In 2021, live streaming shopping is the rage. While not new, more and more brands and eCommerce stores are jumping on the live video shopping bandwagon this year, making it an industry trend. Livestream shopping is a business concept in which merchants, influencers, or celebrities sell goods and services via a live online shopping platform. The whole idea resembles Home Shopping Channels like QVC via which a host would display and discuss the offering as well as answer audience queries telephonically.
In China, Livestream eCommerce started with a basic structure but now the format has extended to incorporate in-stream customer interactions, product evaluations, and launches. However, the fundamental objective remains the same: to increase sales and gain more customers. The enormous size of China’s consumer market and strong smartphone penetration are critical elements allowing the fast growth of live selling or Live Shopping. It also benefits from the growing usage of cashless transactions and customer trust in making fast online purchases.
2020 has been identified as the year when live commerce matured in Asia. It is anticipated that by the end of 2021, it will have become a key channel for brands across all customer groups.
Over the last three years, Live Video Shopping has seen explosive revenue growth in China. Another record-breaking November 11 shopping extravaganza, affectionately known as the 11.11 sale, is the world’s biggest annual online retail event which surpassed USD 74 billion sales.
Originated in China, Live commerce quickly gained traction throughout Southeast Asia. As customers spend more time browsing and buying from home this year, brands are capitalizing on this strong sales and engagement channel.
The possibilities of Live Commerce are expanding as consumers get more acquainted with it. It is also used for improving brand recognition and reach, offering improved customer experiences, and generating gamified interactions with customers, in addition, to directly increasing sales.
Here are some of the reasons why Livestream shopping is gaining popularity
Because it is quick and simple
Selling live and direct to online users promises dynamic sales, particularly for discounted goods. Additionally, live video shopping allows brands to experiment with product bundles and value-added promotions that they may not be able to provide on e-marketplaces.
The ability to generate immediate sales irrespective of any industry from snacks and handbags to perfumes and fresh fruits live-streaming shopping is being leveraged by retailers all over the world.
Expert assistance via Livestream shopping platforms
Many brands conduct live shopping shows wherein employees and brand advocates host live shopping shows and address audiences. During China’s shutdown, for example, several businesses encouraged their employees to conduct Livestream shopping shows in order to sell goods.
For live shopping, certain skill sets and tools are required. Using complex platforms may result in poor sales optimization and, worse, negative comments from online audiences.
Increased Retail Sales as a Result of Livestream shopping
By going live with their goods and executing live shopping ideas such as see-now-buy-now tactics, e-commerce generates new revenues via Live Video Shopping. Product launch improves the online purchasing experience for end-users, bringing businesses and consumers closer together. Not just sales but a reliable live video shopping platform acts as an effective marketing tool.
Improved Customer Engagement and Retention
The amount of customer engagement and retention generated via a Livestream shopping platform is one of the primary reasons why it is becoming essential for brands. There is no other platform or marketing approach that allows for this degree of engagement. Live Video Shopping also offers the greatest engagement rate as compared to any other media.
Livestreaming for e-commerce may also assist in replacing the social element that is lacking in traditional online purchasing by bringing the experience to life and increasing interaction between consumers and retailers.
With the popularity and development of live shopping, an increasing number of brands are providing merchants with the option to sell live. There are platforms on the market such as Channelize.io live shopping platform that acts as an effective sales and marketing tool.
A platform for Increasing Engagement with Live Video Shopping
There are many tools and websites to assist you to improve your live streaming, but if you are searching for a platform that is both simple and reliable to help you achieve your business goals then Channelize.io Livestream shopping platform is your solution. Connect now! [email protected]