to July 2021, the development of the global live streaming e-commerce industry showed an upward trend, with live streaming purchases increasing by 76%. Compared with other forms of e-commerce, the conversion rate through live streaming was ten times higher.

According to the market segmentation of purchase categories, fashion and beauty ( 15%) are still the most popular , health and fitness ranks second with 13% , travel and lifestyle is 12%, games are 11%, parenting ( 6%) and outdoor sports ( 4%) . The attention to fashion and beauty was 25% last year. Although it has decreased year-on-year, it also proves that the attention to other categories in the field of live e-commerce has increased, and the product sales in this field are becoming more and more diversified.

In the field of live e-commerce, the most popular social media platforms are TikTok , Instagram and YouTube . According to the user groups, Instagram's biggest fans are people aged 25-34, followed by people aged 18-24 , among whom there are more women than men. Male millennials account for almost one-fifth of all YouTube viewers, more than twice the number of female viewers . On TikTok , which is developing rapidly , Generation Z and millennials gather .

According to a survey by Influencer Marketing Factory , 40% of Generation Z and Millennials have purchased at least one product or service while watching live broadcasts on social media , most of which were made on TikTok . The current purchasing power of Generation Z is $360 billion, which is undoubtedly a consumer group with huge potential .

Purchasing through online streams on social media has gradually become a global consumer trend, and live streaming is just one form of social commerce . In 2021, social e-commerce sales in the United States were $51.2 billion, accounting for an estimated 6.9% of the global market , of which live streaming sales were approximately $11 billion . As a market where Chinese cross-border e-commerce exports have been deeply cultivated, 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 were approximately US$560 billion, and this figure is expected to reach US$958 billion in 2022 and may reach US$2.9 trillion by 2026. The year-on-year market growth rate of global social e-commerce is 30.8%. It is expected that by 2025, this field will account for 17% of all e-commerce spending .

Although live streaming e-commerce started late in Europe and the United States, driven by technological development and changes in popular trends, sales of live streaming e-commerce will grow rapidly , and it is expected that this area will gradually become the mainstream of consumption in the next few years .

Live e-commerce

TikTok

Generation Z