Livestream Shopping- How It Has Elevated Ecommerce

 Livestream shopping, also known as live shopping, is a growing trend in eCommerce that is assisting businesses in gaining more attention and sales. Customers can observe and participate in the product review. Livestream eCommerce is a $500 billion sector that is still expanding. Top firms have recently made big pushes into the live-streaming industry. Shopify, for example, developed Shopify Live, while Facebook included livestream shopping functionality in its new Marketplace program. This article highlights how livestream shopping has transformed online shopping and why businesses should consider adapting it to their business.

Livestream Shopping – An Overview

A celebrity or influencer promoting a product or service via live video is referred to as live eCommerce. A firm may also live-stream an event on their website or social media sites without involving an influencer.

Because it allows businesses to connect with their customers on an intimate level, livestreaming has enormous potential to increase a company's income and engagement. As technology progresses at rapid speed, so does the e-commerce industry; it is currently one of the most prominent trends and will only grow in importance.

According to Coresight Research, the live stream retail industry in the United States will be worth $11 billion by the end of 2021. By 2023, this value is predicted to reach $25 billion.

This was essentially non-existent in the West only a few years ago, accounting for barely 3.5% of China's retail e-commerce. According to eMarketer, it was worth $300 billion in China, the country that started the live streaming and online shopping growth, in 2021 and is predicted to reach $600 billion in 2023, with a 19.5% share of retail sales.

Types and Benefits of Livestream Shopping

This revolutionary model can help any business, product, or service. A live demonstration has various advantages, including a higher conversion rate and a better capacity to engage with the audience.

Interactive Sessions in Real-Time

Customers can connect with a sales professional live on their computer or mobile device, making purchasing more convenient and enjoyable. Customers can be kept engaged and interested in a brand by providing them with relevant and timely information.

Interviews, Q&A, and FAQs are excellent ways to convert visitors into potential customers. Using this real-time advertising content is an excellent approach to spread the word about a brand.

Behind-the-scenes Live Video

Behind-the-scenes insights at what goes on in your firm and how items are manufactured are a terrific way to give people a sneak peak into your brand. It allows consumers to get to know you better and develop trust in your brand.

People enjoy seeing what goes on in the factories, offices, and stores of their favorite businesses because it helps them feel more connected to them. People are more likely to buy from you if they can relate to your product or service.

Product Demos 

A product demo is a wonderful tool for demonstrating how something works and why it is worthwhile to purchase. If customers have questions about products or services, they can ask them live from their computer or mobile device during an event.

If they don't want to wait for an answer during a video broadcast, they can ask such inquiries via chat.

Influencer Collaboration

Collaboration with influencers has proven to be an effective and common method for eCommerce organizations looking to improve sales while also allowing influencers to earn money and develop their fan networks.

Celebrities have found constant success with celebrity live stream shopping in order to stand out in a sea of hundreds of live streaming videos. Seeing a celebrity put on clothes and discuss which ensembles suit them best helps to develop trust between followers and brands.

Because they know her, people are more likely to buy what she's wearing.

Zendaya, an actress and social media sensation, has a huge fan base and is one of Instagram's most sought-after Gen-Z stars. She has almost 142 million Instagram followers as of May 30, 2022. Cristiano Ronaldo has at least 400 million followers on Twitter.

It’s Fun! 

Who doesn't enjoy going shopping? We've all gotten accustomed to communicating with brands in a variety of ways, and live streaming is an excellent method to communicate with your customers in real time.

Customers want to be entertained, thus live streaming should be enjoyable and interactive. Customers will be happy and more likely to make purchases from you on their own time if you provide useful information and engage with them.

Why Livestream Shopping Is Effective

Livestream eCommerce is practical because:

1. Consumer support in real time: If a customer has a question regarding an item, they can ask it live, and staff members can respond in real time. This is particularly beneficial for technical questions that might normally necessitate a lengthy email dialogue.

2. Customers are more likely to purchase things when they know exactly how to utilize them and how nice they appear on their skin or apparel.

