Showcasing the Power of Livestream Commerce, Retailers Join Together to Provide Special Deals and Offers to Address Inflationary Environment in Advance of Holiday Season
NEW YORK–(BUSINESS WIRE)–Coresight Research will host its third annual 10.10 Shopping Festival, the second to be fully livestreamed, on October 10, 2022 in partnership with livestream shopping platform, MARKET.live by Verb Technology Company, Inc. (NASDAQ: VERB), video shopping SaaS provider Bambuser and influencer commerce company Nillio.
Deborah Weinswig, CEO and Founder of Coresight Research, said, “As brands and retailers face an inflationary environment following the pandemic, they are reinventing their business to stimulate demand and drive conversion. Shopping festivals provide great deals and special offers to consumers to help them cope with inflation and prepare for the holiday season. Cost-effective marketing methods such as livestream shopping and social commerce are ideal channels for brands and retailers to not only drive revenue, but also create deeper connections with consumers, enhance brand and product education, reduce return rates and increase customer satisfaction during this uncertain economic environment.”
10.10 is an annual, purpose-driven livestream shopping festival that connects consumers with brands and retailers to jump-start the holiday shopping season with special deals and exclusive offerings, while giving back to charity. This year’s festival builds on the success of the 2021 10.10 festival that featured over 30 retailers and more than 10 charities.
The livestreaming e-commerce market has exploded over the last 12–24 months. Coresight Research estimates that in the US, the market will grow 82% year over year to $20 billion in 2022. This compares to a livestreaming ecommerce market size of $497 billion in China in 2022 (up 52% from 2021), demonstrating the market’s tremendous potential to exponentially expand.
The festival this year is focused on showcasing livestreaming best practices to enhance engagement with consumers and create a repeatable new revenue stream for retailers. “Livestreaming provides a channel for retail companies to meet fast-changing consumer demand—but, to capitalize on the burgeoning live shopping opportunity, they need to offer valuable content, leverage internal staff and external talent to host events, and establish a live shopping strategy that takes into account platforms and frequency of sessions,” noted Weinswig.
To showcase livestream shopping best practices and give retailers and consumers alike the opportunity to explore and test the channel, Coresight is partnering with VERB for its MARKET.live multi-vendor, livestream shopping platform, Bambuser for its SaaS live video shopping service and Nillio for its influencer shopping platform.
Rory J. Cutaia, CEO of VERB added, “We are thrilled to partner with Coresight Research as the livestreaming platform for the 2022 10.10 festival. We look forward to showcasing our turnkey livestreaming solution to brands and retailers, and to providing an exciting livestream channel to our consumers allowing them to access great brands while also giving back to the community. We expect the livestreaming industry to continue to quickly grow in the United States, and we look forward to our collaboration to advance the livestream market.”
Sophie Abrahamsson, President of Americas for Bambuser commented, “We are proud to be part of the Coresight 10.10 festival, that is such an important initiative for the US market, and to illustrate how Bambuser’s B2B live shopping technology is a key component in the livestream shopping landscape. Since our launch in 2019 we have seen impressive growth in terms of adoption both from retailers and the end consumers. We firmly believe that giving back control to retailers over brand perception, data collection and conversion by enabling them to stream on their own platforms will be crucial as this industry consolidates.”
Gil Elias, Founder of Nillio added, “We are very excited to participate in the 10.10 livestreaming festival in order to allow brands and retailers to experience our unique influencer-driven livestreaming solution. We look forward to aligning interests between brands and influencers in order to create win-win solutions that benefit both parties.”
Coresight has published over 150 insight reports on the subject of livestreaming over the last several years, including co-published reports with data and insights sharing with some of the leading global livestreaming platforms. For more information on livestreaming trends and best practices, visit www.coresight.com.
To participate in the 10.10 livestreaming festival visit: https://1010shoppingfestival.com/register-for-1010/.
About Coresight Research
Coresight Research is a research and advisory firm specializing in retail and technology. Established in 2018 by leading global retail analyst Deborah Weinswig, the firm is headquartered in New York, with offices in London, Lagos, Hong Kong, Shanghai and Mangalore (India). The firm provides data-driven analysis and strategic advisory to clients including retailers, brands, enterprise technology companies, accelerators and more. In addition to being renowned for its breadth and depth of research, Coresight Research is known for its expertise in the China market, helping clients with market entry and cross-border e-commerce strategies. Coresight Research is also known for its Innovator Intelligence platform, consisting of a vast network of technology entrepreneurs that it actively cultivates through events, mentorship, and regularly updated report coverage. For more information, visit www.coresight.com.
MARKET.live is a 24/7, multi-vendor, livestream shopping platform designed to host simultaneous livestream shopping sessions by consumer brands, big-box stores, boutiques, celebrities, content creators, and influencers selling products and services across numerous categories. Livestream ecommerce has evolved rapidly in China, and in less than five years has grown into a new sales channel expected to hit $423 billion this year. While the U.S. has only recently been exposed to livestream shopping, it has already grown to more than $25B and growth rates are accelerating. VERB’s MARKET will give U.S. retailers the most comprehensive online shopping and livestream platform available today.
Verb Technology Company, Inc. (Nasdaq: VERB), the market leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The Company’s Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology and is comprised of a suite of sales enablement business software products offered on a subscription basis. Its software applications are used by hundreds of thousands of people in over 100 countries and in more than 48 languages. VERB’s clients include large sales-based enterprises as well as small business sales teams, including the sales and marketing departments of professional sports teams. Of special note is its new MARKET.live, a multi-vendor, multi-presenter, livestream social shopping platform at the forefront of the convergence of ecommerce and entertainment. With approximately 170 employees, the Company is headquartered in Lehi, Utah, and also maintains offices in Newport Beach, California.
Bambuser is a software company specializing in interactive live video streaming. The Company’s primary product, Live Video Shopping, is a cloud-based software solution that is used by customers such as global e-commerce and retail businesses to host live shopping experiences on websites, mobile apps and social media. Bambuser was founded in 2007 and has its headquarters in Stockholm.
Nillio is a social commerce platform where influencers earn commissions by promoting and selling a curated selection of their favorite brands on their own online storefront. By working with Nillio, brands and retailers can align interests with a large pool of influencers and empower them to create their storefronts and generate commissions from selling branded products.
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