How Nordstrom and The Home Depot Take Advantage of Livestreaming’s Potential
National Retail Federation | May 5, 2021
Over several years, livestream shopping has exploded in China, predicted to be up to a $170 billion business in 2020. U.S. retailers have finally been tapping into opportunities. Walmart brought shoppable livestream experiences to TikTok. Nordstrom offered a series of livestream events with founders and experts from top brands. The Home Depot is also livestreaming homeowner basics and diy workshops.
Mark Yuan, co-founder and CEO of And Luxe., a U.S.-based livestream commerce consultancy and business/tech solution provider, says now is the time for exploration. Within 12-18 months, he predicts, the U.S. will see “significant traction” with livestreaming. And within five years? “Livestreaming will be a very important part of e-commerce.”
Livestream selling “fundamentally solves a number of problems,” he says. Brand discovery for consumers is now reliant on video content and social media. Also e-commerce has grow to be a two-dimensional, crowded space, limiting interaction with products. However, livestreaming “helps brands and retailers build direct, social and meaningful relationships with their customers.”