NEW YORK, Sept. 13, 2022 (GLOBE NEWSWIRE) — 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. (NASDAQ: VERB).
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.
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.”
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.”
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.
About MARKET
MARKET.live is a 24/7, multi-vendor, livestream shopping platform designed to host simultaneous livestream shopping sessions by consumer brands, big-box stores, boutiques, celebrities, content creators, and influencers selling products and services across numerous categories. Livestream ecommerce has evolved rapidly in China, and in less than five years has grown into a new sales channel expected to hit $423 billion this year. While the U.S. has only recently been exposed to livestream shopping, it has already grown to more than $25B and growth rates are accelerating. VERB’s MARKET will give U.S. retailers the most comprehensive online shopping and livestream platform available today.
About VERB
Verb Technology Company, Inc. (Nasdaq: VERB), the market leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The Company’s Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology and is comprised of a suite of sales enablement business software products offered on a subscription basis. Its software applications are used by hundreds of thousands of people in over 100 countries and in more than 48 languages. VERB’s clients include large sales-based enterprises as well as small business sales teams, including the sales and marketing departments of professional sports teams. Of special note is its new MARKET.live, a multi-vendor, multi-presenter, livestream social shopping platform at the forefront of the convergence of ecommerce and entertainment. With approximately 170 employees, the Company is headquartered in Lehi, Utah, and also maintains offices in Newport Beach, California.
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