V. Competitive Analysis

Competitor 1
Competitor 1 is an online conversational commerce platform for wedding style recommendations. It is a platform for women with interests such as fashion, beauty, grooming, and lifestyle. Through live interactive classes, chat, and interest-based groups, the company lets users explore, socialize, and upskill. The platform provides users with fashion and beauty options in the form of video catalogs. It also provides recommendations for makeup, outfits, and other bridal needs. The platform is available both for Android and iOS users.

Competitor 2
Competitor 2 is an auction platform that connects bidders with auction houses through the website and mobile application by hosting livestreaming auctions happening across the world in real-time. Bidders have the option of placing absentee bids or participating in the live auction. It also provides a free-to-use auction results database with past auction results with location, prices, & illustrated images.

Competitor 3
Competitor 3 is an online live-streaming e-commerce platform for multi-category products. Offerings include apparel, kitchenware, makeup products, fashion accessories, home decor items, and more. The company offers a platform where consumers may see live versions of the items being utilized. During the live streaming, users may ask inquiries about the things they wish to buy. For Android users, it features an app-based platform..  

Strengths

• Lower operational costs
• A wider range of items, along with faster and affordable shipping
• Personalized experiences combined with enticing deals
• Easy user interface that helps buyers shop without any doubt

Weakness

• Shipment of heavy, bulky, and perishable items is costly.
• Being new to the sector might cause a substantial delay in building trust and goodwill.

Opportunities

• The US live-streaming market is projected to reach $11 billion by the end of 2021 and $25 billion by 2023
• Good expansion possibilities and creation of new products/services.
• Rising demand for products and clothes used by celebrities.

Threats

• Low entrance barriers are an ongoing challenge.