What is Livestream shopping for eCommerce?
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 a 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. With eCommerce expected to take up more than 22% of global retail sales by 2023, there has never been a better time to start bringing your shop to your customers. So what are the advantages of going live? 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 take that allows you to connect with your customers while they watch from the comfort of their own home.
Should I use Livestream shopping for my online store?
Short answer, YES! Long answer, there is substantial evidence that highlights the upcoming rise of Livestream shopping. While not yet as well known in Europe and North America, Livestream shopping saw a massive rise in popularity in Asia. Here are 4 interesting factors that indicate the potential of Livestream shopping:
- The Chinese market (3rd largest right after the US and EU) has seen a 2184% increase in live eCommerce between the years 2017 and 2019.
- Singles’ Day, a popular event that takes place in China on November 11th, managed to generate $7.5 billion in the first 30 minutes of its live presales in 2020. That is more than 4 million every second.
- Amazon launched its own Live shopping channel in 2019 to get its piece of the pie.
- Facebook-owned IGTV's Live shopping became available as of October 5th, 2020.
How does a Livestream shopping event look like?
Quite a lot of people wonder what a Livestream shopping event can look 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.
How can I get Livestream shopping in my online store?
You could get Korkuma, the first (and only) Livestream shopping sales tool in the Czech Republic. Livestream shopping is the next step in eCommerce so don’t miss out on your chance to join the revolution and sign up for our Beta which will be coming out soon.