The Era of Live Commerce
The retail industry of today is going through a rapid transformation.
The instant gratification mindset of modern consumers is fuelling the trend of live video shopping that has swept across eCommerce and online shopping platforms.
It all started in China, when the retail giant Alibaba’s Taobao, the biggest eCommerce website in the country hosted its first live shopping event in 2016. Taobao opened up a new chapter in sales.
The company linked an online live stream broadcast with its eCommerce store, allowing viewers to watch and shop simultaneously. The event became a huge success and was organised as a sales campaign for Singles' Day, a major shopping event in China.
This event was so successful that it generated $7.5 Billion in total transaction value in the first 30 minutes.
Welcome to the new world of retail revolution!
The Shifting Sands of Retail- Live Commerce
E-commerce is ushering in a new era of experiential shopping called Live Commerce. It is a radical breakthrough that capitalizes on traffic and conversions like never before.
Live Commerce goes by several names such as live shopping, live stream eCommerce or live selling. It allows people to buy and sell products and services on an impulse. Ideas are exchanged quickly, decisions are made on the spot, and deals are sealed on a whim - at an event, a trade show, while watching a movie or even while eating at a restaurant.
It's the process of engaging in a customer centric journey, matching their needs, wants, preferences and behaviour throughout their purchasing cycle. It's a whole new purchase experience altogether.
To sum things up, it is the integration of online buying and selling with live streaming or interactive video. If done right, it allows shoppers to buy products through a live broadcast without moving away from the stream.
Pro Tip: Live Commerce is a magic bullet to convert your viewers into buyers.
Why is Live Commerce taking the Retail World by Storm?
Live commerce is growing at an exponential rate. The Livestream Shopping market is anticipated to grow three times over its current size to $35 billion by 2024.
The live chat feature is its highlight, allowing users to interact with your brand in real-time and increasing your conversion rates. According to a study, livestream sales of a luxury goods brand achieved conversion rates of 70%. Apart from these features, it brings a host of other benefits to the table. Let us take a look at them:
Boost in Sales
Live streaming has the potential to reach a wider audience, increasing chances of higher sales in a short period of time.
Impulse Purchasing
People are more inclined to purchase when they are participating in exclusive events and fear missing out on limited-time deals.
Increased Engagement
Video content is more engaging than other types of content. People are twice as most likely to share videos with their peers when compared to static ads.
High Conversions
Studies reveal that the conversion rates for brands using livestream selling have increased by 30%, which is 10 times greater than those for traditional e-commerce.
Builds Brand Awareness
When people see the face behind your brand, they can relate to your products. Live commerce allows entrepreneurs to build a relationship with their customers, which in turn fosters trust in the brand.
Improved Customer Service
Live commerce provides an opportunity for companies to get feedback from their customers about their products and services. This helps them make improvements and customise their offerings.
Live Commerce Trends for 2023
According to McKinsey, by 2026, live commerce transactions will account for 10 to 20% of all online sales. It is time to dip your toes into the emerging trend of live commerce. To ease your journey, here are the top trends to look out for:
Test the waters with Live Q&As
Live Q&As are an excellent way to engage your audience in real-time, create a community around your brand and boost customer loyalty. They can be used to announce new products, offer tutorials or answer customer questions.
An instant response to a pressing question persuades the viewer to buy. 82% of consumers expect instant replies to marketing and sales inquiries.
Pro Tip: Live Q&As help you to gather feedback on new products and test the waters with novel concepts.
Make Omnichannel Livestreaming your Retail Mantra
Omnichannel livestreaming is the simultaneous broadcast of live video content across multiple platforms. It allows you to reach your buyers regardless of their location and gadget they are using. Make your live video stream accessible on YouTube, your website and social media channels.
Pro Tip: Ensure the payment gateway to your products remain consistent in all the channels.
Spice Up with Influencer Marketing
Influencers add an extra topping to your livestreams as they have a wide fanbase. Choose your influencers based on your brand niche. Influencer Marketing helps you reach wider audiences and increases your product sales drastically.
The live stream hosted by Taylor Swift on ‘Singles Day’ in China sold 150,000 perfumes in the first 9 minutes.
Pro Tip: Influencer Marketing can work wonders if you are launching a new product.
Level Up your Live Video Shopping with Ginesys
For a successful Live Commerce experience, having an effective omnichannel presence is the key. Build a more streamlined, unified and efficient shopping experience with Ginesys One- the best omnichannel solution in the market.
Ginesys One comes integrated with Ginesys ERP, Cloud POS and our Order Management system (OMS). With live commerce capabilities, Ginesys One gives you the tools to manage your business and get connected with any channel effortlessly.
Step into the future of shopping with Ginesys!
Get in touch with us today.