Live Commerce Platforms Market Size Worth $ 3.48 Billion By 2030

Author : Bella Kent | Published On : 07 Mar 2024

San Francisco, 7 March 2024: The Report Live Commerce Platforms Market Size, Share & Trends Analysis Report By Category (Apparel & Fashion, Cosmetics & Personal Care, Consumer Electronics, Furnishing), By Region (Asia Pacific, North America), And Segment Forecasts, 2024 - 2030

The global live commerce platforms market size is anticipated to reach USD 3.48 billion by 2030, registering a CAGR of 21.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors, such as increasing demand for online shopping and more engaging & interactive shopping experiences is expected to drive market growth. An exponential rise in smartphone users and high-speed internet availability also contribute to market growth. In addition, the availability of first-party data for e-commerce companies to provide personalized shopping experiences and increasing engagement of the Gen Z population with live commerce platforms support industry growth. Live commerce platforms significantly contribute to the expansion of e-commerce. Platforms, such as Alibaba's Taobao Live and Amazon, have shown an increase in consumer engagement due to live-stream commerce.

For instance, in 2020, Alibaba's Taobao launched an application, a platform that integrates product showcasing with the ability to purchase in real-time. Incorporating augmented reality/virtual reality (AR/VR), artificial intelligence (AI), and 3D technology presents opportunities for enhancing live stream experience. Implementing AR/VR for virtual try-ons, AI-enabled personalized recommendations, and innovative interactive features can improve user engagement with the help of virtual try-ons, product visualization, interactive product demos, and in-store navigation tools. In addition, safe online transactions are crucial for live commerce; thus, a highly reliable payment system is needed to support transactions during peak processing times. A research paper published in June 2023 by KTH Royal Institute of Technology of Sweden reveals that Google's ARCore data shows a 40% adoption rate for mobile AR within the total AR mobile market. 

Access Research Report of Live Commerce Platforms Market @ https://www.grandviewresearch.com/industry-analysis/live-commerce-platforms-market-report

Live Commerce Platforms Market Report Highlights

• The apparel & fashion category segment dominated th industry with a share if 41.1% in 2023 due to the attractive attributes and interactive nature of live commerce. In October 2023, during Amazon's Great Indian Festival, more than 1,000 hours of livestreams were held on Amazon Live. Over 300 influencers assisting customers in making purchase decisions and 18 hours of live streaming helped the company achieve an all-time high viewership
• The consumer electronics segment is expected to grow at the fastest CAGR from 2024 to 2030. The market is growing in this segment due to its ability to offer real-time demonstrations and in-depth insights into technological products. The rising trend of connected homes supports smart appliance penetration globally. Electronic appliances with voice assistance and internet connectivity are widely adopted for convenient usage. In August 2021, Samsung launched India's first live online shopping platform,' Samsung Now,' and held a pre-booking event for mobile devices, such as the Galaxy Z Fold3 5G and Galaxy Z Flip3 5G
• Asia Pacific led the market in 2023. The region has shown a high internet penetration rate and widespread smartphone usage, creating several potential customers. Social media platforms have become integral to daily life, providing live commerce platforms with a direct channel to reach their target audience. According to the Statistical Report on China's Internet Development, the number of users for live streaming in China grew to 716 million as of June 2022, an increase of 12.90 million from December 2021, accounting for 68.1% of all Internet users in the country. Moreover, the user count for live-streaming e-commercehas reached 469 million, an increase of 5.33 million from the end of 2021, accounting for 44.6% of all internet users
• In August 2023, CommentSold announced a partnership with TikTok Shop that enables live commerce integration in the U.S. CommentSold merchants can now smoothly stream live events on TikTok using the CommentSold platform along with complete integrated live streaming production, sales, and communication management with TikTok Shop

Live Commerce Platforms Market Report Scope

List of Key Players in Live Commerce Platforms Market

• CommentSold
• GhostRetail, Inc.
• Firework
• ShopShops
• TalkShopLive
• Restream, Inc.
• Bambuser AB
• Livescale
• com Ltd.
• Klarna Bank AB (publ)

Access Press Release of Live Commerce Platforms Market @ https://www.grandviewresearch.com/press-release/global-live-commerce-platforms-market