FROM STORYTELING TO LIVE SELLING
The power of Live Shopping
A game-changer for boosting brand awareness, sales and customer engagement
Live shopping, also known as live commerce, livestream shopping, live video shopping or social commerce, is the latest craze in eCommerce, and according to McKinsey this new channel has an enormous potential for creating value for retailers, brands and digital platforms.
So, whether you're just starting out in ecommerce or looking to take your business to the next level, read on to discover why live shopping is the future of online retail.
The Live Shopping market is booming!
Live commerce has proven to be a game-changer in the East and is now gaining ground in the US and Europe. On Singles Day (11.11) in 2020, live stream shopping exploded in China, generating over $6 billion in sales. Currently, live shopping accounts for 15% of all e-commerce in China.
But how will the massive live commerce movement in China and Southeast Asia translate to the US and Europe? Customers in both the US and Europe have embraced the live shopping concept with Gen Z and Millennial shoppers driving the growth. Research indicates that over 50% of Gen Z and Millennials would make purchases during live shopping events. In fashion, beauty and luxury goods 31% of Millenials are tuning in, according to McKinsey. Moreover, McKinsey predicts that live video shopping may account for up to 20% of all e-commerce sales by 2026, making it the next big thing within e-commerce.
Why viewers love Live Shopping
It’s super easy and convenient
No app downloads or logins are required, and thanks to e-commerce integration, viewers can browse and buy instantly, without leaving the experience. In addition, viewers can join the live events comfortably from their couch and watch on-demand whenever it suits them.
It’s engaging and authentic
Customers can get an up-close look at the brand and peek behind the curtain to meet the real people behind it. They can get answers to all their questions directly from the experts in real-time, and share their enthusiasm with like-minded people.
It's shoptainment
Live Shopping offers a more interactive and engaging shopping experience - it's the perfect blend of shopping and entertainment! Live shopping is addictive and customers experience a seamless journey from inspiration to purchase, all in one place.
Discover the advantages of live shopping for your business
Live shopping is the perfect hybrid, blending the physical store experience with the convenience of online shopping. By enabling companies to put a face to their brand, live commerce adds an emotional element to the buying experience. Customers get the benefit of personal interaction while shopping online, with the ability to ask questions in real-time from the comfort of their own homes. According to the Klarna Insight Report, live shopping enhances the online shopping experience by up to 60%.
Tim Frank Andersen, CEO and Co-Founder of Liveshopper, elaborates: "Live shopping is an eminent way to tell stories about a brand, share expert knowledge about a product, and start a direct dialogue with customers. Our clients experience a a very high engagement rate in their live shopping evnents. Viewers are very engaged and excited; they ask questions, comment on the content or buy products. What often surprises our clients about live shopping is how valuable it is to have this interaction with their customers”.
Curious to find out how Liveshopper can support you? Reach out today. We can’t wait to hear from you!
6 Reasons why live shopping will change your e-commerce
Live shopping blends entertainment and instant purchase, and enables businesses to enhance their online experience by giving customers a personal and immersive shopping experience. One of the great things about live shopping is that it can be incorporated into the marketing strategy of any company, regardless of the size or industry. Moreover, thanks to its high measurable ROI live commerce is a attractive sales and marketing tool. So what can you as a brand or retailer expect to gain from live shopping?
Brand awareness
With live shopping, retailers can reach customers all over the world, regardless of their location. Plus, live commerce provides a highly engaging platform that captivates viewers for an average of 20 minutes, and creates a sense of trust and community around the brand, leading to positive word-of-mouth marketing and increased brand awareness.
Increased engagement
The real-time aspect of live shopping allows for a high level of engagement and interaction between retailers and customers. As customers watch the live stream, they can ask questions, make comments, and receive immediate feedback from the seller. Brands hosting live shopping events typically experiences a 30-40% engagement rate during their live events.
Increased sales
Live shopping can lead to improved conversion rates because it creates a sense of urgency and excitement among the audience. Brands going live on a regular basis experience increased sales, and live events can result in a 15% conversion rate.
Lower retur rates
According to Coresight Research live shoppers are 40% less likely to return than other online shoppers, as they have a better understanding of the products after participating in a live event.
Enhanced product demostration
The video aspect of live shopping allows retailers to showcase their products in a more dynamic and engaging way than traditional product listings, creating a more memorable and personalized shopping experience for customers.
Competitive advantage
Live shopping offers a unique opportunity to share brand stories and offer customers glimpses behind-the-scenes. Additionally, it enriches the online experience through engaging and inspiring video content, helping you stay ahead of industry trends and differentiate yourself from your competitors.
