Customers are always looking for an unforgettable shopping experience. As a result, modern and forward-thinking retailers utilise livestream shopping to ensure their customers have the best experience. Livestream shopping consists of more than just live broadcast channels utilisation for product promotion.
Livestream shopping makes online e-commerce shopping more convenient for consumers. It lets salespeople to communicate with customers one-on-one. Also, it allows them to offer product recommendations. If you want to make your online business more competitive, livestream shopping could be the perfect solution. Let’s read on to find out more!
What is Livestream Shopping?
Livestream shopping features different names. If you like, you can also call it:
- Live commerce
- Live video shopping
- Live stream shopping
It’s the act of businesses, retailers and brands selling their items through online livestream. Customers can shop along with influencers, add products to their baskets, and leave feedback and comments without leaving the stream. With the advancement of technology, livestream shopping is an innovation and industry that has experienced huge growth in the past few years.
Livestream shopping is, in most cases, merged with social commerce to offer a top-notch shopping experience. Social commerce involves selling products via social networks or channels. Applications such as Tik Tok Live and Facebook Live have already leveraged this combination and launched features like Tik Tok Live and Facebook Live.
Benefits of Live Commerce to Businesses
Why should businesses embrace livestream shopping technology? The answer is straightforward: The future is online. Let’s look at the main benefits that embracing live commerce offers your business.
- Brand awareness and differentiation: Brands that adopt live stream shopping into their e-commerce strategies are more likely to align themselves as stand-out retailers on the market.
- Improve customer engagement and brand loyalty: Livestream shopping helps brands strengthen their customer relationships. The insights they collect from livestream shopping can help brands adjust their strategies and work on their shortcomings, strengthening brand loyalty and customer engagement.
- Drive conversion rates: Live stream shopping is not only beneficial for innovation and engagement. It is also a massive revenue driver for businesses.
Benefits of Livestream Shopping to Consumers
People enjoy shopping online. E-commerce is currently an indispensable part of the worldwide retail network. The number of digital customers only continues to grow from one year to another. The benefits of live stream shopping to consumers include:
- Merges the online and physical shopping experience: Most online stores usually experience high traffics but low conversion rates. On the other hand, in-store retailers experience low footfall with higher conversions. Live streaming shopping provides the best of both worlds as it offers humanised assistance in an online setting. That introduces the ‘ease” factor into shopping for consumers.
- Brings the fun factor: Livestream shopping is a new and exciting feature in the retail industry. It combines shopping and entertainment, offering a fun experience for customers. The fun experience heightens customer engagement while at the same time enabling them to interact with other consumers and their influencers. Livestream shopping is also informative.
Livestream shopping is here to stay. If you’re a business owner, be sure to partner with the best live commerce solutions to take your customers’ shopping experience to a new level.