Live-streaming for selling products and services is not something new. But, the COVID-19 hit has given it a new platform and boom. Many retail giants like Alibaba have taken advantage of live shopping for E-commerce to allow the viewers to watch and shop simultaneously. Though online shopping is still widely accepted, especially during the lockdowns, when it comes to live steaming E-commerce, it offers a better evaluation of a product due to an in-depth description of its look and feels.
There is no doubt that live streaming E-commerce is beneficial for retailers, marketplaces, and brands as it helps accelerate more conversions than traditional E-commerce. Apart from being entertaining, live shopping keeps the viewers immersed. Live shopping for eCommerce relies on trends like one-off coupons to develop a sense of urgency in viewers. Because of this, the conversion rates are way higher.
Live-streaming E-commerce, a fast-growing channel:
Live commerce is rapidly evolving, especially in China. It has taken little time to transform into an innovative sales channel while showing an exponential annual growth rate. The lockdown due to Covid-19 has also played a significant part in flaring the growth rate and increasing sales.
The most common product categories for live-streaming E-commerce are fashion and apparel, followed by food and beauty or skincare products. Then comes electronic devices and home decor or furnishings holding a fair share. Further developing brand allure and separation. Progressed nicely, live business expands a brand’s allure and peculiarity and pulls in extra web traffic. It can reinforce situating among existing clients and draw in new ones, particularly youngsters enthused about inventive shopping organizations and encounters. A few organizations are seeing their portion of more youthful crowds increment by up to 20 percent.
Live shopping for E-commerce and changing dynamics:
There were already many industries like accessories, fashion, skincare, and jewelry using live shopping for selling. But, with the Covid-19 pandemic, some other sectors, such as home appliances, automobiles, food, grocery, etc., have also gained momentum with live streaming E-commerce. It’s been seen that those who were managing their business fully offline have flipped towards online selling as a new way to run their businesses. They have understood that situations like the pandemic won’t be troubling anymore when a company is live.
Different live-streaming E-commerce types:
Just the way online shopping saw a massive transformation a few decades ago, it’s time for live shopping for live streaming E-commerce. Engagements in live shopping can be seen with videos to bridge the gap between the customers and sellers. To know the standard formats related to living shopping, have a look below! Live trade has advanced quickly in China, taking under five years to form into an imaginative deals channel with an expected entrance of 10 percent. The worth of China’s live-business market developed at a build yearly development rate (CAGR) of in excess of 280% somewhere in the range of 2017 and 2020, to come to an expected $171 billion every 2020. This development spray has been escalated by the COVID-19 pandemic, and Chinese deals are relied upon to reach $423 billion by 2022.5
The item classes most frequently displayed in live business are attire and design, with a 36 percent share, trailed by excellent items and food, with about 7% each (Exhibit 2). Buyer gadgets represent about 5%, and outfitting and home style for very nearly 4%.
Many online stores offer comfort to their customers to shop while sitting at their homes. With the addition of live video streaming on such platforms, engaging and retaining customers will be easier. In today’s time, the majority of brands offer the convenience of online shopping. If they integrate live-streaming, they can offer a better customer experience and foresee an increase in sales. They can imitate the actual marketplaces with real-time interactions while enhancing communication and driving sales.
By encouraging digital interaction, the organizations can establish a solid connection between the bidders worldwide. Live-streaming creates a massive opportunity for those bidders who cannot attend the saleroom physically. With live steaming E-commerce, reaching the participants with varied interests becomes easy, while it also makes sure that every item is sold with a thorough evaluation.
Online auctions are a big fish that asks for real-time video delivery. No matter what sort of auctions you are into, any delay in live-streaming can be damaging. Even a few seconds delay can make you lose billions of dollars while implementing specific formats online.
Live business joins moment buying of a highlighted item and crowd support through a visit capacity or response buttons. In China, the live business has changed the retail business and secured itself as a significant deal direct in under five years. In a 2020 review, 66% of Chinese purchasers said they had purchased items through Livestream in the past year.2 While retailers generally speaking in the West are as yet behind China chasing after live business, early movers are likewise beginning to pile up huge deals.
How precisely this new channel will foster is not yet clear. What is clear is that it holds gigantic long-haul potential for brands and web-based business stages the same. Assuming China’s experience is any aide, our investigation shows that live-trade started deals could represent as much as 10 to 20 percent of all web-based business by 2026.
They can also use their social media connections to boost product publicity and influence the audiences. With the help of influencers, you can keep the customers engaged in your brand while seamlessly promoting your products and services in an interactive format. Influencer streaming is doing pretty well on E-commerce platforms as it helps attract people of young age groups. So, go ahead and make the most of it. Begin by finding a famous influencer online who can add glam and relevance to your products and services.
With live events, you provide viewers with an opportunity. To make a purchase for anything seen on a brand using a specific portal. With shoppable mobile streaming, people can make purchases in real-time from a variety of brands. Live events are yet another type associated with live-streaming E-commerce.
Live shopping for E-commerce is a transformational medium to boost your business or brand. While live shopping is still emerging, if you implement the right practice, it can be extremely fruitful. So, as a brand, you need to adopt a thoughtful strategy to know. How you can use live-streaming easily while being friendly in your pocket.