A brief introduction into Livestream Shopping
What is livestream shopping?
Very simply put, Livestream shopping is a new form of online trading where you showcase and sell items live on video. This allows you to connect with your customers in real-time via live chat.
You can stream using an influencer, an expert, or a member of staff. Livestream shopping combines advancing technology in social media with the familiar and popular home shopping channels.
Taking your shop live enables you to combine the popularity and convenience of online shopping with sales techniques you already employ. It is a more personal and interactive format that allows you to connect with your customers while they watch from the comfort of their own homes.
How does livestream shopping work?
Quite a lot of people wonder what a Livestream shopping event looks like. New things can always seem a little scary, but don’t let the fear of the unknown stop you from exploring new avenues of income. When setting up a Livestream shopping event keep in mind the following things:
- Who will run the stream? You need a presenter, this can be either you, an expert in the products you are selling, an influencer popular with your customers, or even a member of staff.
- A recording device. Technology has gone far enough that even a simple smartphone will do, but if you feel fancy you can use better recording devices. These can be operated by people or left on a stand.
- Prepare what you are selling. Make sure you have enough items to showcase and you know what you want to talk about. For example, if you sell clothes make sure that you can talk about how to match each piece of clothing, what season they are for, what material they are made from, which item is vegan, how are your clothes going to be displayed, and so on.
- Lastly, we noticed that the most successful streams treat the Livestream shopping event as a special occasion. You can set up special discounts for the day to boost sales, give the event a theme, or have a special guest. All of these little tips and tricks will get your audience more involved and interested. This is crucial since you will be interacting with them in real-time.
What products do companies sell through livestream shopping?
While fashion may seem like the obvious choice for Livestream shopping, the possibilities are endless. Livestream shopping isn’t limited to any particular product category. Examples of uses for livestream shopping can include:
- beauty & cosmetics
- home decor
- nutrition supplements
If you are looking for more success stories of companies who have already used livestream shopping read the article Major brands using livestream shopping to increase their sales in our newsroom.
What do you need to run the livestream shopping event?
It's very easy to start selling through livestream, especially if you already have an e-commerce site.
All you need is a space to film in, a cell phone with a camera, products you want to sell, a host (streamer), and a livestream shopping tool.
For retail brands this might be their store or boutique, for e-commerce brands a warehouse, rented studio, or anything available. You can start selling from anywhere.
Livestream shopping can be hosted by a variety of different people. It can be anyone from your staff or in-house experts, to famous influencers. Try to create an authentic shopping experience for your audience and you will see great results.
Forget about fancy equipment, shows can easily be done with a cellphone and an internet connection.
People visit stores because they want to know what size, color, material, or features a product has. With a livestream shopping event, customers can get a better idea of the goods they are interested in. By showcasing your items live you encourage your audience to purchase, while helping them make better buying decisions.
Informing your audience about the time of your livestream is key for running a successful sales event. This means you will need some promotions prior to the event. Use social media, newsletters, or any other channels you use with your audience to communicate your brand. It is especially necessary for your first several events while you customers get used to this new form of shopping.
Livestream shopping tool or platform
The potential of livestream shopping is huge. This can be seen by the fact that big companies have already started taking advantage of live commerce and developing their own live streaming solutions.
Amazon launched its own livestream shopping platform called Amazon Live, which is so far only for its brand registered sellers on the U.S. market. Facebook and Youtube have also developed their own ''live'' platforms and enabled their customers and marketers to sell through live streams.
All these options have their pros and cons which gives opportunities to smaller more customer-oriented companies like Korkuma to step in the game. If you wonder what advantages Korkuma brings compared to Youtube or Facebook Live, read this article which covers all the details and features the platforms can offer to your business.
Tips on how to promote your live stream event
Livestream shopping only works if you are able to attract an audience to the upcoming event. With that in mind, companies can use different tactics to generate interest. Here are some examples:
Newsletters and social media
Inform your existing customers about your livestream shopping events by highlighting them on your social media channels and in your newsletter. You can even leverage the promotion capabilities of social media by running paid ads.
You are probably familiar with FOMO, or fear of missing out. Utilize this by choosing a specific product and making it available for a limited-time. In doing this you will trigger the FOMO factor, encouraging your audience to buy said product, and many more.
During the event, give your audience a chance to purchase specific items at a discounted rate. This creates a feeling of exclusivity and excitement allowing you to rise above traditional e-commerce experiences.
Partnering with the right person who resonates with your audience can dramatically help with promoting your event. The power of influencers is that they are able to create a feeling of trust and credibility.
What are the benefits of using livestream shopping?
Affordable and simple
Live streaming is very affordable and simple which makes it accessible for not only big brands with huge teams, but also smaller businesses. To start streaming all you need is a cell phone or something to film on, products you want to sell, and a streaming tool. As you grow more practised with livestream shopping you may wish to start experimenting with more equipment such as external lights, and trial an influencer host. Take a look at the variety of products Korkuma offers to businesses.
Studies have shown that an impressive 96% of people have watched an explainer video to learn more about a product or service, demonstrating the power of this medium. Live streaming is a powerful tool that makes your audience feel like they are part of your brand. With features like live chat, emojis, and upvotes you can make the experience even more interactive and engaging. You can also generate ‘FOMO’ around your stream by only making the content available for that limited timeslot.
Bridging the gap between offline and online
Brands are struggling with offering their customers a personal shopping experience online, especially when people prefer shopping from the comfort of their own homes. Despite this, there are still quite a lot of people who would rather go to a physical store to try out the products they want to buy.
Showcasing products on video helps bridge this gap between the online and physical as it provides a clearer idea of how the products look, feel, work, etc. All this helps customers at home to make more informed purchases and works towards reducing product return rates.
Livestream shopping has already started changing the way businesses and brands can engage, sell, and build relationships with their customers. With its simplicity and affordability we will soon witness more e-commerce and retail companies exploring the trend in order to boost their sales.
Are you ready to integrate livestream shopping into your strategy? Try Korkuma 14-days free trial to see how livestreaming would work for your business and online sales.