Amazon and other giants enter the live broadcast industry, and the market will grow to US$25 billion in 2023

In recent years, the live broadcast industry has developed rapidly. Especially after the epidemic, the popularity of social media has further expanded the channels of the live broadcast industry and made live shopping more popular.

According to eMarketer 's forecast, China's live shopping revenue will reach $480 billion this year , while Foresight Research predicts that the U.S. will only have about $11 billion in live shopping revenue. However, experts predict that this situation in the U.S. may change quickly as technology giants such as Facebook, Amazon, TikTok, and Twitter are making great efforts to enter the live shopping industry.

Three years ago, livestreaming shopping accounted for only 3.5% of all retail e-commerce in China . By 2021, livestreaming shopping in China has reached $300 billion, accounting for 12% of retail sales. According to eMarketer estimates, this proportion will reach 19.4% by 2023, with a value of more than $600 billion. In the United States , the livestreaming shopping market value will grow from $11 billion today to $25 billion by 2023.

Some people are concerned about whether livestream shopping is just a short-lived phenomenon. Because people are unable to go to physical stores to shop due to the pandemic, livestream shopping is "forced" to develop. In response to this question, large technology companies say that the popularity of livestream shopping will continue to grow.

Looking at the current development of the live broadcast industry, it is inseparable from the heavy investment of social giants. Amazon is vigorously developing Amazon Live; Google has implemented shopping on YouTube; Pinterest also announced a live shopping project at the end of last year; Twitter has recently been in a state of rapid development around creator innovation and currency exchange functions , and is committed to developing live shopping; Facebook is also increasing investment, especially in Instagram; in addition, TikTok is also a "seed player" for live shopping that deserves special attention.

Entrepreneur Elma Beganovich believes that there are many development opportunities in the field of live shopping, because technology companies are investing and will continue to develop in this field. From the perspective of consumers, the form of live shopping is relatively innovative, interesting and attractive; from the perspective of brands, live shopping is also valuable, not just for sales, but also very helpful for store innovation and expanding consumer groups.

Beganovich also said that there are great opportunities for real-time social shopping in verticals such as fashion, beauty, fitness, and home decoration. This development is not just for female consumers. Marketers will also target the technology equipment and fitness verticals to develop the live shopping market for men.

Many people think that the charm of live shopping is that the purpose of watching live shopping is not necessarily to shop. The entertainment and participation brought by the live broadcast are what attract them to watch. If it happens to be a product they are interested in, they can "shop with one click" by just clicking the purchase button . This form of shopping takes into account both fun and convenience, so many people are willing to spend money on it.

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