Livestream shopping is QVC for the next generations. As brands and retailers like Walmart, Amazon, Gucci, L’Oréal, and Petco continue experimenting with livestream shopping events on social media, virtual shopping is becoming a big boon for brands. After generating nearly $5.6 billion in sales last year, livestream shopping is expected to reach $11 billion in 2021 and nearly $26 billion by 2023, according to retail analytics firm Coresight Research. YPulse’s shopping and retail research found that 51% of Gen Z and Millennials are interested in livestream shopping post-pandemic. It’s “The Home Shopping Network, souped up for the modern age,” according to Coresight’s president of advisory and research, and events can take on any form and function: Food Network’s Ree Drummond (a.k.a. the Pioneer Woman) is selling pieces from her brand using Walmart Shop-Along, YouTube influencers are promoting LG Electronics on Facebook Live and Instagram Live, Swarovski designers are highlighting the creative process behind their jewelry, and Abercrombie & Fitch Co. introduced it’s Social Tourist line from the D’Amelio sisters with a live fashion show on TikTok. (The Washington Post)
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