New Trends in Retail and Live Digital Shopping
The retail shopping landscape is a constantly changing and evolving practice. Looking back through the trends of the last century that included catalog shopping pioneered by leaders like Sears Roebuck & Co, Montgomery Ward’s, and Eastbay, to the shift to retail centers and malls of the seventies and eighties, then the digital age and the rise of Amazon in the early 2000’s. The next trend may mean new opportunities for small and niche businesses as consumers want the direct shopping experience in a digital way through Live Commerce.
Over the last few years, the trend of Live Commerce, using a video streaming platform like Facebook Live or Twitch has seen a rise in activity and opportunity. Retail analyst project that livestream eCommerce will reach $35 Billion in sales by 2024 and could account for up to 20% of all eCommerce activity by 2026.
Live shopping represents a broad range of events and activities that can include One-on-One shopping experiences, Social Media influencer marketing opportunities, AR, and VR Shopping and more. For small and independent businesses this trend can mean an opportunity to grow or expand your customer base beyond the region and establish a broader loyal audience.
In a November article from Influencer Marketing Hub, author Geri Milvea highlighted some of the great benefits that Live Shopping can bring to your business including better engagement with your clients, a rapid sales increase, increased brand awareness and a prompt for impulse buying. This isn’t to say you can be guaranteed overnight success, it will take time and effort to build your audience and opportunity, but success stories abound.
Live eCommerce offers the best of both worlds to consumers, an opportunity to shop from anywhere with anyone but also the ability to build connections and have that individualized touch that normally can only be found in person. If you’re looking for new opportunities to grow in 2023, live shopping may be the hot new trend worth jumping on.