Coresight Research to Host its Third Annual Livestream Festival
Leading Retail Research Firm Partners With MARKET.live Livestream Shopping Platform by Verb Technology Company
Coresight Research will host its third annual 10.10 Shopping Festival on October 10, 2022 in partnership with livestream shopping platform, MARKET.live by Verb Technology Company, Inc
10.10 is an annual, purpose-driven shopping festival that connects consumers with brands and retailers to jump-start the holiday shopping season with special deals and exclusive offerings, while giving back to charity. The festival this year builds on the success of the 2021 10.10 festival that featured more than 30 retailers and more than 10 charities.
The festival this year is focused on accelerating US consumer adoption of livestreaming. Livestream platforms boast superior consumer engagement and significantly reduced return rates versus ecommerce generally, providing retailers with significant opportunities for enhanced profitability. According to a Coresight Research survey, just 32.2% of US respondents have participated in a livestream – presenting a huge opportunity for growth.
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10.10 Shopping Festival features a prominent charitable aspect so that consumers and brands can collaborate on making a difference as participating retailers and brands are donating a portion of sales to partner charities. Consumers increasingly choose where they spend based on the social/ethical/cultural values of retailers and brands. In a recent Coresight Research proprietary US shopper survey, 60% of US shoppers state that a retailer’s or brand’s social impact is important when making apparel and footwear purchases, making the charitable giveback of 10.10 a solid plus for all participating in the event.
Deborah Weinswig, CEO and Founder of Coresight Research, said, “Livestream shopping has grown from a zero to a $300 billion industry in China in a very short period of time. We are very confident that the US market will reach what we are seeing in China, and the 10.10 Shopping Festival will enable retailers and brands to test and learn and grow this commerce segment. Today’s environment is an ideal time for brands to jumpstart their livestreaming strategy to create deeper connections with their customers, enhance consumer engagement and decrease return rates.”
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To introduce the US market to livestream shopping and give retailers and consumers alike the opportunity to explore and test the channel, Coresight is partnering with VERB for its MARKET.live multi-vendor, livestream shopping platform.
Rory J. Cutaia, CEO of VERB added, “We are thrilled to partner with Coresight Research as the livestreaming platform for the 2022 10.10 festival. We look forward to showcasing our turnkey livestreaming solution to brands and retailers, and to providing an exciting livestream channel to our consumers allowing them to access great brands while also giving back to the community. We expect the livestreaming industry to continue to quickly grow in the United States, and we look forward to our collaboration to advance the livestream market.”
