The news: Instagram is shuttering its livestream shopping business as part of parent company Meta’s “year of efficiency,” per TechCrunch.
Livestream shopping isn’t resonating in the US: Livestream shopping in China soared over the last few years. We expect retail livestreaming ecommerce sales via apps like WeChat, Taobao Live, and Douyin (China’s version of TikTok) to reach $514.20 billion this year.
Not everyone has soured on livestream commerce: Even though livestream shopping has yet to resonate with most consumers, several retailers continue to look for ways to leverage the channel.
The big takeaway: It is easy for US retailers to be enticed by the huge livestream sales numbers in China. However, just as super apps have failed to take hold in the US, so too has livestream shopping.
Go further: Read our Social Commerce Forecast 2022 report.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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