George Flouros: ‘Live shopping creates billions in business profits’
Donna Kaparti 11:19 - 02 November 2023
Live streaming sales, also known as live shopping, is the new big trend and has brought the revolution according to Giorgos Flouros, General Manager, Vpayments, a member of the G.A.P. Vassilopoulos Group.
Live shopping gives sellers the ability to showcase their products, and customers the ability to buy products in real-time, during dedicated programmes on online platforms or television.
In his presentation during the 15th e-Commerce Conference in Nicosia on 2 November, he highlighted the power it has both in Europe and in large markets such as China.
Making an extensive analysis of sales during a live shopping, Flouros, with data he presented on stage, explained that this is a model that has created billions of dollars in profits for businesses around the world and that it is gradually conquering tik tok as well.
"Shopping meets video," he said, noting that 47% of consumers prefer shopping during live streaming. Already 50% of Chinese consumers have shown a preference for this form of shopping, he added.
In fact, the fashion sector, Malekkos said, is the one that holds the largest market share (35.6%). Beauty products and fresh food follow in the second and third place respectively according to the Everbright Securities, iResearch, McKinsey analysis Malekkos presented on the screen.
Finally, he explained the benefits for businesses through the use of live streaming. The new experience for the consumer, higher conversion compared to other forms of sales and more efficient communication with the customer are some of the big advantages.
The positive elements include the fact that companies can drive sales in a specific product category, and also that through the new trend, they can better reach Gen-Z.
"It is about the ultimate customer experience", said Flouros in closing, who stated that this new trend "has brought about the revolution."