We can all admit that social media has evolved from being just “social” to a TON more than that. From social, to e-commerce, to now live selling, it’s no surprise that the attention economy is now being monetized through social selling. We are at the very beginning stages of live selling with demand continuing to rise.
What is Live Selling?
Ever wondered what happens when QVC meets TikTok and has a baby with Instagram? Well, that’s live selling in a nutshell – it’s like a digital garage sale on steroids, where sellers turn into mini TV hosts, waving products around like they’ve just discovered the eighth wonder of the world. Instead of mindlessly scrolling through static product photos, shoppers get to watch real people showcase items in real-time, ask questions like “Will this spark joy or just collect dust?” and witness other buyers frantically swiping “bid” faster than you can say “impulse purchase.”
Think of it as a virtual shopping party where FOMO (Fear of Missing Out) meets actual missing out – because that vintage band shirt or limited edition Air Jordan might be gone before you can convince yourself you don’t need it. Sellers are out there doing their best impression of a hype man that you’re getting these items “for a complete steal”. If you take all that and add an entertainment component, you’re hooked. When I say entertaining, I mean both from a visual perspective (wait, what’s that thing in the background) to socially interacting in a chat room or private message.
The Downfall of Retail to the Boom of Live Selling
It’s no surprise that the majority of retail has been suffering for years now. The first largest disruptor was Amazon decades ago, but that was truly the tip of the iceberg. Overseas ultra low priced competitors such as Shein and Temu have taken over. Add in the incredibly high overhead to have a retail store, it’s no surprise that malls across the US are becoming mixed used facilities, with gyms and co-working facilities popping up everywhere.
eBay Set the Auction Path
When eBay hit the market, it was loved instantly. They had their growing pains like many new startups , but the demand for auction in a digital form truly boomed. Their growth was spectacular until social media really took off. Which, if you think about it looking back, is interesting. With a typical eBay auction lasting 7 days, combined with the public’s attention span continuing to shrink, it’s no surprise that Ebay had to pivot away from being auction only with their buy now / submit an offer format. After all, humans are operating in a hyper speed environment and want instant gratification. Add in the growth of video with Youtube, live streaming to short reels, it all pointed in the direction of live selling being the “thing” we needed