By combining entertainment with eCommerce, live online shopping or live streaming for retail is changing the way customers engage and buy products online. Live shopping has grown in China and has become one of the go-to choices for customers all across the globe.
More than 11,000 retail shops were forced to close due to the COVID-19 epidemic in 2020, and brick-and-mortar retailers have been trying to recover since the great recession. Consumers are more comfortable buying online, yet conventional e-commerce lacks the engagement element of a store visit. As a result, one of the biggest trends in 2021 is expected to be Live Shopping.
But What is Live streaming for retail or Live Video Shopping?
Live streaming for retail is the amalgamation of live streaming technology and shoppable services which gives buyers and sellers an opportunity to connect in an unfiltered and authentic manner.
Live shopping and QVC
The majority of live shopping events are like a QVC program, except they are hosted in real time. Brands and/or merchants stream ‘live shopping shows’ for online viewers, with special offers and deals and discounts, creating a feeling of urgency among viewers. Throughout a live shopping show, shoppers may ask questions or make comments to a host in real-time.
A financial services company, live shopping in China accounted for RMB 440 million ($63 billion) in 2019.
We can’t dispute that celebrities demonstrating goods was a big part of the appeal of watching QVC and other shopping channels. And social media livestream ecommerce is no exception. Live video shopping capitalizes on the intersection of entertainment and retail. Many brands work with influencers or celebrities to make the experience more enjoyable, memorable, and engaging. That’s the key difference between conventional live shopping experiences on TV and those hosted via professional live online shopping platforms. Fans may interact with one another, ask questions, and get advice from someone they respect.
Success of Live video Shopping
Many live shopping shows include Key Opinion Leaders (similar to what we term “social influencers” in the West) who organize events and often promote or sell goods. This two-way, real-time engagement between customers and hosts not only creates buzz but also develops consumer confidence in a brand.
By establishing a two-way dialogue, live shopping enables brands and merchants to interact with customers, increasing engagement and trust. To be the first movers in the area, brands and merchants in the United States are increasingly leveraging platforms that offer live online shopping services. One such platform is Channelize.io livestream shopping platform that enables buyers to offer customers an experience that replicates the instore shopping experience.
Important tips for Livestream Shopping
TECHNOLOGY INVESTMENT: Because technology continues to disrupt the retail industry, brands and retailers must first establish a strong infrastructure and technical basis in order to host live shopping shows before moving on to content or marketing. The West is still lagging behind China in terms of live shopping technology and acceptance. In order to provide a smooth and glitch-free live stream shopping experience, brands and retailers must locate the appropriate partners or hire the required in-house expertise.
KEY POINT: KEEP IT INTERACTIVE. Live streaming commerce offers viewers the opportunity to better interact with goods in a digital medium as it mimics the touch & feel experience online.
Further Live streaming commerce breaks down the barrier between physical and digital, which is a major perk of it. When using livestream shopping, brands and merchants must guarantee that viewers can have a two-way dialogue with them, allowing them to ask questions and leave comments, and reply with information and educate them about the goods. Brands can use live streaming commerce to provide consumers with an interesting product discovery experience.
PARTNER WITH INFLUENCERS: Live streaming shopping, get greater consumer attention when brands and retailers team up with the appropriate influencers for their target demographic. With the usage of KOLs, live online shopping has been very effective. With influencers getting millions of views on their social media platforms, businesses and online stores can undoubtedly take advantage of this traffic to boost their brand exposure and awareness.
Last year, live streaming shopping shows produced an estimated $5.6 billion in sales. This year, the industry is expected to grow to $11 billion, and almost $26 billion by 2023. During the epidemic, merchants chased homebound customers on their phones and laptops, using a model that has been successful in China for more than five years.
So far, live streaming shopping has been one of the most engaging organic marketing platforms for retail brands. The realism of live video shopping is key to its success.
Livestream shopping allows brands to provide a more personal experience for audiences watching on their phones or tablets by eliminating the excessively polished look and feel of traditional marketing films. Real-time interaction simulates the intensity of a real-world marketplace, encouraging quick action and increased community involvement. To integrate the Livestream shopping platform to your website, e-mail Channelize.io at [email protected]