The news: Livestreaming ecommerce is still searching for its entry point into the US market, but mobile marketplace NTWRK is making headway in the space. The platform is expanding rapidly: Last week, it announced the launch of three new shoppable shows and hosted the first virtual Sneaker Con. On the corporate side, its first CMO will join the company on July 1.
How it works:
How we got here: Taobao, an ecommerce site and app that is part of China-based Alibaba, pioneered livestreaming ecommerce with the 2018 launch of Taobao Live, where charismatic hosts sell a raft of products to large audiences watching online.
What’s next: Now the US is trying to catch up. Ecommerce marketplaces and social media sites have been rapidly introducing livestreaming ecommerce onto their platforms in an effort to replicate the success the format has seen in China.
The key takeaway: The rapid expansion of shopping livestreams on marketplaces like NTWRK and Amazon, plus the proliferation of live shopping features on social media sites, are both signs that livestreaming ecommerce is on its way to taking off in the US. But even though all the pieces are in place on the platform side, the shopping format will need to see strong adoption from both consumers and brands before it approaches China’s level of success.
For more on this topic, read our “Social Commerce Forecasts 2021” and our “Livestreaming Landscape 2021” reports.
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