With the arrival of the Covid-19 pandemic, the world has changed. With a significant amount of the population staying indoors, businesses are going left and right to stay afloat. Retail is one such industry that has successfully managed to remain profitable through live streaming commerce.
According to a study, 79% of people believe that effective video streaming has convinced them to buy a product. With such positive numbers, the benefits of live commerce have multiplied.
The live TV ads that were broadcasting late at night were nothing but video commerce only. The host would generally introduce the product and demonstrate its usage, physical appearance, benefits, and prices.
But today, the time has drastically changed for good. With over 4.57 billion people accessing the internet, live shopping has changed its platform. Businesses have started integrating the live streaming solution into their websites and mobile applications to boost buyer engagement and offer improved product experiences.
How Beneficial is Live Streaming Commerce for Retail Business?
Brands have witnessed several advantages after opting for live streaming solutions for commerce. The following are some of its benefits:
Boosts engagement and retention
An innovative and engaging live streaming commerce can captivate many new viewers while retaining existing customers. To keep engaged and hooked to see the entire session, it is necessary to make it fun and informative.
Adding a real-time chat feature to the live stream can allow your viewers to voice their feedback or concerns. Features like live pools and reactions, chat, document, and media sharing further drive engagement.
Builds credibility
Online credibility holds utmost importance as most of your audience is already using the internet daily. More and more brands are hosting live streaming sessions to conduct an interactive Q&A discussions.
The viewers are allowed to come up with their queries and get them solved almost instantaneously. Such efficient customer service also builds the credibility of a business or brand.
Boosts sales conversion rate
Live demonstrations are conducted during a live session whereby the usage and benefits of products are illustrated. It makes up for the personalized shopping experience for customers. It indirectly persuades viewers to become buyers. It increases sales and revenue, making live streaming commerce a profitable investment.
More Authentic
Live videos have a raw, unedited look and high quality. They are not created with special effects or video editing heavy. Through live streaming, you get what you see. Millions of hours of live streaming are so much more than entertainment. Furthermore, live streaming gives audiences an inside, intimate view of your brand, which showcases how authentic a brand is.
The future of Live Streaming Commerce?
The Covid-19 pandemic has indeed opened new gateways, especially for retail businesses. Live streaming commerce can effectively lead to a gradual boost in sales. In the age of digital world shopping, consumers are missing out on those live interactive experiences that make goods more desirable.
In November 2019, Alibaba announced a 20-billion- yuan sale via live streaming. When Coachella live-streamed its 2011 performance, tickets for the year 2012 sold out in mere three hours.
Thus, live streaming commerce is a growing and flourishing solution, especially for retail and e-commerce businesses.
FAQ
1.What is live streaming commerce?
Ans.: Live streaming commerce is a technique of selling products online with videos in which the customer interacts with the brand live on digital platforms.
2. What are live shopping trends?
Ans.: With live shopping, consumers will join by choice and not have their ads forced upon them. So, live shopping trends mean the online sales progression rate for an individual or a company.
3. How does live commerce work?
Ans.: Live Commerce is the act of selling goods and services through live video chats. Through live video, shoppers can interact with the brand in real-time when purchasing goods or services.
4. Is live streaming shopping or live stream shopping helpful?
Ans.: Yes, because “Livestream shopping” is a marketing strategy that involves influencers and celebrities, brands can post the products to be promoted during certain live times on social media or through another platform.
5. What about the basics of live commerce?
Ans.: Live-streamed video is a new marketing platform that enables brands to sell products through live streams. Live commerce is usually an online selling system.
Conclusion
Live streaming is an economic strategy that can easily encapture a large audience at nominal prices. With over 4.57 billion people accessing the internet, live shopping has changed its platform. 79% believe that effective video streaming has convinced them to buy a product. Live demonstrations are conducted during a live session whereby the usage and benefits of products are illustrated.
The Covid-19 pandemic has indeed opened new gateways, especially for retail businesses. Live streaming commerce can effectively lead to a gradual boost in sales. In November 2019, Alibaba announced a 20-billion- yuan sale via live streaming on its website.
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