Live Commerce or Live Video Shopping is a growing trend based on social commerce which allows viewers to interact with the show host in real-time. During the Livestream, viewers may ask a host questions about the product or interact with other viewers via live chat. Audiences may also engage with the stream in real-time by utilizing Likes and responses.
The Advantages of Live Streaming Shopping
There are many reasons why brands should seriously consider using Live streaming commerce in their business strategy.
Live Commerce or live video shopping may also assist customers in making better-educated decisions by demonstrating the goods in action and providing them with the information they need prior to hitting the checkout button. Returns are 50% lower when a product is purchased via a live streaming shopping vs conventional eCommerce methods, according to research.
Live video shopping provides a unified consumer experience. According to data, 84 percent of customers believe a brand’s video persuaded them to make a purchase, and 96 percent have viewed a video to learn more about a product or service. Brands can foster the buyer experience from awareness to choice with Livestream shopping.
Livestream shopping is still in its early stages in the United States, but it is expected to become popular in the next few years. Marketers should pay careful attention to this trend of selling live increasingly impacting the customer experience as brands seek new ways to sell to their audience. Brands can create a feeling of community and trust among their target audience via Livestream shopping, which is more beneficial than social or digital commerce alone.
If you are fast enough to ride the wave of its novelty, you will have a leg up on the competitors. You’ll have more time to discover the formula that works for you and experience the advantages of Live Video Shopping firsthand if you start early.
Thirty-four per cent of Gen Z customers say they look for goods and brands via Live Streaming Shopping. Because of changes in purchasing behaviours of customers in recent years, Live Video Shopping has become a significant source of traffic and income for online retailers.
Because of the rapid development of Livestream shopping, brands now have the chance to better understand today’s consumers and create content that is customized to them.
An omnichannel approach is used in a smart eCommerce marketing plan, which provides consumers with numerous chances to interact with your business at any time, from any device, across multiple channels. These platforms may then operate in combination to increase brand awareness, attract traffic, increase online sales, and provide a unified shopping experience.
Why Is Livestream Shopping So Important for Brands These days?
Live Video Shopping or Live online shopping can benefit businesses and brands in many ways: it can speed up conversion, improve brand appeal, boost brand awareness and credibility.
Because Livestream shopping is engaging and interesting, it keeps hooked for a longer period of time. It also enables the reduction of consumer decision paths, from brand awareness to purchase. Businesses may also generate a feeling of urgency by using time-limited tactics such as one-time discounts.
Businesses may achieve a 30 per cent conversion rate with Live Streaming Shopping, which is up to ten times greater than conventional e-commerce.
When done correctly, Live Video Shopping may also enhance a brand’s reach, awareness and drive more online visitors. It has the potential to enhance current consumer relationships while also captivating the new ones, particularly young generations interested in novel retail experiences. Some brands are seeing a 20 per cent increase in their proportion of youthful viewers.
According to a study of Commerce Department statistics, almost $1 in every $5 spent on retail purchases came from digital orders, and the online’s proportion of total retail sales remained high from pre-pandemic levels. However, penetration fell to 18.6 percent from 20.3 percent at the same time the previous year.
Benefits of live video shopping
Here are some of the benefits Live online shopping:
- Effective and easy way to drive sales and boost customer loyalty.
- Replicates offline shopping experiences by displaying goods in context: Host demonstrates how things seem from various perspectives for consumers, who may also request particular models for certain clothing.
- Highly interactive and fun: Customers may engage with hosts during a live shopping show, having their concerns and questions addressed. Additionally, giveaways and discounts are often used by brands to boost engagement.
- Creates a feeling of urgency: Customers often believe that they will miss out on a fantastic deal if they do not place their purchase during a Live Shopping Show.
You can get started with Channelize.io live shopping platform and offer your consumers an improved and engaging shopping experience in real-time. E-mail firstname.lastname@example.org to get started.