Talkshoplive sees livestream commerce taking off
Talkshoplive, a social selling and buying platform, is banking on the rise of livestream commerce.
Why it matters: The concept of live commerce is still pretty nascent in the U.S., but sales initiated by live commerce could have the potential to represent as much as 10% to 20% of all e-commerce sales by 2026, according to the consultancy McKinsey.
- Live commerce has really kicked off in China and could be an arbiter: About two-thirds of Chinese consumers say they’ve bought products through livestream, a 2020 survey by Alix Partners found.
How it works: Los Angeles-based Talkshoplive allows viewers to purchase a product while they are watching a video live. The video is embeddable on any website and can be cast on multiple websites simultaneously.
- “A lot of things have become just about buying a product. The difference when you're watching something on live commerce is you're shopping the product,” CEO Bryan Moore tells Axios, adding it becomes a shopping experience that’s worth talking about.
Details: The company has signed on some big partners, that includes retailers, publishers and celebrities including Walmart, Best Buy, Condé Nast and Oprah Winfrey.
Context: The company raised $6 million in a seed extension round last July, which brought its total funding to $10.5 million. Raine Ventures, a part of Raine Group, which has ties to media, entertainment, commerce and distribution, led the round.
What’s next: One of the things the company is actively working on is building a data and analytics dashboard for retailers, brands and creators, Moore says.
- “What we've found is that if we can give everybody all of the tools that enable them to be the best live commerce sellers, [they can] convert the most sales,” he says.
- He also plans to continue developing the company’s technology and keep building ways to help retailers connect with brands, suppliers and creators in a turnkey fashion.
The bottom line: While he didn’t disclose any immediate fundraising plans, Moore says he’s always looking for the right partners to help the company be a leader in live commerce.
- “We’re not in a situation where we have to rush into anything, but given the amount of interest, we are engaging [in] conversations,” he says.