As per reports, Live Shopping in the US is predicted to become a $6 billion market in 2021 and $25 billion by 2023. Originally popularized in China, this method of eCommerce replicating the 90’s QVC show has gained popularity all over the world.
Retailers are leveraging the phenomenon of live video shopping to make thousands of dollars in sales and gain more customers. Fashion and lifestyle brands can demonstrate their latest products or auction off collectibles in real-time. Now brands can reach customers vastly widening their net of loyal customers.
What makes live commerce so unique?
With Livestream shopping, interactive options are improved as brands have a number of effective ways to communicate with their buyers in real-time. Furthermore, the ability to learn more and purchase directly during a live shopping show offers shoppers a much more improved experience. Direct channels of purchase, enabling comments and reactions, indulging in engaging activities in real-time ultimately leads to a boost in sales and customer loyalty. The live shopping experience is designed to replicate the experience of shopping in a store or mall.
Advantages of Live Streaming Shopping
Reduce Distribution Costs:
Live streaming shopping minimizes overhead costs. During a live shopping show products are sold directly from a warehouse or a setup instead of being shipped from various locations, hence the order of operations and processes for receiving becomes simple.
Improving Customer Experience:
During a live shopping show, a host that can be a brand ambassador, company employee, influencer, etc can effectively demonstrate features, discuss how the product can be put to use, and answer customer pain points in real-time.
The direct interaction with customers helps to increase customer value for retailers and enables shoppers to make informed decisions. The beauty of real-time engagement shopping with the customer lies in discovering what your audience wants and using that information to shape the online shopping process and influence their buying decision.
Targeted email campaigns, social media posts, and other forms of marketing can be leveraged to maintain customer loyalty. You can repurpose your live show’s recorded video to target your customers on various platforms. This increases your brand reach and brand awareness. You can further target shoppers via email newsletters offering them coupons and discounts.
Collaborating with influencers, celebrities or any prominent personalities creates long-term brand loyalty as shoppers tend to connect more and better with individuals selling products. When shoppers create personal relationships with such celebrities or brand ambassadors customer value increases for sellers.
Such customers tend to stay loyal to their brands and even bring more customers. Hence more and more buyers are preferring live shopping experiences.
Preparing for a live shopping show
The trend of live stream shopping has been enormously hyped today. Furthermore, the pandemic too also ignited its adoption. To increase the success rate of your live shopping show, you should prepare well in advance.
Create a pre-show communication strategy. A pre-show communication strategy creates anticipation among customers while generating confidence among brands planning to host a live shopping show. Additionally, you can create a landing page for your live shopping show containing the relevant details of your show. All this will generate buzz to attract the largest audience possible.
Pre-show communication helps your audiences understand, get inspired, and feel excited about participating in your live shopping show. This can be done by promoting your live shopping show on social media channels well in advance.
Preparing the content for your Livestream shopping show will help the overall aesthetic of your show. Content is a vital asset when it comes to creating an engaging and interactive production. Talk bout your products in detail and answer viewers right away.
Streaming to multiple platforms
The best way to reach a wide range of audiences is to stream your show to multiple platforms at once. This maximizes your reach and helps you grow your customers irrespective of the platform they leverage.
Professional hosting of live shopping shows has many perks for businesses, especially when it comes to engaging and retaining a remote audience. Hosting a successful live shopping show hence takes a bit of preparation and setup, but the process is very impactful in boosting sales.
Also, choosing the right live commerce platform plays a major role in the success of your live show. Channelize.io offers one such live shopping platform that can help you achieve your goals effortlessly.
Are you on Shopify? Well, now you can connect with your customers in a human way and sell live. Install our Live Shop Plugin for Shopify and get started now.
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