02 Nov Live Selling Statistics you shouldn’t ignore
Live selling has grown by 76% since the start of COVID
In 2020, people around the world adapted their day-to-day habits in response to the pandemic. Shopping was no exception. Many people turned to online channels for retail therapy after global store closures. So, it should come as no surprise that live stream shopping has seen a dramatic increase in recent years.
Live selling increased dramatically as people were forced to stay at home and shop online during the pandemic.
Statista reports that from pre-pandemic times to now, live selling increased by an average of 76 percentage points, worldwide. Of the regions included in the study, Europe saw the highest growth during this period, with live sale shoppers growing by 86 percentage points, followed by The Middle East (76 percentage points) and North America (68 percentage points).
What countries are seeing the largest demand for live selling?
In China, live commerce has evolved quickly, taking less than five years to develop into an innovative sales channel with an estimated penetration of 10%. In just three years, China’s live selling market grew from $3 billion to $171 billion. Between 2017 and 2020, the value of China’s live-commerce market increased at a compound annual growth rate of more than 280 percent, reaching an estimated $171 billion. The COVID-19 pandemic has accelerated this growth, and Chinese sales are expected to reach $423 billion by 2022. And, if China’s explosive live selling growth is any indication, live selling sales in the United States could account for up to 20% of all e-commerce by 2026.
According to a Coresight Research study published in 2020, the US live sale market would reach $11 billion in 2021, nearly doubling its value in 2020. Then by 2024, the E-commerce revenue generated by live stream shopping in the US is expected to triple, reaching $35 billion (3.3% of all US e-commerce).
Europe and the United Kingdom have been slower to embrace live stream shopping. However, the results are already encouraging, with no signs of slowing growth.
Live selling tools are being adopted by Western social networks such as Facebook and TikTok. TikTok and Shopify will collaborate in 2020 to create shoppable video ads. Instagram announced two months later that its Reels video-clip feature would include a shopping function.
According to a 2020 survey conducted in Poland, Spain, France, and the United Kingdom, more than 40% of consumers expressed an interest in purchasing electronics while live selling on E-commerce sites or apps. Furthermore, 34% of European shoppers indicated an interest in fashion shopping via social media live selling.
Additional Live Commerce Stats
Live Selling is the future of modern shopping. It can eliminate the need to waste time traveling to physical stores, waiting in lines, and navigating busy shopping malls. It’s also not just about shopping. Live selling also adds an element of entertainment and fun to the customer experience.
Hence, Live Selling will become an essential component of digital commerce in the near future.
That’s all for now, see you at the next one.
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