Coresight Research to Host its Third Annual Livestream Festival

Rhea-AI Summary

Verb Technology Company collaborates with Coresight Research for the annual 10.10 Shopping Festival, scheduled for October 10, 2022. This event aims to enhance the US consumer adoption of livestream shopping, a market projected to reach $423 billion. The festival will feature over 30 retailers, promoting special deals while supporting more than 10 charities. Participants, including brands and retailers, will donate a portion of their sales to these charities, emphasizing the social impact of shopping choices.

Leading Retail Research Firm Partners With MARKET.live Livestream Shopping Platform by Verb Technology Company

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.

Investor Relations Contact:
888.504.9929
investors@verb.tech 

Media Contact:
855.250.2300, ext. 107
info@verb.tech 

FAQ

What is the 10.10 Shopping Festival organized by Verb Technology Company?

The 10.10 Shopping Festival, hosted by Verb Technology Company in partnership with Coresight Research, is an annual event on October 10, 2022, designed to promote livestream shopping and support charitable causes.

How does the 10.10 Shopping Festival impact livestream shopping in the US?

The festival aims to accelerate US consumer adoption of livestream shopping, which is forecasted to grow significantly, offering retailers enhanced engagement and reduced return rates.

What are the expected benefits of participating in the 10.10 Shopping Festival for brands and retailers?

Brands and retailers can showcase their products in an interactive format, attract new customers, and contribute to charitable causes, thus enhancing their corporate social responsibility.

How much is the livestream shopping market expected to grow in the US?

The livestream shopping sector in the US is anticipated to surpass $25 billion, with rapid growth expected, eventually reaching figures similar to those in China.

Which charities will benefit from the 10.10 Shopping Festival?

Participating retailers and brands will donate a portion of their sales to partner charities, although specific charities have not been detailed in the press release.