Coresight Research’s livestream shopping event is back for the holidays.
This year’s affair, again dubbed the 10/10 Shopping Festival, is a hodgepodge of retailers in the clothing, beauty, equipment, technology and housewares sectors, including Macy’s, Guess, Vera Bradley and Neighborhood Goods, all hope the event will encourage US shoppers to livestream products during the holidays.
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“Livestream shopping has gone from a zero to a $ 300 billion industry in China in a very short time, ”said Deborah Weinswig, founder and chief executive officer of Coresight Research, in a statement. “We are very confident that the US market will achieve what we see China, [even though] US retail trade and consumer adoption has been slow. “
A Coresight Research poll conducted in March 2021 found that only 31.5 percent of U.S. consumers saw a livestream event for shopping. But Weinswig added that her company expects the use of live streams E-commerce in the US will more than triple by 2023 compared to 2020.
For the second annual 10/10 Shopping Festival, which will take place on October 10 from 10 a.m. to 10 p.m. ET, the research firm has partnered with the livestream shopping platforms Smartzer and CommentSold as well retail trade Ghost Retail sales platform.
“We’re incredibly excited to be a part of the 10/10 event that gives brands and retailers access to Smartzer live shopping technology“, Said Karoline Gross, founder and CEO of Smartzer. “We are very interested in seeing how various brands and retailers in the US will approach live-streaming shopping content throughout the event, following the huge success of the format in China, which now accounts for nearly 15 percent of all online sales from live shopping come. Results from live shopping in other markets are already showing engagement rates of up to 75 percent, strongly suggesting that this format is at the core of E-commerce. ”
This year’s line-up will have an additional choice beauty and cosmetic brands, including indie startups B. Organic Apoteke, Auda B., Skin Authority, Shielded Beauty, 100% Pure, Yensa Beauty, hair care brand T3, DefineMe Fragrances and the beauty e-tailing platform Beauty Barrage. Jewellery and equipment The brands Adina’s Jewels and Astouri will also participate clothing Brands and grocery and housewares such as Fifth and Cherry, Longaberger and Organic Candy Factory.
In addition, retailers have pledged to donate at least 5 percent of the event’s sales to charities such as the American Heart Association, the National Breast Cancer Foundation, St. Jude’s Children’s Research Hospital, and others.
Despite the recent surge in the Delta variant across the country and headwinds in the overseas supply chain, retailers remain optimistic about the upcoming shopping season. Mastercard recently released a report that Expected U.S. retail sales are set to increase 7.4 percent from 2020 levels in the all-important fourth quarter, excluding auto and gas sales. These numbers include increases in clothing, Jewellery and luxury Categories as well Shopping online.