Live Shopping can be a powerful tool to boost brand awareness
The average attention span on social media last only eight seconds. Live shopping provide brands with the unique opportunity to interact with their customers in real-time, and up to 20 minutes on average. Hence, live streaming is an effective way for brands, retailers and marketplaces to capture attention and educate customers about their brand and products, generating excitement in the process. This engagement can help to build trust with customers, leading to increased brand loyalty and advocacy. Secondly, live shopping events are often promoted through social media and other online channels, providing brands with a wider audience and increasing their exposure to potential customers. With live streaming, retailers can reach customers all over the world, regardless of their location. This can help to increase brand awareness, attract new customers, and ultimately drive more sales.
Want to learn how Kjær & Sommerfeldt captivate their customers and builds a community of wine-lovers? Read their success story here.
Live commerce helps building stronger customer relationships
Personalized communication with customers is crucial for success in today's market, and live commerce is an excellent way for brands to engage and interact with their online customers in real-time, building trust and brand loyalty.
By integrating e-commerce with live video, live shopping stimulates the personal in-store experience to a great extent, and the interactive elements of the livestream experience creates a sense of community around the brand. Brands that go live typically experiences a 30-40% engagement rate in their live events. This high engagement rate is due to the fact that customers feel more connected to the brand during a live shopping event, as they can see the products in action, ask questions, and receive immediate feedback. With live shopping, retailers can respond promptly to customer inquiries and concerns, showing that they are listening and value their customers' opinions. This helps to create a sense of trust and appreciation, that keeps customers coming back.
Furthermore, brands can use the data collected from on-site live shopping events to personalize customer experiences, e.g., product recommendations, ads, and newsletters. Based on the valuable customer insights from on-site live-stream events, brands can enhance the customer journey and improve the overall experience. By doing so, customers will be more satisfied with the overall experience they have with the business resulting in repeat sales, and brand loyalty.
How to encourage interaction with the viewers
Before the event
To generate buzz around your live event, it's essential to engage with your potential audience beforehand. Use your social media accounts to post updates, teasers, and sneak peeks of what your audience can expect during the event. Additionally, encourage your followers to leave questions for the host before the event or tell their preferences for future themes.
During the event
During a live shopping event, it's important to engage with the audience to create a more memorable experience for everyone involved. Posting questions and encouraging the viewers to participate actively by asking questions and providing feedback can enhance the sense of community. Plus, fostering such interaction provides valuable insights into the audience's interests.
After the event
Encouraging interaction with your audience after a livestreaming event can help extend the impact of your event and your reach. For example, you can share highlights and 'snackable' content bits from your event on your social media accounts and in other marketing activities to re-engage the audience and create FOMO among followers who did not participate in the live event.
Live Shopping can increase conversion by up to 10 times
Creating great content is key to achieving great results in live commerce. Live shopping enables brands to showcase their products in in a more dynamic and engaging way than traditional product listings, providing customers with a better understanding of the products, and guiding customers throughout the buying journey, resulting in a more seamless path from awareness to purchase. Live shopping enables retailers to demonstrate their products in action. For example, if a seller is selling a kitchen appliance, they can show the appliance in use, highlighting its features and benefits and at the same time answering customer questions and addressing their concerns about that product. This type of demonstration can be compelling for customers who may be on the fence about a particular product.
Plus, live shopping events can help to create a sense of urgency and excitement among customers, encouraging them to make purchases during the event. Live shopping achieves this through a variety of methods, including limited-time-offers, exclusive deals, interactive experience, and social proof. Thanks to live shopping platforms such as Liveshopper, which enables on-site livestream and is seamless integration with the chosen e-commerce solution, customers can instantly purchase from brands, resulting in conversion rates up to 10 times greater than conventional ecommerce.
Reducing return rates with Livestreaming
Live shopping events come in different formats, from 'How-to sessions' to 'flash sales.' All having in common that they give brands the opportunity to communicate and educate customers on the finer details of their products that may be missed in text-based formats. Customers can ask questions and receive immediate responses from the host or product experts in real-time, giving them a better understanding of the fit, quality, and features. This not only adds a personalized touch but also helps shoppers make more informed decisions, resulting in more reasonable purchasing decisions and ultimately, lower return rates. According to Coresight Research, live customers are 40% less likely to return an item.
Why choose Liveshopper?
Liveshopper gives you complete control over the brand presentation and customer experience. By connecting our live shopping software with your e-commerce system, you can effortlessly host live video stream event aligned with your brand, and where the customer data, experience and content is yours - not the platform's.
Our platform enables you to create authentic shopping experiences online straight from your phone, which can be accessed live and on-demand on your website. With our integrated live shopping solution your customers can seamlessly discover a product in-stream and place an order for it, without leaving the experience.
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