Photo Credit: Firework
Firework, a short video platform, has entered the live commerce space and launched a solution to allow businesses and brands to sell their products through shoppable videos and livestreams. The new launch is aimed at letting brands build their e-commerce presence using live video streams on their websites and apps. Firework is making its shoppable video experience live for consumers on Wednesday, with more than 15 brands putting over 30 products on sale. Entered in India in 2019, Firework is claimed to have more than 100 million unique viewers each month in the country and over 300 million globally.
Introduced in India, Firework's shoppable video experience is in plans to be available globally as well. It will allow consumers to purchase items after watching them being used in livestream videos.
To demonstrate the solution, Firework is hosting a livestream sale on Wednesday in which businesses and brands such as Portronics, Bigsmall.in, and Bliscent will participate.
The new launch by the US-based platform comes at a time when a large number of people have started preferring online shopping over offline store visits owing to the COVID-19 pandemic and social distancing practices in place.
“It was essential for us as a business tool to make it easier for the brands to harness the advantages for mobile vertical videos, e-commerce, and livestream coupled with the unlimited reach on the open Web,” said Sunil Nair, CEO of Firework India, in a prepared statement. “Hence, brands can enable these with a simple integration rather than exhausting critical resources in developing this capability.”
Backed by venture firms including IDG, GSR Ventures, and Lightspeed, Firework is claimed to have over 500 publishers globally, which includes Jio, Airtel, Vodafone, and Google in India. Firework last year also launched its Open Story Page (OSP) model to counter the likes of TikTok and Instagram and allow content creators to make short, vertical videos that could be monetised by businesses, brands, and manufacturers already available on the platform.
According to consulting firm RedSeer, live commerce in India is growing rapidly and is expected to clock a gross merchandise value of $4-5 billion (roughly Rs. 29,700-37,100 crores) by 2025. The beauty and personal care segment is speculated to grow the highest, among other sectors.
In February, India's TikTok alternative Chingari announced its plans to bring shoppable videos to its platform that would help generate revenues for content creators. InMobi's Glance also recently acquired social commerce startup Shop101 to bring a similar live commerce experience. Globally, Instagram and TikTok are also exploring ways to natively offer e-commerce solutions through their short video offerings.