Livestream shopping booms as small businesses strike gold on social media
CNBC Key Points
- Livestream shopping started on social media in China, and according to research firm Coresight Research, has grown into a $512 billion market.
- TikTok, Poshmark and eBay all told CNBC they're currently testing livestream shopping.
- Influencers and small business owners are fine-tuning their business models, which usually involves some profit-sharing.
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Last year, Anthony Velez, CEO of Bagriculture, a small business selling pre-owned designer handbags, made up to $100,000 a month across his seven brick-and-mortar stores in New York City.
This year, business is much different: Velez has closed all of his physical locations, but he's generating up to $100,000 a day.
The secret to his success, he told CNBC, has been diving into the world of livestream shopping.
"All the metrics exceed any other form of shopping I've seen period," Velez said. "We can go live on three to four platforms simultaneously."
The trend involves a seller broadcasting live video of themselves showing and explaining products while viewers ask questions and make purchases in real time. Livestream shopping started on social media in China, and according to Coresight Research, has grown into a $512 billion market.
