REDWOOD CITY, Calif., Oct. 6, 2021 /PRNewswire/ -- Firework, the short-form video platform designed to bring a shoppable, livestream video experience to any website, has joined forces with Coresight Research, a research and advisory firm specializing in retail innovation and growth, to power its second annual 10.10 Shopping Festival®, to be livestreamed on October 10, 2021 from 10am to 10pm EDT. Coresight will use the Firework platform to enable an interactive, livestream shopping experience.
Over 25 brands and retailers will take part in the event, showcasing special deals and new products across a host of categories, including apparel, accessories, home goods and electronics. Participating businesses include globally-recognized retailers like Macy's and brands such as GUESS and Vera Bradley, as well as smaller, boutique retailers such as Organic Apoteke and Auda B. To stand by its purpose-driven mission, the 10.10 Shopping Festival® requires all participating retailers and brands to donate at least 5% of their sales proceeds to a number of partner charities. Shoppers are also encouraged to make direct donations. Partner charities include the American Heart Association, Delivering Good and St. Jude Children's Research Hospital, among others.
The focus of this year's festival is to increase awareness and encourage the adoption of livestream commerce among U.S. consumers. Already widely embraced in Asian markets, especially China, livestream shopping has seen a slower rate of adoption in the United States. However, recent surveys and market analyses have given clear indication that this won't be the case for long. A recent study anticipates livestream sales revenue to double this year, while Coresight's own research has forecasted sales to more than triple by 2023. Coresight also estimates that in 2021 Livestreaming will generate close to $300 billion in China.
"Livestream shopping is a huge catalyst for online commerce in China, and U.S. businesses have some catching up to do," said Jason Holland, President of Global Business at Firework. "With livestream e-commerce expected to triple in the next two years, more and more Americans are beginning to see this and other forms of shoppertainment as an essential aspect of the e-commerce landscape. We were delighted to be chosen by Coresight Research to power this year's 10.10 Shopping Festival®. Despite a tight time frame, our team of experts was able to band together and successfully onboard over 20 brands onto the Firework platform in just a matter of days. This is a tremendous opportunity to generate excitement about the potential of livestream commerce — while also helping out some very important causes — and thanks to our team's expertise and agility we were able to meet the moment and help bring this festival to life."
Firework is the world's leading shoppertainment platform, which enables over 600 brands, retailers and media publishers to create, curate and host interactive, short-form shoppable video and livestream commerce directly on their own websites, a distinct departure from the prevailing "walled gardens era," where closed platforms such as Facebook, Amazon and Google consolidate content and control within their respective domains. It appears this era is coming to a close and opening the door to a new, decentralized era of the internet, often referred to as Web 3.0. Firework is leading the way for companies to realize this new system, in which content creators and businesses retain ownership of their content, its context, the customer data it generates, and the monetization opportunities it affords.
Firework also boasts a suite of exclusive features and capabilities that make it well suited to serve as the platform of choice for the 10.10 Shopping Festival®, chief among them being its ability to drive traffic to livestream events at scale, driving, on average, a 3x increase in organic traffic to livestream events — a more significant increase than that of Amazon's annual "Prime Day" initiative. The platform also allows users to run shoppable short-form videos in tandem with the primary livestream, and syndicate both across the open web. What's more, Firework's simulcast capabilities allow users to broadcast the event across multiple locations, including social media feeds, dramatically increasing reach and visibility. Finally, Firework is the only shoppertainment solution to offer fully-managed livestream programming and curation services.
"There's a growing awareness of livestream commerce among the American consumer, and we expect retailers across categories to quickly recognize its power for their online channels to connect with the consumer and deepen relationships with the customer," said Deborah Weinswig, founder and CEO, Coresight Research. "We are excited to work with Firework to showcase the power of livestream commerce on such a large scale. This medium, and shoppertainment in general, is enabling businesses to reclaim their autonomy and regain control over the customer experience — from product discovery to transaction. This new wave of livestream commerce should work as an accelerant for both online and physical retail for years to come."
Participating Retailers and Brands:
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.
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