Fashion Clothing Company LF Corp. has combined real-time chat, live streaming and one-click purchase as a way to create a seamless online shopping experience for customers. As a result, LF Corp. has seen an increase of 30% year over year since 2015.
TMON, formerly known as Ticket Monster, was one of the first retail platforms to try live trading in Korea in 2017. Since the first video premiered in September 2017, it recorded an increase in viewership of 3.036 percent as of April 2020.
In Korea, traditional retailers and IT companies such as Lotte Shopping, Hyundai Department Store, Kakao, and Naver have also started participating in in-person trading.
Lotte Shopping is one of the most passionate live
commerce participants because they have influencers featured on their app Lotte On. Basically, this retail platform sells Latest Mailing Database women’s clothing and cosmetics, but Lotte Shoppings says it plans to expand the product categories and affiliates using the platform.
In March 2020, Hyundai Department Store started operating and selling women’s fashion brand G-Cut and raised 14 million won in 1 hour. According to Hyundai Department Store, this amount is 30% of their monthly sales.
Naver recently started their live streaming platform for their common vendors. Meanwhile, Kakao recently released Kakao Shopping Live which is a beta service for their live trading. Several companies that have recently taken advantage of this service are Pulmuone and Fila.
How Can Live Trading Impact or Change the Market
Huawei was one of the first companies to release a live trading platform integrated with augmented reality capabilities. This solution will allow influencers to connect their phones to multiple cameras and switch between them with one click. Real-time background processing is also integrated into the technology which will give way to digital background replacement as well as displaying digital 3D models in real-time.
Better Customer Understanding
ECommerce websites and marketplaces usually use historical data to give sellers a good understanding of consumer B2C Database behavior. But with live trading, we provide space for seller/brand-consumer interaction. Hence, in addition to analytics and insights, brands/sellers can learn about consumers through their interactions (what they want, what they ask about the brand/product.