With the arrival of the Covid-19 pandemic, the world has changed its course. 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 conducted, 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.
If you believe that live streaming commerce is only a few years old, you are greatly mistaken. The live TV ads that were broadcasted 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 having access to the internet, live shopping has changed its platform. Businesses have started integrating the live streaming solution to 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 the viewers engaged and hooked for the entire session, it is necessary to make it fun as well as informative. By 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 drives engagement.
Online credibility holds utmost importance as the majority of your audience are already using the internet daily.
More and more brands are hosting live streaming sessions whereby they conduct an interactive Q&A discussion. 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. This makes up for the personalized shopping experience for customers. It indirectly persuades viewers to become buyers. This increases sales and revenue, making live streaming commerce a profitable investment.
Live videos are raw and unedited, there are no special effects, no heavy video editing. Through live streaming, you get exactly what you see. This is one of the reasons why live streaming is so appealing to audiences. Furthermore, live streaming gives audiences an inside, intimate view of your brand which showcases how authentic a brand is.
What 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.
Live streaming commerce mixes entertainment, interactivity, and community to create the closest thing to a real-life shopping experience that the digital world can currently provide. This further closes the gap between customers and brands.
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, it can be concluded that live streaming commerce is a growing and flourishing solution, especially for retail and e-commerce businesses.
Live streaming is an economical strategy that can easily encapture a large audience at nominal prices. All you require is a reliable streaming platform, camera, and an internet connection and you’re good to go.
Channelize.io provides a coherent and consistent live streaming solution for your e-commerce business. It allows your customers to engage with you on a real-time basis by also simultaneously decreasing the running cost of your business. Its live streaming commerce platform offers low customer acquisition cost. This makes it a profitable option. Along with that, there are also other benefits like increased sales, more engagement, and the availability of recordings after the live stream is over. All this will make it more convenient for your users to understand the aspects of your business.