3. Authenticity: Customers like seeing behind-the-scenes footage of companies at work; it helps them feel connected to brands and gives them insight into what goes into making products and running businesses

4. Improved SEO: When you use livestreaming platforms like Facebook Live and YouTube, you may tag objects and links, which will assist your search engine optimization (SEO) rankings.

5. Company loyalty: Customers who have had good customer service through livestreaming are considerably more likely to return than those who have not previously had favorable interactions with your brand.

6. Economically viable: Because livestreaming is less expensive than traditional advertising, it makes financial sense.

7. Reach a new audience: Because anybody can tune in and view videos online, livestreaming not only attracts existing consumers, but it also attracts new ones.

Brands extend their doors to online buyers with livestream shopping. They enable users to purchase stuff in real-time while browsing products on the site. This is part of a larger trend known as omnichannel retailing, which has been in existence for some time.

It refers to retail sales performed over various channels in order to improve customer happiness and profitability. Customers who want to shop while watching a livestream must first link their social media accounts, such as Twitter or Instagram, to their livestream-shopping accounts.

Companies Profiting From Integrating Livestreaming and E-commerce

By combining the two technologies, businesses can break revenue records and reach their business goals more swiftly. The companies listed below have profited from livestream shopping.

Amazon

No company in the United States outperforms Amazon in livestream shopping. Amazon’s streaming service was launched in response to the growing popularity of livestream shopping. Streaming services are already used by the corporation for a variety of other programming, such as lifestyle, fitness, and cuisine shows.

Amazon created Amazon Live, a video shopping site similar to QVC. Customers in both the United States and China increasingly rely on influencers for purchase advice, and Amazon has capitalized on its enormous network of influencers with its new platform. At Amazon's Prime Day event, influencers were able to Livestream and interact with shoppers.

Walmart

When Walmart debuted influencer-driven live shopping on TikTok in 2020, there were seven times more viewers than expected and a quarter-million more followers. Firms may maintain their eCommerce dominance by developing a digital experience that includes live commerce.

Livestream eCommerce is more than just an online shopping alternative; it provides customers with a cutting-edge in-store and online shopping combination.

Nordstrom

Nordstrom, one of the most well-known shops, has already made its live streaming channel open to the entire public. The American luxury retailer has held virtual shopping events through live streaming systems.

Attendees can use live chat to connect with the host and other attendees, and they can even buy anything they find intriguing.

Alibaba

Live commerce in China, on the other hand, has grown rapidly, with revenues exceeding $171 billion in 2020 and expected to reach $423 billion by 2022. Meanwhile, the Chinese livestream eCommerce market grew at a compound annual growth rate of around 280% between 2017 and 2020.

Alibaba Group was among the first to offer real-time internet purchasing. The Alibaba Group is maintaining its efforts in this field due to the huge revenues made by live stream shopping.

Alibaba's influencers Austin Li and Viya earned more than $149.5 million in live streaming throughout the Singles Day presale period in 2020 on the first day of the presale period.

Facebook

Facebook, another social media juggernaut, has already introduced shoppable livestreams. Livestreams are available to all business pages on Facebook. It becomes a more accessible option for organizations who do not have their own streaming platforms.

Things to Consider Before Livestreaming

Before livestreaming, corporate owners should assess their target demographic and what they want from a livestream. Is this a one-time offer? Is the atmosphere stimulating? Is it behind-the-scenes access to something they're interested in?

Before building a following, it is vital to define exactly what a corporation intends to provide in the broadcast. This guarantees that you produce content that people want to see and hear. If you don't know what people want from a livestream, you shouldn't do one.

Final Thoughts

The next big thing in eCommerce is live streaming. It has evolved into an important retail strategy for attracting and retaining customers as well as increasing income. Businesses are capitalizing on the popularity of live streaming shopping by marketing it on their websites and social media platforms.

The world of eCommerce has brought us many benefits; from home delivery to coupons, retailers are searching for any advantage they can get. Livestream shopping takes off, and it could be one of the biggest game changers in our industry ever.