Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_01 (00:13):
Um, we're gonna talk
about live stream commerce in
twenty twenty five, sometimescalled live shopping.
Um, live stream commercedefinitely had a huge surge
during the pandemic, uh, forsome probably some very obvious
reasons.
Uh, but it's it's been a hugeshopping channel in China for a
(00:37):
long time.
I mean, it's a$700 billionbusiness in China.
And here in the US, it's about a$40 billion.
I mean, we're still talkingabout B billion, so it's it's
not not tiny, but it just showshow big it is, um, big it is
overseas in Asia.
And so it's about 6% of ee-commerce sales.
(01:01):
And so we have you knowplatforms who have kind of
leaned into this, like TikTokshops and Amazon, uh, Amazon
Live, and um even our ourfriends at Walmart have have
done their uh their liveshopping uh capabilities and uh
as well.
So, you know, it's it there area lot of efforts being invested
(01:22):
in this shopping uh shoppingchannel.
I think sometimes, you know,when something new comes out and
is kind of flashy, I think a lotof people kind of lean into it
and probably maybe a little bittoo early or maybe not be the
right brand fit.
I mean, I personally know youand I have worked on a few of
these types.
SPEAKER_02 (01:42):
I maybe trauma
bonded over a live stream or
two.
SPEAKER_01 (01:45):
Yes, they're high
pressure and they definitely
take a lot of coordination, alot of effort to do them
professionally.
Uh, you know, and then you havestuff that's a little more
casual, like a whatnot, whereyou know, people are selling you
know, those sneakers and and uhbaseball cards uh through a live
auction and uh live commerceopportunity.
(02:05):
So I do feel like it really doeshave legs within our our
society.
I mean, QVC and home shoppingnetwork have been around for
years and years, but you know,it's it's it's it's in a good
place here, but it's notexploded like it has in China.
Why do you think like it's notquite as as big here as it is uh
(02:28):
there?
SPEAKER_02 (02:29):
Yeah, I think
there's really two things that
stand out for me.
So, first is just the culturalcontext and how they they want
to shop and be entertained, andit's kind of the seamless
integration.
Um it it kind of goes hand inhand.
And then the truthfully, the thesale, the conversion, the
payment has been a more seamlessintegration there.
(02:50):
You think about um WeChat, itjust is a seamless mobile
wallet, um, makes things a loteasier in other in a lot of
other ways there.
But um when we are doing a livestream, a lot of time we're
taking people out of the livestream to go and buy and have a
different user experience.
And I think that that frictionis gonna is gonna cause some of
(03:11):
that um to just not be aspopular, not be as um accessible
to to the US masses.
I think also like we're notwilling on our attention span to
be in that mode.
Um, so I think those two kind ofkind of slowed the adoption
down.
Like you said, we saw definitelysome rise during the pandemic
and and found ways to reallyenhance that.
(03:34):
But we we definitely have a wayto a ways to go.
Those those billions are a fewum a few uh points off there.
SPEAKER_01 (03:42):
Yeah, and I think,
you know, sometimes, as I said
before, you know, whensomething's new and it's shiny,
like everybody wants toparticipate, even though it may
not be the right brand orcategory.
I think you know, beauty andfashion lean into probably this,
you know, this type of commerceuh easily.
(04:02):
What but what are some in yourmind, what are some other
categories that you know coulduh could fit into this and into
live stream commerce?
SPEAKER_02 (04:10):
Yeah, I think for
me, I I kind of don't start with
the category necessarily.
SPEAKER_01 (04:15):
I think toilet
paper?
SPEAKER_02 (04:17):
Maybe.
SPEAKER_01 (04:19):
I don't think so.
I don't think so.
SPEAKER_02 (04:21):
This I think it's
the storytelling.
I think how it comes together.
Um so many categories could fallinto that successfully.
I think some that do lend wellto like a storytelling mindset,
and maybe it's the girl and methat grew up on Food Network,
it's it's a cooking demo,whether that's selling the
cheese product that they'recooking with, the pans that
(04:43):
they're using, the plates thatthey're going on, or in the
instances where maybe we have aretail-led one where you bring
brands together and you'reactually selling all of them.
I think those, those stand outbecause it doesn't feel like
you're trapped in a commercial.
It feels like you're part of thestory that's being created.
So I think something like thatis a great space and the
(05:06):
products that lean into themreally well too.
Yeah.
SPEAKER_01 (05:09):
Yeah.
You know, you have theopportunity to do this live
stream commerce across a fewdifferent platforms, right?
Like, you know, Amazon Live, youknow, TikTok shops, you know,
whatnot.
And then you even have creatorsthat kind of do their own their
own thing.
You know, where have you seenthe most success?
Like, is it is it the influencerthat's doing things on their
(05:31):
own?
