Due to the pandemic as retail outlets, for the most part, remained shuttered, many of us have turned to online shopping to shop everything from the most essentials to luxury items. This has resulted in a boom for the eCommerce industry. So what does that future look like?
Brands will offer a more engaging shopping experience than just filling a virtual shopping cart or we can say Live Stream Shopping will be the future of retail.
So what is Live shopping?
Live shopping is an emerging trend that offers the ability to launch, showcase, and ultimately advertise products to a live audience that can interact in that live experience.
The Livestream shopping craze has its roots in China in the mid-2010s when influencers started leveraging live videos to take their fans with them as they traveled to boutiques sharing and explaining products along the way. Such live streaming sessions gave viewers a glimpse of exotic locations with the choice to buy products that were not readily available in China.
China’s e-commerce giants then started offering live shows via video, hosted by prominent personalities with features like live chat and seamless purchasing. The success of Livestream shopping was seen On Singles Day 2019 wherein influencer Viya attracted more than 43 million customers during her live stream show. Hence In 2020, Livestream shopping was predicted to garner about $136 billion in revenue in China.
What We Can Learn From China?
With products selling out in a matter of seconds, live commerce can be profitable for those involved. For this reason, many retail brands like genuine leather jackets are looking at live commerce as an opportunity to intensify or establish their eCommerce offering.
Meeting buyers needs Via Live Commerce
Covid-19 pandemic changed buyers’ lifestyle and shopping habits. Hence to adapt to new customer behaviors, retailers are required to find opportunities to bring more of the in-store experience online. Any such addition that is aligned with emerging customer needs and can be integrated with existing channels to support a consistent experience can meet buyers’ expectations. And live commerce gives you all this.
Here is how Live shopping can meet buyer’s expectations
The term Shoppertainment is a merge of live shopping and entertainment – and means the combination of both these concepts. It is a retail tactic for providing engagement to customers by way of giving them entertaining online shopping experiences. Successful use of shoppertainment draws customers towards your brand for the experience and keeps them entertained once they’re there. This puts customers in a mood to shop and can encourage them to come back again leading to increased sales for a brand.
Recent studies depict that 90% of viewers say that videos are useful in the decision process, and also one minute of video is equal to 1.8 million words!
The consumption of video content is growing swiftly making videos the fastest-growing digital channel. Videos give customers the opportunity to see how a product functions in real life, discover any flaws before buying an item, and identify perks or drawbacks that they might not find in the text-based description. Hence video content has the power to boost a consumer’s trust in a brand or its offering.
Consumers are looking for convenience more than ever. 83% Of buyers say that convenience while shopping is more essential today than it was 5 years ago.
Furthermore, as consumers want to devote less time to shopping and more to other endeavors, their wish for convenience has grown. This has turned their attention has to online shopping and live streaming services.
How Live-Streaming can be used in eCommerce?
- Behind-the-scenes Live Video
- Live streaming of product launches
- Live-streaming post-delivery services
- Giveaways and contests
- Influencers or Celebrities collaboration
- Product unboxing and review streams
Wrapping it up
The key goal of any brand is to offer products and services that best serve its consumer needs. Live streaming commerce can help you meet your customer’s needs more successfully than your competitors.
Livestream eCommerce marries the best bits of digital and physical retail experiences. It can serve as an introduction to a brand in a manner that is far more educative than reading off a screen. Not only do hosts have room to share more information but they can also take questions or chat with potential customers and clear their doubts.
With the Channelize.io Live Streaming Commerce solution, you can engage with your potential customers in a better and improved way and can retain them. This can boost your brand awareness and make you stand out from the competition.
So what are you waiting for? Get in touch with us at firstname.lastname@example.org and start your now.