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For more details on today’s conversation read on below…
Guest: Sam Jones
Profile: Cofounder of the social commerce app OOOOO.
What’s Sam Panicked About?: The future of retail.
There’s been an explosion apps in China over the last five years or so, and the reason is a massive explosion in consumption upgrade –people who never had a fridge or motorcycle or a laptop, all now have smartphones. Because of that, all sorts of wacky applications seemed to come out of nowhere; most notable where the video applications, and video shopping apps in particular. And the West is still playing catch up.
The entire live-stream economy is currently worth about $3 billion a year, but in one of the craziest statistics you’ll ever hear, a streamer in China, Austin Lee, did a show that was twelve hours long and racked up sales of $1.7 billion! Only five years ago Austin was working behind the beauty counter in a department store. Today, he’s known as the ‘Lipstick Brother’, and he’s doing approximately 400 live shows a year. He’s got a team of people around him who are assessing different beauty and skincare products for his live-streams. But there’s a dark side to the live-stream economy as well; it’s easy to make live content that sucks. Without the studio and cameras and producers and creatives, you can destroy your brand in about five minutes.
“The nature of mobile video commerce is the person on the other end can and often is using a mobile, so the freedom that you have to create content anywhere you want. Whether that’s hanging off a cliff in Yosemite, or in a vineyard. or in a fish market. You know the content is wildly different. You’re not sat on a sofa selling a vacuum cleaner.”