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Hello and welcome to Daily Crunch for July 29, 2021. Between the IPO cycle and earnings it has been quite the day. And Nikola’s founder was indicted on three counts of fraud. It’s busy! Let’s get into it! — Alex
This year, livestream viewers in China are projected to spend more than $60 billion on digital shopping experiences where they can interact with influencers in real time.
Promoting everything from cosmetics to food, social media stars use Taobao, TikTok and other platforms to tout products and answer live questions.
On Taobao’s Single’s Day Global Shopping Festival in 2020, livestreams racked up $6 billion in sales, twice as much revenue as the year prior.
Sensing a trend, Western startups are getting in on the action, with companies like Whatnot and PopShop.Live raising rounds to build out their infrastructure. Looking forward, Alanna Gregory, senior global director at Afterpay, says she foresees four major trends:
“For brands, SaaS streaming tools will be the most impactful way to take advantage of livestream commerce trends,” Gregory writes in an Extra Crunch guest post. “All of this will be incredibly transformative.”
Livestream e-commerce: Why companies and brands need to tune in
(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)
We went a bit long on the startup side of things, so let’s be brief when it comes to Big Tech.
Image Credits: SEAN GLADWELL (opens in a new window) / Getty Images
Image Credits: SEAN GLADWELL (opens in a new window) / Getty Images
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