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February 2, 2022
While many businesses have used live-video streaming to engage customers or create awareness about the brand/product, they haven’t been able to boost sales significantly. However, things are beginning to change as innovative eCommerce companies are leveraging live stream eCommerce to generate sizeable revenue.
According to Statista, the live stream shopping market size in the US is around $11 Billion. Furthermore, Millennials are one of the biggest buyer segments that live streaming can target as their online shopping contributions alone are over $600 billion.
Live stream shopping platforms bring sellers and buyers closer by enabling a sense of spatial immediacy – a feeling that the buying experience is taking place in reality and not virtually. Such a high level of engagement does not only pique customer interest but also influences them to make purchases or carry out purchase decisions.
As discussed earlier, it is a combination of live video streaming and eCommerce, which allows sellers & buyers to interact in real-time and close deals on the spot. Just like they would in a brick-and-mortar store.
The benefits of live stream eCommerce, in comparison with conventional approaches, are immense. Its use case in China particularly is quite significant. Alibaba’s AliExpress Live raked in a whopping 320,000 products to the cart upon receiving 1 million views. These astonishing numbers are a reason why companies outside of China have started investing in live stream eCommerce as well.
2020 saw a dramatic boost in online sales. While most of this trend can be attributed to the COVID-19 pandemic, the truth is, eCommerce adoption is only going to increase in the future. Some of the reasons for this include:
However, there’s always room for improvement and hunger for better, more efficient ways to buy & sell online. Especially, when there’s cut-throat competition and a need to be unique.
Live stream eCommerce takes the traditional online shopping experience up a notch by incorporating live video streaming. This combination allows for better product understanding and increased engagement. This is music to the marketers’ ears as the average human attention span is less than that of a goldfish (8 seconds).
Another reason why this is making headlines is that it is an educative and entertaining experience. It allows sellers to tell buyers a story about the product, develop interest, and make their purchase without force. This is “Shoptainment” – an amalgamation of shopping & entertainment, which is drastically altering the customer buying behavior.
This eCommerce revolution helps businesses connect with their customers on a deeper level. For markets that are driven by experience, a conventional eCommerce approach won’t suffice.
Let’s take the example of a sports bike company. A few pictures, videos, or reviews will not have much of an impact. However, if we enable an immersive shopping experience by maybe, simulating a bike ride or allowing customers to get a feel of the bike would, it could revolutionize online shopping.
To create a shopping experience like this, you don’t need to invest in a big team right away. A smartphone or a laptop would suffice.
The most important thing to customers is brand authenticity, along with an exceptional experience. But that is something a good live stream eCommerce platform can deliver. All you must worry about is making high-quality and relevant content for the buyers.
If you are looking to create such shopping experiences on your website or social media handle, it is quite easy. Your customers can now watch the products live, be part of a Q&A session, add favorite products to the cart, and of course, make purchases on the spot.
Enter Live Commerce, a real-time interactive eCommerce platform by Visionet that increases customer engagement and boosts online sales. This smart tool can be incorporated into your existing website or online store and deliver a brand-owned experience.
The platform is built with an emphasis on seller scalability, human connection, & shopper experience. Innovative eCommerce companies are utilizing Live Commerce to streamline their online business and directly engage with customers.
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