This years busiest shopping day was a boon for live-shopping apps.
Even at a time of inflation and economic uncertainty, Americans were ready to spend come Black Friday. U.S. online spending was up 9.1% from last year, according to data from Adobe Analytics.
While holiday spending has typically been dominated by traditional e-commerce, live-shopping platforms TikTok Shop and Whatnot also reported record-breaking sales during Black Friday and Cyber Monday.
On Black Friday, the livestream marketplace Whatnot reported more than $75 million in single-day live sales, tripling last years total. On average, shoppers bought 40 items per second.
One small business in the sports card category sold more than $1 million in a single show. The highest-priced item sold on Black Friday was a sports card box for $80,000.
“The way people shop is changing, and live is leading it, Armand Wilson, VP of categories an expansion, told Fast Company. People want more than a transaction. They want to connect with sellers, see the product live, and be part of the moment.
These record-breaking sales come as livestream content on the platform has reached 20 million minutes per week. Whatnot also reported a fourfold increase in first-time buyers this year compared with last years Black Friday event.
Whatnot isnt the only platform finding success with livestream shopping over the holidays. According to TikTok, its live-shopping feature also delivered a record-breaking performance this year.
Brands and content creators held more than 760,000 livestreams on the platform, generating 1.6 billion-plus views throughout the Black Friday period. These efforts paid dividends, with this years livestream sellers experiencing 84% more sales growth than last years, according to the company.
Pop Mart, maker of the viral Labubu toys, had one of the most popular livestreams during TikToks Black Friday and Cyber Monday sale. The Skullpanda x Wednesday Plush came out as the top-selling item.
From household name brands like Crocs and Kim Kardashians Skims to small businesses and content creators, live shopping is gaining traction across the U.S.
Live shopping is where brand love starts. Its a dynamic, interactive experience that deepens how our users connect with brands on TikTok, Patrick Nommensen, head of strategic initiatives for TikTok Shop in the Americas, told Fast Company.
While it still represents a small percentage of the e-commerce market, consumer trend forecaster WGSN has found that conversion rates for live shopping are 10 times higher than those for traditional e-commerce.
That immediate, real-time engagementintroducing audiences to new products, demonstrating their value, and facilitating direct interactionis what builds trust, strengthens community, and turns interest into long-term loyalty, Nommensen said.
Nearly half (46%) of U.S. consumers have now purchased through a livestream event and would do so again, according to data from market research firm Mintel.
If this years Black Friday sales are anything to go by, that number is only going to go up.
