With livestream hub sales comprising 15% of year-to-date revenue for the luxury accessories resale platform, myGemma’s eyes are on the holiday season as social media transactions reign supreme
NEW YORK, Nov. 28, 2023 /PRNewswire/ — As livestream shopping continues to gain popularity in the U.S. market, social media is proving to be the next commerce frontier for retailers. Luxury resale platform myGemma has been investing in livestream shopping throughout 2023, with 15% of year-to-date revenue resulting from livestream hub sales – which includes creators, livestream resellers and myGemma’s own hosts selling myGemma products on platforms like TikTok, whatnot and Instagram. Hot on the heels of TikTok Shop’s launch, all signs point to continued momentum and success across social media’s burgeoning sales channel, especially with the upcoming holiday season.
In 2023, TikTok engaged myGemma as a launch partner for handbag resale with the TikTok Shop U.S. venture, as the luxury resale platform’s rigorous authentication and valuation process were recognized as a successful and credible path for the social media giant’s entrance to the luxury space.
“Just like every industry, retail has been experiencing seismic shifts thanks to social media and the innovations around shopping. myGemma has really been focusing on livestream shopping this year and we’ve seen massive success,” said Andrew Brown, CEO of myGemma. “While other TikTok partners require third-party authentication certificates, we’re proud to authenticate products in-house, in-person, providing absolute trust with both our buyers and sellers. With the holidays approaching, we expect this sales channel to perform very nicely.”
While leaning into influencers and the audiences they bring, myGemma is growing their own livestream sessions, which has quickly become the second-largest revenue stream outside of the myGemma website. Having created five live showrooms in its New York City “livestream hub”, myGemma currently hosts more than 20 livestreams a week and expects to more than double that number going into 2024.
What shoppers are buying
More than two-thirds (67%) of total livestream sales are for handbags, leaving 20% of revenue from jewelry, and 13% from watches. Within the handbag category, nearly two-thirds of total sales come from two top-selling brands: Louis Vuitton (31%) and Chanel (30%). Cartier is the leader among jewelry sales at 41%, followed by unbranded diamond basics at 18%. Though a recent Subdial Index reports a two-year low for the prices of Rolex on the secondary market, demand for the timepieces has not waned. Rolex continues to dominate myGemma livestream watch sales at 63% of category revenue.
Luxury spending levels are predicted to return to normal this holiday season following a three-year surge; however, online shopping could see a jump of 9% compared to last year according to the National Retail Federation. Between the myGemma website and the reach of the livestream shopping channels, as well as increased consumer preferences for shopping sustainably, the resale platform expects to handily outperform broader online shopping growth expectations. With its authenticators and warehouse in New York City, items can be purchased in time for Christmas from myGemma and shipped within 24 hours up until Friday, December 22nd, so last-minute shoppers can have every concern alleviated.
For more information about myGemma, visit mygemma.com.
About myGemma
Founded in 2018, myGemma is a trusted luxury resale platform specializing in buying and selling a wide range of luxury accessories, including jewelry, watches and handbags. myGemma’s world class team of in-house authentication experts and gemologists are leaders in their field, rigorously inspecting each item and giving consumers the confidence to buy and sell items online.
With a sustainability-first mindset, myGemma’s mission is to promote a circular economy by giving luxury items a new life. Each luxury accessory is expertly authenticated by the brand itself and housed in myGemma’s New York City headquarters, meaning that purchased products are shipped quickly with little lag time and allowing customers to sell their luxury items online in as little as 24 hours. For more information, please visit myGemma.com.
SOURCE myGemma
