Livestream Shopping market is enormous, and it’s only getting huge. According to reports, Live Shopping is predicted to increase at a compound annual growth rate of 20.4% during the coming six years, reaching a size of $184.3 billion by 2027. Live streaming shopping has several key perks that make it captivating to customers. But What is Livestream Shopping?
Live video shopping, or simply livestream ecommerce, is a live selling trend wherein a host, usually a brand employee, brand advocate, influencer or a celebrity, sells and promotes a product through a live video. This is very similar to home shopping TV shows where a person demonstrates how to use a product, but all engagement between a host and audience is, as the name implies, completely live.
To be able to see a product by watching it being put to usage by who we trust in more than an online description or shop assistant, whose help we most often avoid. The influencers involved in sales give shoppers an opportunity to have more trust in the value of a product without trying it themselves. This enables shoppers to have a closer relationship with a brand.
A large number of brands already are leveraging live online shopping as a sale tool to sell products. For example, cosmetics brand Maybelline hosted a livestream shopping show featuring Chinese celebrity Angelababy selling 10,000 lipsticks in 2 hours.
Hence we can say that shoppers already love livestream shopping and now brands can use livestream ecommerce as a new transaction channel to reach customers on the platforms they are already using. All brands today to boost customer engagement on their own channels without having to switch to some other channel. With Channelize.io livestream Shopping platform brands of all sizes can add live video shopping technology into their existing products without implementing their own technology.
Livestream ecommerce offers humanization and personalization, too. When products are marketed to mass live audiences, brands can pay special treatment to their repeat buyers during the live shopping shows. With private dialogues between a host and a customer, brands can produce higher conversion rates and average order values and increase the customers’ chance of returning.
Elements of Livestream Shopping
Here are the key elements that can help you get started with live streaming shopping
The demand for live streaming shopping is rising, and more e-commerce platforms are starting to adopt this trend world wide, especially live shopping in USA is gaining momentum . Catering to a market composed mainly of Generation Z and Millennials, a reliable live shopping platform can help you grow and achieve your revenue goals. Channelize.io Live Video Shopping platform is one such platform that can help you start your live selling journey. Our livestream ecommerce platform can be easily integrated into your existing platform and hence this eliminates the need for two separate apps.
Anyone can host a livestream shopping show. You can invite KOLs, influencers, brand ambassadors and celebrities to host your live shopping show. Such prominent personalities can be especially effective in selling products due to the level of trust their audience places in them, as well as their relatability.
Huang Wei is one of the most successful Chinese live streaming shopping hosts. She makes it a point to maintain the high level of trust her audience gives her by ensuring that all products she features are tested by her and her large team of 200.
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The Beauty and Fashion Industry dominates the market for livestream shopping shows, but other items such as consumer electronics, food and beverage are popular options too. Before a livestream ecommerce show brands also promote their products to build excitement around them.
Livestream e-commerce Strategies
While the main goal is to be able to sell the products featured on a show, the best livestream shopping shows utilize limited time offers, deals and discounts, giveaways, live contesta and promotional prices to build hype and urgency among their audience.
Live online shopping is rapidly changing the way brands can engage with shoppers through established hosts, with more companies exploring the platform. Hence more and more e-commerce companies are looking towards live online shopping as a means to boost sales in the years to come.
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