DIpil Das
What’s the Story?
On October 10, 2021, Coresight Research hosted its second annual 10.10 Shopping Festival. Participating brands and retailers showcased exclusive deals, limited-time offers and new products to consumers. The livestream event ran from 10.00 a.m. to 10.00 p.m. EDT.Why It Matters
Coresight Research launched its annual 10.10 Shopping Festival last year to bring the excitement of shopping festivals online and to help retailers and shoppers address the disruption caused by Covid-19. For the 2021 iteration of the event, the charity partners benefit beyond the day’s sales, as many retailers are continuing to donate. The festival brought together a large group of retailers, brands, technology innovators and retail innovators who had not previously partnered together in a large-scale event.A Recap of the 10.10 Shopping Festival 2021
Key Highlights This year, 10.10 continued to support the entire retail ecosystem. Consumers enjoyed a fun retail experience that combined livestream entertainment with charitable giving; retailers benefitted from increased traffic and earlier holiday shopping; and supporting partners were able to assist retailers and donate to their preferred charities. Coresight Research also hosted an educational event before the festival to help retailers and brands understand the different livestream platforms, how to engage their audience and what their path ahead might look like. Last year, a major goal of 10.10 was to draw holiday shopping earlier in the calendar to mitigate supply chain challenges. One year later, these challenges are even greater. Many celebrities and influencers posted about 10.10 and drove traffic to, and interest in, the event. The festival required retailers to donate at least 5% of the day’s proceeds to charity, and many donated a greater percentage. As the focus of this year’s festival was livestreaming, we were very fortunate to have technology provider Firework as the Lead Technology Partner for 10.10; the company onboarded the 33 participating brands and retailers to the event and trained them on the technology platform. This seamless experience for retailers and consumers in the festival environment allowed experimentation with new ways of selling, including gamification and personalization. According to our proprietary research, approximately two-thirds of US livestream consumers make their purchases after the livestream has finished. Therefore, while consumer engagement was strong on 10.10, the majority of sales will materialize throughout the rest of October. Industry Participation Reflects the Success of 10.10 The event’s success was reflected in its widespread support from the retail industry at every level: sponsors, partners, retailers, brands, charities, influencers and consumers. The 10.10 Shopping Festival’s sponsors this year were as follows:
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Livestreaming sessions from Soles4Souls, led by Buddy Teaster, CEO of Soles4Souls (left), and National Breast Cancer Foundation, led by Andrea, Fundraising Manager at National Breast Cancer Foundation (right) Source: Bambuser/Coresight Research [/caption] This year’s event featured 33 participating retailers and brands across accessories, apparel, baby products, beauty, electronics, footwear and home goods; 28 retailers and brands hosted livestreaming sessions. The following brands and retailers participated in 10.10:
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Livestreaming sessions from Guess?, led by Lauren, one of the stylists at Guess? headquarters (left), and Macy’s, led by the company’s livestreaming KOL and a beauty art designer (right) Source: Coresight Research [/caption] The streams were inspiring, funny and tear-jerking, as many hosts shared interesting brand stories and exciting products. The team from goodMRKT got creative by auctioning off a jacket. Beauty brands such as DefineMe Fragrances, Elizabeth Arden and Skin Authority livestreamed content through the festival’s supporting platforms, offering product recommendations, beauty bundle discounts and gift sets. Several retailers also held live demonstrations of selected products, answering questions raised by viewers in real time. [caption id="attachment_135080" align="aligncenter" width="725"]
Livestreaming session from DefineMe Fragrances, led by Jennifer McKay Newton, CEO of DefineMe Source: Firework/Coresight Research[/caption] [caption id="attachment_135081" align="aligncenter" width="724"]
Livestreaming session from Elizabeth Arden, led by Mary Meszaros, Head of Education at Elizabeth Arden Source: Firework/Coresight Research [/caption] Livestream shopping—which blends entertainment and commerce in a live-video format—is well established in China, and it is now becoming an essential marketing tool for brands and retailers around the world, as it provides interactive content in real time, directly engaging consumers. Coresight Research survey findings from March 2021 indicate that 31.5% of US consumers have watched a shoppable livestream, indicating a huge opportunity in the online live-shopping space. A Recap of the Livestreaming Sessions We present an overview of the livestreaming sessions held during the 10.10 Shopping Festival 2021 in Figure 1.
Figure 1. A Recap of the Livestreaming Sessions During the 10.10 Shopping Festival 2021 [wpdatatable id=1391 table_view=regular]
Source: Coresight Research