Sell live and broadcast your way to profit
Livestream shopping has recently been taking the Asian e-commerce scene by storm. As European markets often follow popular trends from Asia, and with 300 million Chinese consumers already using live shopping, the sales potential unlocked by this new technology is huge.
There are a number of ways in which livestream shopping can boost sales and we hope to cover a few of the main ones in this article.
As more and more people turn their backs on the age of high street shopping, instead favoring shopping online, live e-commerce allows business owners to harness the power of the internet, while maintaining the skills already employed when making sales to a customer in real-time. Live chat features allow a dialogue between customer and seller maintaining that connection while remaining online.
What is Livestream Shopping?
Simply put, livestream shopping is the practice of selling products to a live audience watching from home. It combines old-school TV shopping channels with modern-day technology and online shopping habits. Business owners are able to sell to their customers via video, streamed live on their own pre-existing website. This can be done in a series of different sales events, with the potential to reach thousands of consumers.
Using streaming applications to sell and purchase products, with live chat features and one click-cart options, live shopping is the latest technology you should be implementing into your online store.
Once you, and your business, are ready to start streaming, you can advertise your event across all your social media pages, in your newsletters, in subscription emails, e.t.c.
When customers attend your livestream shopping event, rather than clicking through a screen with written product information, they can watch as a product is reviewed and handled in real-time, and this can be done from anywhere, even on the go.
The main advantage of live shopping is that it allows users to interact with a product in real-time. This gives the consumer the opportunity to explore and test out products before committing to a purchase.
How Livestream Shopping Can Boost Your Sales
If you have a physical shop, then live shopping is going to be a must for your store.
Engaging with the customer and their friends on social media can be a key selling point for your store, but livestream shopping opens up a new level of connection with customers.
Your shoppers can watch you review a selection of products, ask questions in real-time, and, providing you have an active online presence, even buy the products you showcase with the simple click of a button.
When a customer purchases an item from you, they can also share the experience with their friends, further boosting your sales figures.
You may also wish to include event bases discounts to encourage your customers to make purchases, or generate themes around your live events, i.e. summer sale event.
Your host will obviously have a big role to play in your livestreaming success story. You should ensure that they know about the products that will be featured in the event, and are confident in talking in front of a camera, humor is also an added bonus and audiences will be inclined to stay on the stream if entertained.
If you choose to use an already established host then you will have the added benefit that their reputation will bring. While this option may be a little more on the pricy side, using a confident member of staff can be just as effective, and will even lend a personal touch to your brand identity.
The Future of Livestream Shopping
In the future, we can expect to see livestream shopping take center stage, with the average person viewing four livestreams each month.
Back in 2020, the revenue generated from livestream sales in Asia was predicted to grow by 453%, from $29B in 2018 to a projected $129B by the end of 2020. What's more, it has been predicted that in the next five years, the overall number of live stream generated sales are will double to $120 billion worldwide.
The opportunity for retailers with livestream shopping on the rise, and retailers are trying to figure out ways to capitalize on it and so the time has never been better to jump on board with this new trend.
However, in order to truly tap into the livestream market, you need to adapt your approach to your target consumers. Don’t merely show consumers what's on offer, instead give them a real chance to buy it!
Live shopping is very exciting and holds huge potential for e-commerce.
Streamers have built an entirely new community from nothing and livestream shopping allows you and your business to utilize this to make more sales.
Whether you enlist the services of an already established streamer, with their own pre-established community, or build up one of your own staff members to become a streamer, utilizing your already existing consumer base, the connection your audience feels with the streamer will generate sales like never before.
Utilizing the power of social media promotion allows you to easily promote your live events without having to spend a fortune. In addition to this, providing event-based discounts and incentives will further increase your audience numbers and, in turn, your sales.
So what are you waiting for? Get selling live today!