By Luis Esteban
While 2023 saw brands like Orange, IKEA, and Nivea experimenting with live shopping, 2024 will be the year of consolidation and explosion.
As I look ahead, several key predictions will shape the future of this dynamic industry:
Battle for Live Shopping Prime Time
As more and more B2C brands enter the world of live shopping, it's becoming increasingly important to find the right audience and timing. With multiple live shows taking place on the same date, all vying for the same audience, what will set one apart from the others? The key factors that’ll attract a qualified audience are experience in live shopping, knowledge of customer behavior during live events, high-quality content and scripts, seamless production, and of course, entertainment. The competition for prime-time slots will have winners and losers. The winners will most likely be those brands that have a solid and long-term live shopping strategy.
The winners will most likely be those brands that have a solid and long-term live shopping strategy
Attracting Mass Audiences
One of the major challenges retailers faced in 2023 was driving audiences to live shopping events on websites. However, with the rise and increasing adoption of social live commerce, brands and retailers can finally benefit from their social media efforts. The magic lies in converting traditional branding channels like Instagram, Facebook, and TikTok into live shopping channels. With the advent of platforms such as Sprii, brands can organize live shopping events wherever their audience is. I predict that we’ll witness a transformation of some brands’ Instagram accounts into live shopping channels, featuring a weekly or monthly schedule of live events.
A New Revenue Stream for Retailers
Retail media is also going to be a big topic for 2024. E-commerce businesses have discovered a new way to generate revenue by allowing third-party brands to reach and engage with their customers via live shopping. In this new scenario, live shopping has emerged as a new in-store promotion format for brands to showcase their products. Many retailers in France like Carrefour, Auchan, and Fnac have already adopted this format. In Spain, we’ve seen the first successful tests, and I predict more countries and retailers will introduce in-store live shopping events in 2024 as a new way to generate revenue.
In 2024, we can expect intensifying live shopping competition and rapid social commerce growth
In 2024, we can expect intensifying live shopping competition and rapid social commerce growth. These developments will create an immersive shopping experience beyond traditional online retail. Live shopping promises to transform online shopping, offering businesses and consumers a truly immersive experience.