Interactive & Shoppable: Live-Video Shopping Platform
San Francisco-based live-streaming app Eight TV is reporting promising results with its innovative video-focused beauty platform, launched in August 2017. It hosts live-streamed product reviews by influencers, allowing consumers to buy tested products via affiliated retailer websites. User numbers have topped 50,000, Eight TV says.
The platform is inspired by the phenomenon of unboxing videos (see Unboxing Craze: Packagd). Consumers download a free app and follow TV channels where influencers (both aspiring and established) share their opinions and demo products via one-minute live videos. There’s an emphasis on interaction: consumers can ask questions, with content creators responding in real time, establishing trust. See also Reflexive Retail.
To make each video shoppable, content creators scan products’ barcodes or paste Amazon web links before they start recording. To shop, consumers swipe up and are redirected to the retailer’s website, with names including Amazon, Etsy, eBay and Poshmark. Eight TV takes a 20% commission on each sale.
Every day at 5pm PST, the platform itself hosts a special feature show called The Daily Drop, where it presents giveaways sponsored by brands. The show helps retailers and brands to tap Eight TV’s young follower base. Most of its 50,000 users are teenagers who open the app an average of 10 times a day and value the influencers’ unbiased product demos.
It’s forecast that video will claim 82% of global consumer internet traffic by 2021 (Cisco, 2017). Live-streaming revenue is predicted to reach $7.4bn in 2018 – up by 47% compared to 2017 (Deloitte, 2017).
For more on the rise of video shopping, see MikMak in Retail’s Infomercial Trend.