An Overview:
Retail stores offer great customer service as they focus on the definite need of their customers and offer bespoke assistance. With a handful of shoppers at a particular time, retail stores have the luxury of attending to each customer personally, until they have made a decision and are ready to buy. However, it is not the same with online shopping! live streaming ecommerce stores and online shopping websites have a broader reach and have no limit on the number of people that they can serve at once. Plenty of customers can visit the website, but a personal approach cannot be created. Hence, to fill in this gap, live video stream shopping was introduced.
Live Video stream shopping successfully combined the two! Now online retailers could reach out to the vast online audience and respond to customers on a one-on-one basis. But how exactly did live video stream shopping offer bespoke assistance? What is live shopping? How does it contribute to online sales? Are eCommerce websites actually benefiting from live video shopping apps? And is live video stream shopping the future of eCommerce?
Let’s find out!
Understanding Live Shopping:
Live shopping or online video shopping platforms host live video content and allow two-way communication to offer viewers/customers a seamless experience wherein they can buy or save products from the eCommerce website.
live video stream shopping or simply live video shopping is an amalgamation between shopping models such as Home Shopping Network or QVC with live video, content marketing, influencer marketing, and entertainment. It is compared to Television QVCs because rather than calling and ordering products, customers are engaged via videos on social media that are linked to a website or an eCommerce platform.
Live video shopping is a type of direct-to-consumer (D2C) sales held through videos and social commerce. Through, live shopping sellers can display their products and customers can buy the products in real-tim樂威壯
e. With live video stream shopping, it gives less room for deliberation for the customer, increased customer engagement, and higher sales. Ultimately, it offers a highly engaging experience and goes beyond simply clicking and filling up a shopping cart.
Place Where Live Shopping Is Trending Currently:
Live video stream shopping is trending worldwide! The trend that started in China, is now booming globally, with large brands promoting through this bandwagon. In May 2016, Alibaba’s Taobao Live initiated a powerful new approach by linking up an online live video stream broadcast with an e-commerce store to allow viewers to watch and shop at the same time. live stream shopping quickly gathered attention and became the right move for sales campaigns on Singles’ Day (a shopping event in China).
Similarly, various eCommerce establishments started making use of live selling through videos, and soon live video stream shopping turned into a reliable digital tool for boosting customer engagement and sales. By 2020, 30 minutes of Alibaba’s Singles’ Day pre-sales campaign had started generating a whopping $7.5 billion. Soon other markets started making use of live video stream shopping as a means of expanding their sales extensively.
Research held by Coresight predicted that the live video stream shopping market in the US will reach $11 billion by the end of 2021 and $25 billion by 2023. Likewise in China, live video stream shopping has already amplified from $66 billion in 2019 to $150 billion in 2020. Expects at Coresight say that China’s live video stream shopping sales will reach $300 billion by the end of 2021. Likewise, the eCommerce market in India as well as seen the emergence of newer formats to reach consumers directly – live video stream shopping being the most prevalent ones!
How To Get Started?
Live video stream shopping is swiftly changing the way brands can engage with customers. From established brands to upcoming products – all are exploring the platform. While it still is relatively new, it certainly gives results because of which eCommerce companies are looking towards live video streaming as a means to boost sales.
Here are Two Things that need to be Aligned, for Anyone to Get Started With Live Video Stream Shopping:
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The Format
Live video stream shopping is a combination of online shopping, live video streaming, and social media. Nonetheless, it is essential to ascertain the type of video format. Be it MOV, AVI, WMV, FLV, AVCHD, MKV, or any other. Streaming buffer-free live video content is extremely crucial to keep the customers engaged and interactive. With the help of video transcoding platforms preferred codecs such as HEVC, H. 264, DivX and MPEG-4 can be used. It is always great to use a ready-to-go live video streaming solution wherein all you have to do is just manage the backend interface.
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The Logistics
Going live is great! But before doing so there are a couple of things to be considered. From the content that is going to be displayed during the live video stream shopping to the devices used to host the live selling. From the setup and the modes of audio recording to the seamless internet connection. There is a lot of logistics that need to be attended to beforehand.
Exploring on Some of the Live Video Stream Shopping Platforms:
Exploring live video streaming platforms can be overwhelming, as there are many aspects to keep in mind. While a certain live video stream shopping platform could work for one type of product, it would not work for every other product. However, some generic features to look for are privacy, authorization, customization, embedding restrictions, and security. Eventually, live selling needs to define the content and deliver it to the audience. Businesses or brands would surely prefer a white label web player, remove a platform’s logo from their page, and embed the videos on their own landing pages.
For instance, Vimeo Live video stream is best for brands that want innovative functionalities, like multiple simultaneous streams, geo-blocking and IP restriction, monetization, API access, or eCDN. Likewise video management and live video streaming solutions that are cost-effective, but offers customization only through its API, adding a level of complexity for teams to create an on-brand viewing experience.
YouTube is yet another platform to host live video streams for shopping. It allows influencers/creators and fans or viewers to interact. Audiences are offered live product drops, exclusive discounts, and even fan pools are held during their shopping live video streams. Social Media platforms like Instagram, Facebook, and LinkedIn also host options to create live video shopping for followers and targeted audiences.
Advantages Of Live Shopping:
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Better Engagement
Customers or viewers that participate in live shopping can see the products and even interact with assistants in real-time through integrated live chat video shopping apps. It combines the accessibility of online eCommerce with the human element of shopping. This delivers better engagement as it makes room for feedback and reviews and creates scope for personalized content.
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Boosts Sales
Live shopping is an effective tool to boost sales as it spins around building a strong relationship with the target audience and creates a demand for the brand. Methods used during live shopping to boost sales are as follows; pre-event teasers or pre-launch offers; “Buy Now” discounts during the live video stream; live auctions, competitions, etc.
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Brand Awareness
For effective brand awareness getting in front of the target audience is a must! And that’s exactly what live shopping is all about! Online video chat shopping or live selling is amazing to build brand awareness and expand reach, particularly since so many people prefer watching video over other types of content.
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Impulsive Purchase
Live video streaming has become one of the most successful ways to engage viewers swiftly. The entire approach creates a sense of immediacy and excitement among the viewers and creates engagement much more than pre-recorded video. Businesses and brands can take advantage of this excitement and encourage impulsive purchases, resulting in an increase in sales.
Conclusion
Retailers from across the globe continue to jump on the live video streaming bandwagon. Brands have also become increasingly digital from discovery to delivery. The agenda is to launch live video stream shopping and extend capabilities in order to serve the customer better. And this can be achieved through live shopping as it is all about interacting with an audience in real-time. So, if you as a retailer are wanting an efficient channel for your customer to interact.
