As more and more people are buying products online, companies need to come up with creative ways to stand out. Live streaming is one of the most recent trends in the retail industry. Retail brands worldwide benefit from the tremendous value that live shopping brings. Marketers must build a solid Livestream Shopping Marketing Strategy to stay competitive.
According to reporting by Retail Touchpoints, Coresight Research estimated that Livestream Shopping will be worth $35 billion by 2024. And it will overtake 3.3% of the e-commerce market size in the USA.
Live Video Shopping has grown so aggressively because the companies that use livestream selling strategies are seeing conversion rates of up to 30%. That is 10 times higher than the average ecommerce conversion rate.
Well, you’re a marketer looking to get a grip on integrating Livestream Shopping into your marketing strategy. In that case, this is the guide for you.
What is Livestream Shopping?
The next level of shopping is here, and it’s called streaming shopping. Livestream shopping is a burgeoning trend that combines eCommerce with live entertainment to offer consumers a more engaging shopping experience from home.
With live streaming, shoppers can enjoy an engaging video experience while still feeling confident in their purchase. In addition, thanks to the chat feature, they can interact with hosts and other shoppers and have the ability to review products before buying them.
Shopping has never been more straightforward and more fun. With this being the age of social media, the most accessible platforms are online. But, of course, you can prefer something other than shopping-specific platforms like Amazon or TikTok. In that case, you can easily add it to your eCommerce. Check out to learn how to add Livestream Shopping to your online store.
Shopping has never been more straightforward and more fun.
How Does Livestream Shopping Work?
The concept of shopping via live streaming is quite simple. Livestream commerce works like live TV shows, where shoppers watch live as an influencer or host discusses, demonstrates, and reviews products. Furthermore, there are social interactions that create joint desires to shop. Buying, social interaction, and live entertainment are all combined effectively here.
Specifically, remember to include event marketing strategies as part of your marketing plan.
A connection-driven approach
What attracts most people to live stream commerce is how engaging the hosts are. While not as crucial as tone, a significant connection that the audience shares with the presenter matters. What this tells us is that audience engagement is paramount. The influencers you want to target will already have a good connection with your audience. It improves trust metrics and credibility, as well as attracts viewers.
Engagement Focused
More and more live streams are adding chat features and using reaction buttons to involve their audiences. The result is better success rates.
Involving the audience by holding polls and soliciting comments for the stream helps to ramp up the level of engagement for the event and increase the success of the consumer company.
Viable from a commercial perspective
Have you tried it before? If so, you may have noticed the fantastic opportunity this offers companies willing to give it a go. When done well, live-streaming shopping can boost sales tremendously and create an all-around excellent customer experience.
Be sure to include this sales technique in your next campaign.
What are the benefits of adding Livestream shopping to Your Online Store?
Have you ever wanted to offer your customers a more personalized shopping experience?
One that ensures their brand loyalty and increases sales? With live video shopping, you can do just that. With Livestream Events, shoppers can see the products up close and personal without leaving their homes. It also allows them more time to decide which product to purchase.
The power of Live Stream Events is to increase visibility and strengthen brand loyalty. Also, it drives sales and enables shoppers to choose the right products. You might need this if you are experiencing high abandon cart rates and low conversion rates.
Yet, there are also common problems that e-commerce business owners face, like brand awareness, competition, customer retention, and other challenges that take time to overcome. These are tricky issues that are difficult to overcome. Likewise, best practices take time to implement.
You can try Live Video Shopping if you’re experiencing high abandon cart rates and low conversion rates. It’s a new, low-cost tool where you can get immediate results with little cost. In addition, if well managed, Live Shopping Events can boost your online store’s traffic with current and potential customers.
Live commerce: Creating value for marketers
Live shopping can increase brand awareness, sales, and revenues based on its current and estimated growth. The benefits of live commerce are even more significant for marketers, including greater online engagement and efficacy at a much more affordable price.
It’s worthwhile to market through live shopping events because there are more benefits. Live commerce can help marketers reach their objectives by accomplishing such things.
Faster conversions
Online shopping can be entertaining and engaging. One of the many results is a more significant amount of viewer engagement. In addition, it accelerates the consumer’s journey from an interest to a purchase.
With like-minded viewers buying your product in real-time, customers might not doubt their purchase for long. With scarcity tactics like limited-time offers and coupons, these advertisements cause viewers to have a sense of urgency.
As a result, the rates of conversion have soared. For example, one account increased conversions by up to 30%. Compared to traditional eCommerce metrics, this is ten times more.
A terrific sense of brand appeal and differentiation
Successfully executed, live commerce can raise a company’s profile and help it become distinct from its competitors. Also, it can direct visitors to its website.
Increased website traffic and discoverability
By live selling, I mean promoting a product and trying to increase web traffic in a short amount of time.
Either way, you will increase your website traffic and the chances of completing a sale by hosting a live stream event on your site or driving viewers to the site through a live streaming platform.
In low-traffic situations, you can live stream your website and all the social platforms simultaneously. You can do this by offering them special coupons, increasing traffic to your website, or preventing distractions caused by other content notifications on social media.
Increased involvement through personalized marketing
When marketing your company, you want the most personal touch possible to establish credibility and reassure customers. But with this approach, there are risks associated with targeting a narrow audience base.
With personalized marketing, your company can reach target audiences unaware of your brand. You’ll also engage with your audience through streaming events where trusted names, respected personalities, and community feedback. That endorses your products and your brand.
Final Thoughts
The trend of streaming live over the internet continues to make headway in the retail industry, and metrics suggest that this type of shopping is on the rise. This channel and tactic are ideal for marketers who work for eCommerce brands and want the benefits of hosting a live selling feature.
The benefits can be clear, measurable, and repeatable if the event plan is correct. Also, hiring external resources with experience in this field may be wise to minimize risk and maximize profits.