Is it someone who is partneringon doing Amazon Live?
Like, you know, obviously it'sgoing to depend on what your KPI
are KPI is, but yeah, it's youknow, where have you seen like
success in those channels?
SPEAKER_02 (05:45):
I think the hybrid
where you lead with the creator
as the storyteller, they're theone that brings the audience,
right?
Like the host is who captivatesthem and who keeps them engaged
and and brings them in.
Um, but I think when you canlead with whether it's the
retailer, the brand, theplatform, um, to operationalize
(06:05):
it, make sure that things aregoing well on the back end and
like helping the creator um orthe host be prepared.
I think those hybrid models aregonna set you above because then
the the person can shine as aperson and and let their kind of
um connection to the audiencereign true.
(06:26):
Um, drive whether it's drivingengagements in a KPI, sometimes
that's all they want.
They just want people there.
They want people to engage in achat.
So more likely you want peopleto, you know, add to cart and
and buy a thing or two.
SPEAKER_01 (06:39):
To be honest, I've
never seen anything in the chat
that I was like, oh, that wasreally great to to read in the
chat.
Like, I mean, anyway, it isengagement, I guess.
SPEAKER_02 (06:49):
I have there was one
we did um that was more of a
creator-led, like they had alittle more leeway, and that was
the top performing from a salesperspective as well.
The person just did a reallygood job engaging, they had an
audience that really engaged.
They were more of a beauty,beauty influencer.
And so um, we were doing haircare products, and it just they
(07:10):
they actually were engaging, butalso drove sales.
So, you know, in the perfectworld, you get both.
SPEAKER_01 (07:15):
Yeah, I think you
know, some people have the
mindset I don't want to be soldto, right?
So if you're bringing value tothat viewer, um, that's beyond
just I'm trying to show you myproduct and convince you to buy
it, like are you with whetheryou're doing a recipe or you're
(07:35):
providing some sort of tips, um,you know, fashion tips or uh how
to, like I think that valueequation with that viewer
increases significantly.
Oh, and by the way, if you wantto buy this, then we have that
ability to do that.
You also hit on somethingearlier that I was thinking was
such an important point, whichis you can have the best creator
(08:00):
on a great platform, but likethe it's the little things, it's
the little details that I thinktrips up the commerce
experience.
And you, you know, you talkedabout the ability to buy, right?
And the shopping experience.
And I think you know, thatactually has to evolve and make
it easy as easy as as possiblein order to uh help that
(08:25):
commerce become a more viablechannel because people are gonna
just people are gonna spend timecreating content in those
channels if they're seeingconversion, right?
And if the thing that's holdingup conversion is it takes
forever for me to check out, orI've got to put in my credit
card and I've got to put in myCVV three times and all of that
(08:46):
stuff before I can check out.
I'm gonna see the conversion.
I guess I mean people are justlike, that's too much friction.
You've you've lost me in themoment, and that and I'm moving
on.
So I think I think my takeawayis make sure you fully
understand the completeexperience all the way through,
and put yourself in theshoppers' shoes and ensure that
(09:12):
every step in your process,every step in that process works
and has as little friction aspossible.
And sometimes friction has to bethere for various reasons.
So the more we can streamlinethat, I think that's gonna allow
live stream shop uh shopping orlive stream commerce to advance.
SPEAKER_00 (09:36):
All right, and then
you have one more campaign.
SPEAKER_01 (09:38):
You want to talk
about some Crocs and T-Pain?
SPEAKER_02 (09:41):
Yeah, I mean,
remember I said I was a
millennial, so might not endwith T-Pain.
Okay.
Um T Pain and Crocs partnered upearlier in October to launch a
boots with the fur line.
I mean, a little bit weird,which is Crocs.
Yeah, a little bit funky, whichis also T-Pain.
SPEAKER_01 (10:00):
I did buy Crocs
cowboy boots, by the way.
But you did?
Well, actually, my wife didbecause I convinced her to do
it.
But anyway, regardless.
SPEAKER_02 (10:08):
Um, but you know,
nodding back to his buy you a
drink from the 2000s.
Um, I just kind of love itbecause it's a fun, unexpected,
but kind of expected, I guess,based on kind of their two
brands.
Yep.
Um, and it was really kind of ameme-worthy type thing, social
moment, which T-Paint is pretty,pretty ingrained on social
(10:28):
media.
So love that as somebody thatwent to his concert recently,
you know, I thought it was agood mix.
Um, and just kind of a funny,funny way to to tie into maybe
the the millennial culture.
I'm not probably gonna buy them,but I do appreciate I do
appreciate the the collab andand the unexpected mode.
SPEAKER_01 (10:47):
That's that's
awesome.
Yeah, I think that's a goodthing.