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TREND #3
Anna Dello Russo, The Chiara Beauty Show by Lancôme gathered 46,000 unique viewers and generated 200,000 likes and comments. Dermalogica has also been hosting shoppable livestreams through Instagram and Vimeo in the US, and last month the skin care brand made its shoppable livestream debut in the UK.
Testing new territory
2021 has become the year for retailers to follow suit. Walmart will be hosting a number of shoppable livestreams on TikTok over the current months, following success with a trial in December that grew its TikTok followers by 25%. Its Spring Shop-Along Beauty Edition event in March featured creators such as Gabby Morrison who has more than 3.5m followers on TikTok, in a 60-minute interactive tutorial featuring an assortment of brands including NYX, Maybelline, Bliss and Marc Jacobs fragrances. Viewers could tap on any product pin, add items to their baskets and check out during or after the event. US department stores are moving in too. Macy’s has jumped on the trend and Nordstrom has introduced a full livestream shopping programme with events featuring experts including Sharon Chuter, founder of UOMA Beauty and Dr. Adriane Pompa of Clinique. The high end store will be featuring personal appearances from Anastasia Soare, creator and founder of Anastasia Beverly Hills this month and Charlotte Tilbury in June. Deborah Weinswig, CEO and founder of Coresight Research, says: “The recent entrants have been a major turning point for livestreaming and a signal to the industry – livestreaming is here to stay. We expect more brands and retailers to move very quickly on the livestreaming trend. Coresight Research expects the US livestreaming market to grow to $11bn by the end of 2021 and $25bn by 2023.”
The development of this channel comes as brands and retailers have experienced accelerated digital sales, and Weinswig says that livestreaming can help them engage and retain their expanding digital consumer base. “For example, Macy’s reported growth in younger, new customers that came in through its digital channels. The company’s decision to use livestreaming as one
3 REASONS WHY RETAILERS ARE BETTING
ON LIVESTREAM SHOPPING Why does shoppable livestreaming appeal to consumers and retailers alike? Deborah Weinswig, CEO and founder of Coresight Research explains
Livestreaming is essentially a way to replicate the in-store experience – providing a high-touch way of engaging with the consumer which includes video-chat, live selling, consultations, and virtual services. Livestreaming’s appeal is that it is
visual, interactive, and fun. Sessions are less scripted providing consumers with a more authentic brand representation, which consumers are seeking from brands today.
Livestreaming often includes a style demonstration or beauty tutorial. These product demonstrations help consumers to visualise products, understand selling features, and provide consumers with opportunities to ask questions live.
Most importantly, consumers are able to seamlessly purchase items during the livestream with no loss of continuity in the path to purchase, providing a tremendous benefit to brands and retailers. As consumers develop relationships
with influencers and associates, they begin to trust recommendation based upon the relationship.
Deborah Weinswig ‘‘
tool to engage and retain its new customer base is a smart, strategic decision given that the majority of livestreaming viewers are comprised by Gen Z and millennials that are digitally savvy and seeking trendy looks. Coresight Research expects retailers that are known for their client service and interaction, like Nordstrom, to also thrive on channels like livestreaming because consumers want to hear and learn from individuals they trust, which Nordstrom can support on livestreaming with its virtual associates transitioning to livestreaming influencers.”
The recent entrants have been a major turning point for livestreaming and a signal to the industry – livestreaming
is here to stay Deborah Weinswig, CEO and founder, Coresight Research
So what kind of channel will livestream shopping offer retailers in the future? Florence Wright, Senior Retail Insight Analyst at Edge by Ascential, says: “I see the potential of livestreaming as a complementary sales and engagement channel, being relevant for particular use cases such as driving awareness of new product launches or exclusives, or to support key promotional events, both of which we’ve seen in practice already in China.” The retail landscape has seen enormous change in the amount of people that shop online. The next change could be their path to purchase
ACTION POINTS
Live commerce is competing with bricks-and-mortar retail, and its rise in popularity shows that customers are still eager to engage with the combination of entertainment and shopping that in-store experiences offer.
Nordstrom’s livestream shopping programme features expert insight from brands including Clinique, Charlotte Tilbury and Anastasia Beverly Hills
Access to brand ambassadors and influencers provides a new level of brand engagement that consumers crave – and can’t find in a physical store. Wunderman Thompson’s The Future 100:2021 report
cosmeticsbusiness.com
May 2021 cosmetics business 11
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