ajunews Thursday,29 February 2024

Online mall Wemakeprice's transaction amount soars 23 percent thanks to live commerce content via YouTube

By Kim Joo-heon Posted : December 15, 2022, 11:17 Updated : June 22, 2023, 17:50

[Gettyimages Bank]

SEOUL -- South Korean online shopping service operator Wemakeprice saw its transaction amount soar 23 percent over the period of 66 days after the company rolled out live commerce shows, the online version of TV home shopping shows, through YouTube. The company's online shopping show involved popular online celebrities in various events such as Meokbang, an online eating performance show format, to interact and encourage viewers to buy promoted products. 
 
Wemakeprice said 14 live commerce videos were uploaded on YouTube between October 9 and December 13. The South Korean online mall operator gained some 400,000 new members in two months. A pizza Meokbang content featuring "Enjoy Couple," a Youtube celebrity couple with some 2.2 million subscribers, went viral to reach some 240 million won ($180,470) in sales of Pizza Hut's Detroit-style pizza.
 
Wemakeprice will release five more live shopping videos on YouTube by the end of December 2022. The company will collaborate with Bab Gub Nam, a famous influencer known for unique Meokbang content featuring the influencer gorging through meat and drinks. The YouTuber with some 1.3 million subscribers will upload live commerce content for a chicken and meal kit brand.    
 
Live commerce is a home shopping-like online service that uses mobile shopping platforms or social media for live streaming. Various inquiries about the product can be made through video chatrooms. The main consumer group of the live commerce service is young people in their 30s while middle-aged viewers in their 40s still consume TV home shopping channels.
 
Live commerce service was adopted by many department stores and cosmetics companies as demands for virtual shopping promotions had increased amid the COVID-19 pandemic. Data released by Kyobo Securities' research center showed that the domestic live commerce market is estimated to reach 10 trillion won in 2023.

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