March 2, 2023 — PSFK, an organization that shares business intel to support innovation in retail, recently hosted a webinar about “Livestreaming: The Future of E-commerce,” a report by PSFK that explores social media’s influence on how digital-first consumers discover, research, and engage with brands; how livestreaming is accessible and cost-effective for brands of any size; and strategies brands and retailers can implement to leverage livestreaming as a tool for commerce, entertainment, community, and more.
 
The following are some emerging trends in how retailers are responding to the changing needs of consumers:
 

• The Live Store: Brick-and-mortar stores can utilize live video to demonstrate in-store experiences to provide information or entertainment for potential future customers online.
• Live Access Entertainment: Tools like virtual try-on experiences and product walkthroughs deliver interactive elements to the shopping experience, which can also drive online engagement.
• Influencer and Training Support: As more consumers turn to influencers to discover and learn about new products, leading retailers like Walmart and Amazon are launching content creator platforms to help influencers get started and capitalize on the potential of livestreaming.
• Real-Time Community Building: While shopping is typically a solitary experience, livestream commerce can bring like-minded consumers together.
• Living Digital Worlds: These digital representations of brands and stores allow customers to interact through games or shopping events. For example, Arnette’s collaboration with Zayn on the Metaverse.

 
The following are some key takeaways from the report:
 

• When it comes to accessing information, it is a nearly even split: 26% of respondents prefer livestream content on a brand’s own website or app, 25% prefer social media channels, and 24% prefer marketplaces like Amazon and Etsy.
• Many consumers cite the ability to interact with hosts in real-time and receive personalized recommendations as the main advantage of livestream shopping.
• Product discovery and research are key drivers of livestreaming adoption, as consumers are increasingly turning to video content and livestreams to make more informed purchasing decisions. Many consumers prefer knowledgeable and trustworthy hosts over celebrities or employees.

 
For more information: psfk.com.