What Are Shoppable Livestreams?

Today we're going to talk about what shoppable live streams are. If I'm live streaming right now and I start talking about products, stuff you can buy, maybe I'm showing, hey, this shirt over here, or maybe I'm showing this microphone over here, or maybe certain sunglasses you can actually click and buy. It's very simple, very to the point. Shoppable live streaming is getting bigger and bigger. And if we take a look at just some of the numbers right here, so I'm going to pull up my screen. Let's first look at what Amazon is doing. You can see they have Amazon Live. So Amazon Live offers you the ability to engage with shoppers in real time and drive consideration through interactive shoppable live streams. It just makes a lot of sense because if you can educate people, let's say you're doing like a QVC type of show back in the day, right? You do QVC. Hey, we're selling this right now. You're going to get this discount. Call this line right now. You can connect in real time, right? You can see even down here, you can educate people and then they can buy. And a good example of this, it's not exactly a shoppable live stream, but I actually did a Clubhouse room for my book over here, Leveling Up. We did about $65,000 in sales and it was just me talking to a room of about 150 people or so, about 1,500 people came through, about 150 people concurrently, and did $65,000 in sales. So that's me talking about the book, me getting interviewed right there. It was amazing, right? And that's an example of me being live and then people buying stuff, but it wasn't exactly a shoppable livestream. I think it's great to make people aware of what's going on. You can talk about the mission, talk about the benefits. Conversion rates will be pretty high because people are engaged, they're watching, they're interacting with you as well. And so if we take a look at some numbers over here, Take a look at Statista. So market size of live streaming e-commerce in China from 2017 to 2019 with an estimate for 2020. Right now we can see that market size was well in billion yuan, right? So 19, 133, 433, and then 961, right? And honestly, I mean 2020 it was right the year of the pandemic, so likely went even higher than that. And so it's just it's getting bigger and bigger. And if you think about it. You look at who's playing the game now. So Nordstrom jumped into the game, the live streaming game. You can see this over here. Can the US replicate China's $63 billion live stream shopping? This is again in 2020. Live streaming shopping in China could be worth $170 billion. And you know, like some of these news outlets or not, I mean, they're basically saying that, hey, this is trending upwards. But Forbes is saying, look, last year over 430 million people, about 30% of China's population, viewed live streams. And in 2020, It's projected to reach $560 million or around 39%. I think that's just going to get bigger and bigger. You know, if you're in e-commerce, it makes all the sense in the world to take a look at Amazon Live, look at what other options are available to do livestream shopping, and then take a page from the Chinese as well. Look at what they've been doing with livestreaming over the years, how they interact, how they sell. And then maybe that's going to give you some guidance around how you might want to take care of livestreaming moving forward. Right. And keep in mind, Amazon owns Twitch as well. YouTube seems like another good spot for shoppable live streaming. LinkedIn will probably do the same thing as well, right? And so there's a lot of opportunity. I think it's something to be super excited about moving forward. Be aware, I would read, you know, websites like Adweek, see what's going on, take a look at Statista, take a look at what Forbes, other people are saying about live streaming, but it is here to stay. And with that being said, don't forget to hit the like button if you enjoyed this video and we'll catch you tomorrow.