Live Commerce Platforms Market

Extend your hand if you enjoy shopping! Well, not everyone is a shopaholic, but many individuals love purchasing something at least once in a while. They flourish in the digital world where there’s an ocean of buying options made available and inexpensive, and they want more. In return, online stores adopt the advancement of technology and are constantly on the lookout for new methods to drive sales. This consumer-provider process has brought a new hot craze to the market: livestream shopping. And individuals can’t appear to get enough of it.

Yes, in a digital-first world, live commerce platforms are paving the path for extreme modification. With livestream shopping, the world is seeing the future of commerce that blends the excitement of physical shopping with the comfort of online business. Well, in this blog, let’s understand what are live commerce platforms, their benefits, and live commerce platforms market value and growth drivers.

What is a Live Commerce?

Online purchasing and live broadcasting are combined to create live commerce. It’s the method of accepting online orders and paying with live video, frequently carried out by the vendors themselves or in association with influencers or other artists. Variously referred to as live selling, live stram shopping, live shopping, or live stream e-commerce, live commerce is a subset of shoppable video. 

Additionally, successful live commerce requires a few features, like live chat, integration, and a live video shopping tool. With the use of these capabilities, customers may communicate and engage with the brand simultaneously and make purchases through a live stream without ever leaving the video.

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Benefits of Livestream Shopping

Let’s take a look at the detailed benefits that embracing live commerce will offer your brand and your clients.

  • Brand differentiation and awareness
  • Enables quick and easy shopping
  • Reach younger audiences
  • Affordable
  • Boosts sales

Interesting Insights

Live commerce platforms market size was valued at USD 907.72 million in 2023 and is anticipated to grow to USD 4,880.38 million by 2032, exhibiting a CAGR of 20.6% during the forecast period of 2024-2032.

The Growth Drivers

Live commerce platforms are earning speed due to consumers’ growing preference for actual, interactive online shopping experiences. By serving as a link and delivering users real-time engagement, tailored interactions, and an immersive digital environment, these media bridge the gap between traditional brick-and-mortar retail experiences and online shopping. They also actually overcome the boundaries of traditional online shopping. Customers are empowered to seek guidance, ask questions, and obtain immediate responses, fostering a community-like environment when they shop online.

Moreover, platforms for live trade are important for boosting entrepreneurship and job opportunities. These platforms are operated by content producers, influencers , and vendors, to monetize their skills efficiently. The need for logistics, moderation, and technical support services drives job growth and fosters the rise of the live commerce platforms market.

Market Competitive Insights and Key Players

The live commerce platforms market is fragmented, and the presence of multiple competitors is expected to generate rivalry. The industry’s leading service providers are constantly updating their technology to hold an edge over competitors and to guarantee effectiveness, reliability, and security. To get a competitive advantage over their rivals and take a sizeable portion of the market, these players concentrate on collaboration, product advancements, and partnerships.

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Also, some of the major players operating in the industry are:

  • Facebook Live Shopping
  • Instagram Live Shopping
  • Kuaishou Technology
  • Shopify
  • Taobao Live (Alibaba Group)
  • TikTok Live Commerce
  • YouTube Live Shopping
  • Amazon Live

Wrap Up

The industry is predicted to develop as a result of factors like the expansion of live and e-commerce, the use of social media, and the rise of influencer culture. Furthermore, the business has a lot of room to grow because to the inventiveness of live commerce platforms market players and the development of technology.

By Sonia Javadekar

Sonia is a poised content writer with five years of experience in the same. She is an avid writer with getting her work published for an audience to read and share. She strives to develop content that spreads brand awareness and induces consumers to click on the website that she wrote for after searching for a keyword. Her experience in content writing has permitted her to work with clients in market research industry. My passions include reading, writing and classical dance.