Live streaming market grows rapidly in the US

Recently, a report called Playbook showed that live streaming has matured in China and is becoming an indispensable marketing tool for American brands and retailers, mainly because it can provide real-time interactive content and directly attract consumers.

Relevant data shows that the live broadcast market in the United States is expected to grow to US$11 billion by the end of 2021 and to US$25 billion by 2023. Compared with the United States, China's live streaming is already very mature, and its market size is expected to reach US$305 billion by 2021 , an increase of 384% from 2019.

Industry insiders in the United States said that although American retailers can learn from China, they still need to adjust their live streaming e-commerce strategies according to U.S. market conditions to effectively attract consumers and boost sales .

In fact, the role of live streaming has gradually emerged in U.S. e-commerce. It is reported that Amazon launched an interactive video service in July 2020, and Facebook launched the Shops platform in May 2020 to enable businesses to set up their own stores on social media platforms Facebook and Instagram.

In terms of live streaming, the United States has previously focused on clothing and beauty, but this year it will expand to other categories, such as real estate and automobiles. Many U.S. department stores are experimenting with live streaming to encourage consumers to shop online across multiple product categories during the COVID-19 pandemic .

Furthermore, using popular social media can help brands tap into younger audience characteristics, as Generation Z and millennials are the main users of platforms such as Facebook , Instagram, and TikTok. To achieve better streaming results, you must pay attention to the following points

Provide an integrated live streaming platform for browsing , checkout , customer service, and product reviews to increase conversions and customer retention. A survey showed that 77.6% of US consumers who use social media as part of the shopping process abandon their purchase due to a lack of in-platform checkout functionality .

Provide consumers with personalized consultations, such as real-time consultations that last 30 to 45 minutes , because survey data shows that 46% of people convert (purchase) from consultations within three hours .

Create a sense of urgency and product scarcity to drive conversions. Low-priced, high-quality products are the bait for any marketing campaign. During live streaming, brands can promote their best-selling products and increase consumer enthusiasm by offering “hot items” that are exclusive to live viewers .

A persuasive presenter plays a vital role in convincing the audience to make a purchase during a live session. Using a sales assistant for live sessions saves costs and allows for greater flexibility in scheduling live sessions.

Leverage artificial intelligence and augmented reality to increase engagement, with AR being “particularly effective” in the beauty industry.

USA

Live Streaming

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