Live streaming ecommerce is a new platform that is flourishing during the coronavirus pandemic. A report from iiMedia reveals that during 2019, the live shopping trend exceeded $61 billion in transactions, and is predicted to increase more than twofold this year. Since physical stores have been shut for months now, therefore one of the means retailers can use to connect with buyers is live streaming.
What Is Livestreaming Ecommerce?
The power of live media is used by livestreaming ecommerce to sell products and or services. Innovative and creative means are used by online brands to leverage live streaming to increase sales. Training courses, physical products, and more are being sold by the companies.
Live streaming ecommerce is similar to television live broadcasts like the Home Shopping Network in many ways. For instance, retailers can show merchandise, get testimonials, and reply to the queries of the viewer live. This approach is used to develop enthusiasm and interest in the marketplace. Nowadays whatever is on television can be duplicated online, and the results will usually be better. However, contrary to television shopping networks, viewers don’t have to call or check online if they have to get more information about anything being sold, they just have to click to purchase.
The Growth of Livestream Shopping
Workforce and customers are staying home due to the coronavirus outbreak, which creates a possibility that the world can go into a global recession. However, businesses that are smart enough to use online technology like live streaming can survive as well as thrive. It is high time for brick-and-mortar brands to adjust to the digital age, and try the latest sales channels to stay in business. The pandemic has actually increased the implementation of digital platforms, livestreaming technology, and more.
There is a major benefit in selling online overselling on television and that is the ease of doing it. Also, the requirement to buy airtime and pay huge production fees makes advertising on television expensive for a lot of brands. The networks prefer to pre-empt paid programming with huge sporting occasions or special programming which makes it hard to buy a regular block of time, like a half-hour live show once a week. Television shopping networks could be considered a good alternative, but they only let a few products and the competition is brutal.
The Challenges Brands Face With Livestreaming Ecommerce
Livestreaming ecommerce has lots of benefits, yet various brands are scared of livestreaming. The very reason that makes people watch is the same reason why some companies are scared to do it and the reason is that anything can happen. Brands can’t control everything during a live stream. Yes, risks are involved but the customers don’t expect perfection. Brands can look more natural and genuine due to the mistakes that happen during a live stream than an excessively sophisticated presentation, and that part can be fascinating to the consumers.
Ecommerce brands can start small using live streaming to build confidence in the new sales and marketing channel. Facebook or YouTube can be used from a phone to show the merchandise and inform viewers how to purchase it. You can also share a Zoom call on your Facebook page and let customers know your audience about their experience with your products. You can build curiosity regarding your product, inform your audience, and gain trust using product demonstrations and customer testimonials. If you have some capital to invest then hire a professional live streaming company and develop your own broadcast show.
It can’t be said whether the fame of live streaming ecommerce will grow outside of China, however many businesses are already struggling to survive during the pandemic, maybe it’s the perfect time to test. The brands who are sacred enough to not even try to adapt might have to pay for their fear.
China’s First-Ever Livestreaming E-Commerce Festival
Livestreaming ecommerce is becoming a big business in China. The first online live stream e-commerce festival of the world is going to start from June 6th to 8th in Guangzhou. Both local and international products are being promoted in 200,000 livestreaming shows that are taking place throughout the city. It is conducted online on Taobao – the largest online shopping site of China and various prominent livestream platforms, including Douyin, Kuaishou, and others. Since the economy has deteriorated due to the pandemic, therefore the move can be considered a means to grow sales online.
How Close Are We To Seeing Live Commerce In The U.S. And Europe?
The sales channels in the U.S. and other countries that have a similarity with live commerce are shopping channels. Amazon Live is the nearest any platform could get thus far in making available live commerce as Amazon’s feature allow registered sellers to live stream. Still not even near to live commerce but YouTube does allow influencers and content creators who create merch with Teespring to enable the merch shelf. To add merch stores to their channels, streamers can use extensions on Twitch. Streamers in China and South Korea are doing it very differently, and the U.S. or Europe are not that close in creating such a huge impact on ecommerce using live streaming.
How To Use Livestreaming For E-Commerce
You can achieve your business goals by leveraging live streaming. Humanizing your business with behind-the-scenes live video. An air of individuality in it makes it very appealing. Engage, inform, and promote communication using live content such as interviews and Q&As. Boost sales by streaming events like product launches. You can support your flash sales by streaming special programming. You can center your content on the community or provide live-streamed training sessions. Ecommerce businesses can benefit a lot with the help of live streams. All you need is the right content for the right stage.