Updated: Nov 29
There are few marketing channels through out the history of marketing that have generated numbers like live shopping have. In this article we'll have a look at some core KPIs coming from live shopping.
Live shopping statistics compared to traditional eCommerce.
Higher conversion rate than eCommerce.
Increased average order value (AOV).
Lower return rate than eCommerce.
Increased conversion A single person, Austin Li, sold $1.9 billion in products during one live session (1.4x Amazon’s total daily revenue). Across all verticals live shopping generates 15-30% conversation rate which is 10x higher than the traditional eCommerce rate which is 1.5-3%. In the premium and luxury segment the record states up to 70% conversion.
Increased AOV On average live shopping statistics show that it generate 50% higher order value than static online shopping. There are so many engagement boosters going on. There's the live factor, the social, educational and urgency factor. When it all comes together it's entertaining and exiting. People seems to want to shop more when they're in a good mood.
Reduced returns 78% of online shoppers worldwide look for some form of second opinion before making a purchase. In live shopping events you can collectively assist each other with knowledge and experience to ultimately produce more informed decisions. No wonder why purchases following live shopping events see 4x lower returns than average eCommerce rates.
Boosted engagement Building rapport with your audience is key to form strong relations and keep loyal customers. To build rapport, you need to spend time together. Live video holds the highest engagement rate and reportedly shows 300% longer watch time than regular video, which is the second most engaging format. This phenomenon likely stems from the live, fomo, exclusivity and urgency factors live shopping often procure.
Want to get going with Live Shopping, but don't know where to start?
Togee is a live shopping tool that allows influencers, customers and company representatives to go live and share their shopping experience straight from your eCommerce (around the clock). Increase sales, AOV and decrease returns. We've made it truly seamless for eCommerce to host high volumes of live shopping events. Do you want to test, run a specific campaign or transform your eCommerce into a full fledged social commerce? We've got you covered. Minimal/no integration, unique features (screen share), flexible pricing. Want to get in touch, we'd love to have a chat. Reach out here.
Next post we’ll share more findings from the world of social commerce, demographics, leading categories etc.
Curious to learn more about social commerce?