Dive Brief:
- Joining other retailers and social media companies in launching livestream shopping shows, Hasbro tapped Emmy Award-winning TV personality Daphne Oz and Buzzfeed contributor Iván Emilio to host its first livestream shopping event, Hasbro Holiday Shopping Live, the company announced on Wednesday.
- Viewers can browse and purchase items directly from shoppable tags on Hasbro's microsite during the event, the company said. The event will also have appearances from guests, including gift wrap expert Alton DuLaney, give tips and tricks and showcase products.
- The company will broadcast the event across the Hasbro Instagram account, its Facebook Live page and the Hasbro microsite on Nov. 12 at 12 p.m. EST. The toy company said it is donating to Marine Toys for Tots for each person who watches the live event.
Dive Insight:
Amid ongoing supply chain woes in the toy sector, Hasbro continues to encourage holiday shopping by entering the livestream arena.
The retail industry has been going through a series of supply chain challenges throughout the year and, as the holiday approaches, many expect inventory shortages. Hasbro said that $100 million worth of orders weren't fulfilled in Q3 because of supply chain disruptions, though a majority of those orders were filled in early Q4.
In the company's most recent earnings, interim CEO Rich Stoddart emphasized that the company is ready for the season. "We are expertly managing the supply chain to ensure the shelves will be filled with Hasbro products this holiday," Stoddart said in an earnings call to analysts.
The company is also directing more money to marketing efforts during Q4. "We have aggressive advertising plans for this holiday season, shifting more dollars this year into the fourth quarter to drive point-of-sale. We will, however, closely match this expense with inventory availability," CFO Deb Thomas said on the earnings call.
Part of those efforts may be seen in opening and marketing an additional sales channel via livestreaming — a practice becoming increasingly popular with retailers. Research suggests that the livestream shopping market is expected to grow in the U.S. over the next couple of years, and other retailers and social media platforms are getting in on the shoppable video action. Saks recently unveiled its holiday livestream shopping shows featuring guests like Saks Executive Pastry Chef Stephanie Oliveira and Nicky Hilton Rothschild and Stacey Bendet of Alice + Olivia. Pinterest also recently launched livestream shopping shows which highlight products from brands like Allbirds, Outdoor Voices and Crown Affair.
A report from Coresight Research predicts that the livestream shopping market could reach $25 billion by 2023.
"We've planned a dynamic shopping experience that combines the fun of live video and the convenience of mobile shopping. It's a one-stop-shop and takes the guesswork out of what to buy for the holidays and delivers a perfect gift right from 'shelf' to your door this holiday season," Eric Nyman, chief consumer officer of Hasbro, said in a statement. "Today's consumers crave easy access to product recommendations and simplified online shopping more than ever before, and we look forward to meeting them where they are to deliver a fun and entertaining online shopping experience."
