- As competition among livestream shopping platforms heats up, Coresight Research is hosting its second annual 10.10 Shopping Festival on Oct. 10, the research firm announced Tuesday.
- The company is collaborating with livestream shopping platforms CommentSold and Smartzer, and the live co-shopping platform, GhostRetail. Among the retailers and brands featured are Macy's, Neighborhood Goods, Guess, Vera Bradley and T3.
- As part of the event, 5% of the proceeds will be donated to participating charities, which include the American Heart Association, St. Jude Children's Research Hospital and the National Breast Cancer Foundation, per the announcement.
With this year's festival, Coresight Research said it's focusing on speeding up the adoption of livestream shopping in the U.S. and highlight emerging brands.
"Livestream shopping has grown from a zero to a $300 billion industry in China in a very short period of time. We are very confident that the U.S. market will reach what we are seeing in China, and the 10.10 Shopping Festival will enable retailers and brands to test and learn and grow this commerce segment," Deborah Weinswig, CEO and founder of Coresight Research, said in a statement. "Compared to 2020, Coresight Research estimates that livestreaming e-commerce penetration in the U.S. will more than triple by 2023, representing huge growth potential."
The livestream shopping market is expected to grow, and retailers are beginning to experiment with its capabilities. In April, Coresight predicted that the livestream shopping market would reach $6 billion this year and grow to $25 billion by 2023. Ntwrk, another livestreaming app, hosted a festival in June for sneakerheads to purchase, sell and trade shoes from their authenticated collections. Plus, brands and retailers like Walmart, Anne Klein and the Mall of America have each tested out livestream commerce platforms.
Eyeing growth in the market, retailers and investors are launching and scaling up livestream shopping platforms here in the U.S. This year alone, Talkshoplive, Whatnot and ShopShops each raised millions to fund their expansion. Meanwhile, Nordstrom has created its own interactive livestreaming platform to let customers shop on its site and chat live.