Twitter Unveils Plans To Enter E-Commerce Space
Twitter revealed its new Live Shopping program that will allow viewers to make in-app purchases from merchants’ websites in a Monday blog postIt is the latest company to enter the world of live streaming e-commerce.
Here are some key facts
It first-ever Live Shopping stream will be hosted Sunday on Walmart’s Twitter account and will be a “30-minute variety show highlighting electronics, home goods, apparel, seasonal décor, surprise special guests and much more” hosted by singer Jason Derulo.
Twitter users will be able to make purchases via a “Shop Tab” on the live stream, while a “Shoppable Banner” will flash across the top of the screen featuring goods that are being showcased.
Twitter is joining YouTube, TikTok (and Meta) in the attempt to replicate the global success of live streamed shopping. Deborah Weinswig is Coresight Research’s CEO. Bloomberg, “It’s basically digitizing QVC and HSN. It’s a huge opportunity.” Coresight projects that the U.S. represents only about 1% of the live e-commerce market at this point, though American companies are angling to replicate the same success the industry has had in China in the U.S. Last year, two-thirds Chinese buyers made purchase via live streams and purchased $7.5 million of products in just 30 minutes from Taobao Live. McKinsey reports that China saw $171 billion worth of live commerce last year.
10% to 20% That’s how much of all e-commerce sales could come via shoppable live streams by 2026, according to McKinsey estimates.
Twitter will test the first ever live shopping display ahead of Cyber WeekAxios)
Facebook is trying to emulate China’s e-commerce model (Quartz)
TikTok Pilots in-App Shopping Features amid E-Commerce BoomSME)
Source:: Social Media Explorer