The world of retail has undergone a remarkable transformation over the years, with the advent of technology shaping consumer behavior and preferences. One such emerging trend that has gained immense popularity is livestream shopping. Combining the power of e-commerce and real-time video streaming, livestream shopping is reforming the way people shop and interact with brands.
The concept of livestreaming is relevantly new in Western countries, however, in Asia, it has been growing for a while, and its growth continues. Research shows that the global live commerce sales are expected to reach $171 billion USD in 2023.
In this blog article, you can learn more about how you can jump on this livestream trend and how it can help your business.
What is Livestream Shopping?
Livestream Shopping, also known as live commerce, sells products through livestreams on digital platforms, often collaborating with influencers. Livestream shopping sets itself apart from traditional online shopping by offering an unedited, Interactive Experience where viewers can engage with hosts in real time. Blending entertainment with instant purchasing, This approach offers retailers and brands the opportunity to create value and accelerate conversions as much as 30%.
Whether it’s discovering new products, witnessing live demonstrations, or enjoying exclusive discounts, livestream shopping has become an exciting trend that is reshaping the future of retail.
How can Livestreaming Shopping create Value for you?
Livestream Shopping can provide a highly engaging and immersive shopping experience that physical stores and e-commerce cannot replicate.
This approach adds a sense of urgency to the shopping experience, leveraging scarcity or limited availability. Moreover, as the audience size grows, the fear of missing out (FOMO) on a potentially advantageous deal increases.
Unlike conventional online shopping, livestream viewers receive immediate responses from the hosts as they showcase or review products. Data shows that some companies are seeing their share of younger audiences increase by up to 20%.
Furthermore, using this strategy will also help you boost your sales and be a great way to clear out stock at discounted prices. Overall, Livestream Shopping can improve your brand appeal and differentiate you from your competitors.
Benefits of livestream shopping
1. Authenticity and trust
It offers a genuine and transparent shopping experience. Viewers can witness real-time product demonstrations, ask questions, and receive immediate responses, building trust and confidence in their purchasing decisions.
2. Interactive engagement
Unlike traditional e-commerce platforms, livestream shopping allows for direct interaction between sellers and buyers. Viewers can ask questions, seek recommendations, and receive personalized responses, enhancing the overall shopping experience.
3. Social shopping experience
It creates a sense of community and social connection among viewers. People can engage in real-time discussions, share their experiences, and make informed purchasing decisions based on peer recommendations and feedback.
4. Exclusivity and limited time offer
Brands often leverage livestream shopping to offer exclusive deals, limited-edition products, or flash sales, creating a sense of urgency and FOMO (fear of missing out) among viewers. This marketing strategy drives impulse purchases and boosts sales.
Related: FOMO Marketing examples
4 Tips for Livestream Shopping
Although livestreaming might sound easy, this method requires some preparation and planning to be successful and engage your customers. Before jumping into setting up your first Livestream Shopping event, consider these 4 important tips:
1. Choose a Type
When it comes to Livestream Shopping, there are various types of events you can host based on your needs and business goals. For a new product launch, you can opt for a tutorial, interview, or behind-the-scenes session. On the other hand, if your aim is to sell existing products, a product showcase or store tour might be more suitable.
Tutorials serve as excellent tools, particularly within the beauty and fashion industry, as they demonstrate how your products can be utilized, applied, and combined. This not only showcases the value of your offerings but also presents an opportunity for cross-selling complementary items.
Whatever your business goals are, you might start by testing the waters by using social media livestreams and showcasing a few items. Experiment with different types of livestreams and try out other platforms, formats, and technologies.
2. Choose Your Strategy
Once you’ve determined the type of Livestream Shopping that suits your preferences, it’s crucial to develop a well-defined strategy. One effective way to captivate your audience is by offering a special promotion. Consider introducing a limited-edition product line exclusively available during the livestream. Alternatively, create time-specific pricing where the featured products are offered at a discounted rate solely for the duration of the livestream.
Both approaches have proven to generate significant excitement and anticipation prior to a livestream event. It gives a feeling of excitement and exclusivity to the occasion, creating an experience that is nothing like traditional e-commerce.
3. Attract a Wide Audience
To ensure the success of Livestream Shopping, it’s essential to attract a substantial audience. One effective approach is to collaborate with other brands and engage in cross-selling initiatives, pooling resources to expand your reach. Additionally, consider providing influencers with your products to sell during their livestreams. Alternatively, you can invite influencers to participate in your Livestream Shopping event and conduct interviews with them.
Partnering with influencers offers multiple benefits, including driving sales and generating buzz prior to the event. By having influencers showcase your products and highlight their key features and benefits, you can effectively increase audience engagement and boost sales. This strategic collaboration not only enhances the Livestream Shopping experience but also maximizes exposure for your brand.
4. Innovate the Formats
Do not be scared to experiment with different formats for your Livestream Instead of relying solely on traditional social media and livestreaming platforms, dare to stay ahead of your competitors with innovative technologies like augmented reality and Virtual Reality.
Dot.vu offers to host Livestreams within virtual reality. This approach enables buyers to explore your products in greater detail, fostering a more engaging and memorable shopping experience.
To create an even more engaging and exclusive experience, try to gate a livestream within your Interactive Virtual Tour and set up a countdown. If you included an accessible waiting room for the Livestream Shopping event, let your customers explore a Virtual Tour, which can consist of different Interactive Experiences. For instance, Interactive Flipbooks, Interactive Videos, Marketing Games, and other interactivities help you educate your customers about your brand and products while waiting.
Related: What is an Interactive Virtual Tour
Are you ready for Livestream Shopping?
Be innovative and creative and start with Livestream Shopping to provide your customers with a more engaging and immersive experience. Livestream Shopping can be ideal for B2C and B2B companies in various industries. How about including Livestream Shopping in your next campaign?
Get started creating your Livestream Shopping with Dot.vu. Sign up for a free account today and discover our marketplace with 300+ templates, which you can customize, brand, and personalize for your marketing activities.
This blog post was updated by Felicia Rozario on June 9th, 2023.
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