$Walmart (WMT.US)$ looks to grab consumers' attention with star-studded online shopping events. Over the past year, the retail giant has tested the shoppable events on different social media platforms. It hosted its first livestream last December, when it had a holiday shop-along. It enlisted influencers to host a spring beauty event on TikTok. It featured celebrity chef Ree Drummond to talk about her Pioneer Woman line of cookware and more on Facebook. In total, it has had 15 events so far.
Walmart is adding another tool to its arsenal this holiday season to drum up online sales: More than 30 livestreaming events, including one with musician Jason Derulo that kicks off Cyber Week.
For Walmart, the strategy could help drive e-commerce sales. The retailer's digital sales accelerated during the pandemic, but that growth rate has slowed significantly as more shoppers have returned to stores. E-commerce sales in the U.S. grew 79% in the fiscal year ended Jan. 31.
Livestream is still a new business model in USA. The livestreaming market was worth about $6 billion last year, according to consumer market research group Coresight Research. It expects the market could eclipse $25 billion by 2023. Its U.S. e-commerce growth is large and it is competing for sales with digital behemoth Amazon.
Do you think the livestream strategy could help Walmart to drive e-commerce sales?
Will you take part in online shopping events?
Source: CNBC