While for many consumers, live Streaming has quickly become the next best thing, but there’s nothing quite like the experience of going shopping in person. As for marketers and businesses, during the COVID-19 pandemic, live Streaming is the closest they can offer to connect with their customers.
But what live Streaming is. To promote and sell goods or services in the e-commerce space, Livestreaming is broadcasting live video in real-time via the internet. With online live Streaming, retailers can reach their targeted customers by using their existing social media channels to reach a worldwide audience.
To help bring the experience to life and increase interaction between the customer and seller, live-streaming fills the social aspect that’s missing in regular online shopping. Livestreaming makes it feel more natural and real to customers and can also work in retailers favor. In contrast, initially, brands feel vulnerable exposing themselves to a live audience as if anything goes wrong, they have less control.
The physical mall was clinging to an outdated model, even in the pre-pandemic world. The online retail giants got ahead by providing a free and easy way to return whatever didn’t fit and encouraging customers to order multiple sizes of the same product. 2020 saw a new round of growth and change in the industry due to the lockdown caused by COVID-19.
Online commerce takes the place of offline commerce. You can’t deny that online commerce isn’t a replica of the in-store shopping experience. But why not reach shoppers on their terms when there is less chance of physical shopping?
Here comes the concept of Live commerce. Live commerce is a combination of live Streaming and e-commerce. In other words, it’s about real-time interaction between sellers and consumers and the live marketing of goods on e-commerce platforms.
Let’s get started to know more about Live commerce.
What is Live Commerce?
Combining in-store shopping experiences with online convenience, Live commerce enhances eCommerce with live streaming video events. Customers can interact, comment and even directly ask questions of the presenter with live interactive video streaming. To further information for measurements or sizing, material, and various ways to wear the product, the stream can include embedded video and links. With the ease, convenience and speed of the conventional online shopping experience, the Live commerce experience combines the best aspects of a live store experience.
Types of Live Commerce
Just around 20 years ago, online shopping transformed the retail industry, and today Live Streaming is transforming eCommerce. To improve engagement, close the gap between customer and product, drive sales in online platforms, and the convergence of video and shopping is required, which is what Live commerce is doing.
Let’s take a look at the most common formats for live media.
- Online Marketplaces
Without ever leaving the homes, online marketplaces allow users to buy and sell products. But to keep buyers interested, live video streaming is proving vital. Online marketplaces will become a thing of the past without new layers of engagement. For the users who are tuning in from their living room, these marketplaces can deliver the closest possible experience to ‘being there’ by integrating live Streaming into the platform. By prompting immediate action and enhanced community participation, real-time interactivity replicates the urgency of a real marketplace.
- Live Auctions
The organizations are connecting bidders worldwide with the excitement of the saleroom by enriching their digital presence. With varying interests and ensuring that each item sells at its proper valuation, Live Streaming opens up the bidding pool to those unable to physically attend, reaching participants.
- Influencer Streaming
44% of Gen Z’s purchase decisions are based on social influencers’ recommendations; the same is true for 26% general population. To promote favorite products in an interactive format, influencers can use their personal brand and the power of Live Streaming with an already captive audience. Initially started on social media, but now Influencer streaming become commonplace across e-commerce sites as well.
- Live Events
The authenticity that modern buyers crave Live Event supplies that. Buyers can trust that they see exactly what they’ll get as there’s no video editing or Photoshopping. The buyers get the see the products and real people telling real experiences about the promoted products.
COVID-19 forced retailers to think out of the box and come out of their comfort zone. To convert and meaningfully engage those consumers who were used to shopping in-store, retailers had to find new ways to connect. In the current scenario, where the physical mall will continue to crumble to connect with customers, online has become one of the only places for retailers. In the second half of 2020, Instagram introduced Live Shopping. To buy items featured on live streams via a seamless UX, Walmart, Google’s Shoploop, and Shopify joined the party with Facebook, giving users a chance.
What Can Live Streaming Do For Retailers?
Live Streaming allows you to drive increased customer satisfaction, reduce operational costs by digitally transforming your business. Covid-19 has accelerated the progression of live-stream shopping and e-commerce, although it has highly detrimental to the economy. At this time, Live streaming shopping is a desirable approach for both brands and customers, as it is all able to be done without leaving home. Even after the limitations of the pandemic, Livestream shopping has been predicted to continue to grow at large scales. Platforms like Amazon and Facebook show audiences and other brands the way forward by implementing live shopping into their online spaces.
Due to the lower cost of influencers and celebrities, brands can save precious budget on the advertisement. It is a more efficient way of producing results as the conversion of customers buying this product increases and the cost to advertise the product also drop. Retailers can advertise their products online and capitalize on the ongoing growth as live Streaming attracts a large variety of viewers, all collected in one place. Livestreaming shopping synthesizes a bond between the customers and the brand, apart from the financial and social benefits.
What's Next For Live Commerce
COVID or no COVID, brick-and-mortar retail may be hanging as an outdated model. But this doesn’t mean that customers are not looking for the in-person experience. Gamification and real-time interactivity help drive consumer interest when live commerce is done correctly. Allowing buyers to study the clothing from every angle and experience the excitement using virtual reality (VR) can also help engage remote users. Augmented reality (AR) also pushes live commerce forward. AR/VR technologies open up endless possibilities for retailers to provide personalized experience to their customers.
Why ETG Digital?
To create the truly secure, resilient and compliant live Streaming that retailers demand, ETG Digital helps develop an effective digital strategy. Without getting too fancy, ETG experts can suggest to you how to use the Salesforce platform for innovation in live commerce.
About ETG Digital
ETG is a Salesforce Strategic partner. Headquartered in Plano, Texas, ETG is ISO 9001:2015 certified company with a global delivery center in Hyderabad, India. We have a dedicated team serving the business worldwide from multiple locations in the US, Canada, UAE, UK, Australia, and India. Over the last two decades, we have been dedicated to customer success through leveraging emerging technologies. We provide customized and tailor-made solutions for retailers starting their eCommerce journey.
Drop us a note firstname.lastname@example.org to start your digital transformation journey.