2020 was a wash for many businesses, but this year is starting off strong. Let’s see how brands are partnering social media intelligence with Shopify’s livestream functionality to win big in 2021!
We have some compelling ground to cover, including:
- Livestreaming, a modern take on an old classic
- How Shopify is leading the way in ecommerce livestreaming
- Ways the entertainment industry is taking advantage as well
And some interesting stats to have in mind:
- Livestream shopping app, NTWK, processed $1 million in sales in ten minutes.
- 2020 Shopify merchants sold over $5.1 billion in worldwide sales.
- The live streaming market will be worth over $70 billion by 2021.
Livestreams: Something Old Reimagined
For over three decades, original inventor of home shopping, HSN, kept people glued to their TVs, shopping from home and avoiding the crowded malls. But as time passed, malls and shopping from TV fell out of favor and social media became the place to find that next hot item. In 2017, QVC acquired HSN and recently they’ve set their sights to livestream shopping.
And why not? It’s the number one source of revenue per hour in China, fusing shopping with live video, content marketing, influencer marketing strategy and entertainment. This could be since it’s in real time and the promotions only last as long as the livestream. This creates a sense of urgency in the buyer.
And it’s attracting some notable influencers, as revealed by social listening:
QVC isn’t the only one getting hip to this reimagined way of shopping from home. Walmart paired with TikTok and Amazon now offers Amazon Live. And many others are taking advantage as well.
It’s pandemically perfect for all of us stuck indoors, after all.
COVID-19 pushed consumers to interact with brands online, and it’s a trend that will likely continue – and is detailed in our COVID-19 Retail Report.
Apps are being downloaded by the dozens to make this way of shopping more accessible to leery but eager consumers. And there’s been so much success.
The math adds up, and top app Shopify is collecting more brands and businesses by the second..
Shopify Livestreams in Action
There are 820,000 businesses using the Shopify platform to sell their products, and in 2020 Shopify merchants sold over $5.1 billion in worldwide sales. That alone is reason enough to explore this emerging and popular way to shop.
And Walmart intends to be a part of those sales. Not only have they partnered with TikTok but they also sought out Shopify, adding 1,200 small-and-medium-sized Shopify sellers to its marketplace this year.
Walmart isn’t the only beneficiary of this partnership. Shopify sellers have access to Walmart’s 120 million monthly online visitors, and vice versa.
So, it’s highly competitive on Shopify, but with the right social listening tools, it’s really not that challenging to pinpoint the right messaging to help brands stand out and be profitable. And the waters of social mood are friendly and warm in Shopify-land. We can see the waves of anticipation, joy and trust expressed by consumers below:
And in all of this is something to help brands feel good too, as the live streaming market will be worth over $70 billion by this year. And that’s a growth of 133% since 2016. By 2027, it’s expected to reach 184.27 billion.
People love it, brands love it and livestreaming is the next big thing in our new normal. But it’s not all clothes, food and jewelry. The arts and entertainment sector are getting their piece too, which makes sense as they’ve been pushed to virtual venues along with everyone else.
Private Concerts & Events Happening Too
Like many industries, the live music and theatre segment felt the impact of the pandemic. In fact, it experienced a 95% drop in revenue, going from $3.77 billion to $180 million.
Our loss of live music and theatre has been felt deeply across the world. And nothing illustrates better the love for live performance than our timeline of conversation below. Market intelligence segments the livestreaming conversation into digestible chunks. We know shopping is on the rise, and our timeline shows consumers are eager for music and theatre in any form to come back as well. In fact, New Livestream Concert Series and Livestream Benefits Concert are the two biggest topics of conversation.
Even though everything has been shut up for about a year, the music and entertainment industry didn’t lose any time adapting. Pulling from our timeline above, we can see many articles about just this; From Bocelli at Christmas to the successful livestreams of Hamilton and Buyer & Cellar. Instead of throwing in the towel, entertainment found a new avenue into people’s homes and hearts.
Livestream concert production company NoCap, has produced more than 70 virtual concerts and sold over 350,00 tickets, raking in more than $5 million in revenue in six months. They’ve played host to full production streaming concerts with bands like Foo Fighters and Bad Religion.
Perhaps some of their success is due to the chatroom feature where fans can interact with each other and the artists they’re online to see. Connection has been a big topic and priority of this pandemic and that’s something livestreaming is getting right.
Using market intelligence can pinpoint some of the top performers being mentioned in conjunction with livestreaming. People like Dave Grohl, Garth Brooks, Katy Perry and even legend Willie Nelson are all aboard the stream-train.
And consumers are too. This fan credits livestream music for getting her through the year.
And our word cloud further shows positive feedback with the word enjoy and look forward to prominently displayed.
One thing we know about fans, is they’re vocal about their likes and dislikes, which is why brands need social listening to monitor for any fluctuation in thought or mood.
Consumers are happy with the adaptations and evolutions brands had to go through with the pandemic. From shopping online to seeing their favorite musicals or rock stars, livestreaming is here to stay, at least for a while. And your brand can be informed of any shift as soon as it happens with the right market intelligence and social listening tool. Reach out for a demo and we’ll show you how to get in on this livestreaming momentum!