The 10.10 Shopping Festival 2022: A Primer

Introduction

Coresight Research will hold its third annual 10.10 Shopping Festival on October 10, 2022, in partnership with livestream shopping platform MARKET by Verb Technology Company (VERB), video-shopping SaaS (software-as-a-service) provider Bambuser and influencer commerce company Nillio. We explore the details in this report.

The 10.10 Shopping Festival 2022: A Primer

The 10.10 Shopping Festival is a shopping holiday that was launched in 2020 by Coresight Research. Created amid the upheaval and uncertainty of the Covid-19 pandemic, 10.10 was established with the goal of supporting retailers in challenging times. The benefits to retailers include bringing demand for holiday shopping forward to help alleviate the strain of supply chain logistics at the busiest time of the year.

In its inaugural year, the 10.10 Shopping Festival featured participating brands and retailers in the fashion sector and had the backing of 13 supporting partners, including technology firms, startups and retail industry players. Charitable giving is a key differentiator of the 10.10 Shopping Festival: in 2020, the event supported 13 charities.

In 2021, the 10.10 Shopping Festival saw participation from 33 brands and retailers across accessories, apparel, baby products, beauty, electronics, footwear and home goods, among which 28 hosted livestreaming sessions during the festival. The festival partnered with 14 charities. Two of those charities, Soles4Souls and National Breast Cancer Foundation (NBCF), livestreamed to introduce their organizational mission and vision.

This year, 10.10 will again provide brands and retailers with opportunities to showcase special deals, new products or compelling offerings.

Participants—retailers, brands and even charities—will be encouraged to engage with the hottest and fastest-growing sales medium in retail: livestreaming e-commerce. The festival will be focused on accelerating US consumer adoption of livestreaming; Coresight Research survey findings from February 2022 indicate that just 32.2% of US consumers have watched a shoppable livestream, indicating huge opportunity in the online live-shopping space.

Who Can Participate? 

The 10.10 Shopping Festival aims to give back to charities, and we identify opportunities for charitable organizations to undertake activities in their own right and to partner with brands and retailers to drive donations. 

10.10 is open to all brands and retailers that want to participate in an innovative way to connect with their customers. 

Companies can request to be sponsors of parts of the event, enabling firms in the wider retail industry to participate.  

Consumers will be able to access the event on multiple sites or apps and will be encouraged to shop early for the holidays. In this inflationary retail environment, the 10.10 Shopping Festival helps consumers find more value offerings.  

What Are the Benefits? 

For brands and retailers, 10.10 offers several benefits:

• It provides opportunities for companies to give back and to be associated with charitable efforts. 
• It will enable companies to kick-start their holiday quarter with a high-profile, innovative event. In doing so, it will pull forward some holiday spending and thus help to alleviate supply chain pressures, such as in fulfillment.
• Companies will be encouraged to participate via the still-new medium of livestreaming e-commerce. This will enable those new to livestreaming to trial the medium in a one-time, highly time- and commitment-limited way. Brands and retailers can connect with livestreaming enablers such as platforms and advisors, providing a valuable introduction to the medium. 

Who Are the Technology Partners? 

Coresight Research will spearhead 10.10, facilitated by MARKET by VERB, Bambuser and Nillio.

Livestreaming is just beginning to take hold in the US and is a powerful way for brands to engage with consumers. Each partner company offers innovative solutions that are disrupting the retail industry (see details in Figure 1).

Figure 1. 10.10 Shopping Festival 2022: Technology Partners

Source: Company reports

How Can I Find Out More or Take Part?

Companies and charities interested in participating or requiring more information can contact the 10.10 team via 1010Festival@coresight.com or through the official website.

Leading up to the event, Coresight Research will publish a series of reports that include a more detailed view of the 10.10 Shopping Festival and regular updates. Keep up to date on coresight.com.