A New Paradigm in Digital Commerce, 10.10 Shopping Festival® Demonstrates That Livestream Could Go Mainstream

NEW YORK, Oct. 27, 2021 /PRNewswire/ -- Coresight Research, retail innovation research and advisory firm, partnered with Firework, global livestream and shoppable video technology provider, for the second annual 10.10 Shopping Festival^® last weekend, pulling in 350,000 livestream viewers for participating brands.

The 12-hour livestream shopping experience, which featured 25 retailers and brands, powered by Firework's shoppable livestreaming technology, attracted hundreds of thousands of viewers as retailers showcased apparel, accessories, home goods and more. A harbinger of the future of online shopping in the U.S., the event spurred new levels of consumer engagement, with 45% of viewers actively interacting with shopping livestreams. A purpose-driven event, the 10.10 Shopping Festival^® requires that participants donate at least 5% of sales to partner charities like American Heart Association, Delivering Good, and St. Jude Children's Research Hospital.

"This event truly opened our eyes to the power of the type of in-the-moment engagement afforded by livestream ecommerce," said Harry Cunningham, co-founder and Chief Creative Officer at goodMRKT, a participating retailer. "We were excited to tell the stories of a number of our "doing good" brands and also introduce (and sell) their products to a new audience.  And we did so in a way that felt uniquely fresh, invigorating, and rewarding. We loved engaging with our customers in real time and seeing conversations sprout up organically around our good people, great products, and exceptional causes."

The success of the 10.10 Shopping Festival portends the future of shoppable video in the United States. Already wildly popular in Asian markets, livestream ecommerce is expected to grow to a $300 billion market in China next year. Now, it's gaining steam in western markets as well. In fact, recent research predicts that livestream sales revenue will double this year and Coresight Research expects livestream sales to more than triple by 2023.

"The success of this year's 10.10 Shopping Festival clearly demonstrates the promise of livestream ecommerce. American consumers are ready for more engaging, immersive experiences while they shop—retailers who adopt this channel and do it well, will add an exciting new dimension to their online offerings, one that offers a way to connect to the consumer at a far deeper level than the anonymity of an online transaction," said Deborah Weinswig, founder and CEO, Coresight Research. "This year's festival also demonstrated to retailers and consumers alike, how accessible livestream technology can be.  Most of our participants had never livestreamed before. Using Firework's platform, they got up and running in a matter of days, launching livestreams that help to generate engagement, build brand loyalty, grow audience retargeting pools and drive new revenue."

"We've witnessed the power of livestream commerce in China, so it was exciting to play a central role in this milestone for livestream shopping here in the U.S.," said Jason Holland, President of Global Business at Firework. "The brands and retailers that participated find themselves on the cutting edge of customer experience, and we were thrilled to be selected by Coresight Research as the primary livestream partner for this year's 10.10 Shopping Festival^® event. Our teams worked round the clock in the week leading up to the event. We couldn't be happier with the results relative to the hundreds of thousands of viewers driven into the livestreams and sales for our livestream partners. Firework views this as a great opportunity to drive adoption in the future of shoppable video for retailers and beyond."

About Firework
Firework is the world's leading immersive "shoppertainment" platform with shoppable video, livestreaming commerce and monetization capabilities powering over 600 direct-to-consumer brands, retailers and media publishers worldwide with over 1bn monthly active users. Firework enables its customers to create and host native, shoppable video content for engaging product discovery, seamless shopping experiences and ultimately, a deeper emotional connection with consumers. The Firework platform helps users drive organic traffic to their livestream events by up to 300%, with unique features and capabilities, including the ability to play shoppable short form video in tandem with livestreams; simulcast livestream events across multiple locations, including social media feeds, and access to fully managed livestream programming and curation services. Firework has experienced 10x year-over-year growth, bringing TikTok-like interactive video experiences to their own websites, all by adding just one line of HTML code to their own website. The company is backed by over $100 million in capital by IDG Capital, Lightspeed Venture Partners and GSR Ventures, with over $100 million in capital raised to date. To learn more, please visit firework.tv.

About Coresight Research
Coresight Research is a research and advisory firm specializing in retail and technology. Established in 2018 by leading global retail analyst Deborah Weinswig, the firm is headquartered in New York, with offices in London, Lagos, Hong Kong, Shanghai and Mangalore (India). The firm provides data-driven analysis and strategic advisory to clients including retailers, brands, enterprise technology companies, accelerators and more. In addition to being renowned for its breadth and depth of research, Coresight Research is known for its expertise in the China market, helping clients with market entry and cross-border e-commerce strategies. Coresight Research is also known for its Innovator Intelligence platform, consisting of a vast network of technology entrepreneurs that it actively cultivates through events, mentorship, and regularly updated report coverage. For more information, visit www.coresight.com.

Media Contact
Fatimah Nouilati
Scratch Marketing + Media for Firework
[email protected] 

Meir Kahtan Public Relations/Meir Kahtan for Coresight Research
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+1 917-864-0800

SOURCE Firework

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