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This #BoFLIVE event was based on the ‘Livestreaming: How Brands Can Make It Work’ case study. Click here to read our full analysis.
Livestreaming — live selling via live video — has exploded in China. The country’s livestreaming industry will be worth $239 billion this year, according to Forrester, and as it’s set to grow at a compound annual rate of 27 percent through 2025, it’s only getting bigger.
The west has been slower to embrace livestreaming, but that’s changing as more fashion and beauty brands start using the rapidly-evolving medium for its many benefits. Beyond engaging consumers, it can also create dialogues between brands and buyers and provide convenient checkouts with real-time feedback and data.
On the latest BoF Live, BoF senior editorial associate Zoe Suen and deputy editor Brian Baskin are joined by Moksha Fitzgibbons, president of video shopping platform NTWRK, and Mark Yuan, chief executive and co-founder of livestream commerce consultancy And Luxe Inc. to unpack Suen’s case study on the topic, and discuss how brands can make the buzzy technology work for them.
“It’s about building the community, building that trust, understanding the consumer — who they are and what they want, then selling to them,” said Yuan. “Not only selling to them now, but understanding what they want six months down the line.”
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