COVID-19 has had a significant influence on almost every aspect of our life. Even ordinary tasks like shopping were altered as a result of the outbreak. In many locations, shopping at brick-and-mortar stores had come to a halt, and many shoppers shifted their attention to the e-commerce business model once establishments reopened.
Live video shopping is the next big thing for eCommerce businesses, and it’s already a multibillion-dollar business in China. This includes influencer marketplaces, live videos for shopping, and entertainment, all while pushing items to an endless and engaged online audience – therefore, its appeal.
Since live video shopping will undoubtedly revolutionize the landscape of online purchasing, businesses may use this eCommerce business model or technique as part of an omnichannel approach to convert more sales in the future year.
What is Live Video Shopping, and how does it work?
Live video shopping is a technique widely used by many international online shopping sites that allows you to show off and eventually market things to a live, online audience that may participate in the experience. Promoters communicate directly with clients using online video, chat, and other tools. In addition, because it is a live video call online shopping, there is less chance of picture and setting manipulation, allowing the audience to have faith in the brand. As a result, brands not only create relationships and improve sales, but audiences are entertained and engaged as well, demonstrating why live video shopping is sweeping the eCommerce business industry.
Why are Live Shopping Videos a Successful Marketing Strategy?
Live video shopping blends live video with two-way chat and the ability for viewers to buy or save featured goods without having to leave the platform. Retailers benefit from live shopping video purchasing because it reduces decision time, increases consumer interaction, and increases sales. Live video shopping allows merchants to create closer ties with customers because of the immediacy of the interactions, resulting in more excellent sales and wallet share. Live streaming is gaining popularity in the eCommerce business sector since it allows individuals to participate from all around the world.
How does live streaming fit into an eCommerce business model?
Four factors to consider when evaluating how live streaming fits into an entire e-commerce business model are listed below.
- Consider alternatives to fashion and beauty
Live video shopping can lower purchasing barriers in ways that other e-commerce experiences can’t. While fashion and beauty firms were among the first to embrace live video shopping, the market also offers lots of opportunities for grocery, large box, and specialized stores. In addition, live video call online shopping experiences are appealing because they bring the shop closer to the client in an engaging and personal manner.
- Make the best of the situation
Consider how content from a live video call online shopping and events may be reused. Retailers who host on their own domains can provide video archives where customers can watch previous events on demand. However, archived versions may not have the shoppable component or conversation history, depending on the technological platform used by the merchant. Retailers should think about how to leverage information in smaller segments via social media and other platforms. For example, consider how a live stream video clip may be used to improve a product description page.
- Choose the appropriate platform
Live video shopping may be enabled in one of two ways: the live stream platform can be integrated with a retailer’s e-commerce platform, or it can be hosted on a third-party platform. Integrating a live shopping video platform into a retailer’s own website or mobile app provides them maximum control over inventory, carts, and consumer account information.
- Evaluate the results
While conversion is the final aim, merchants may evaluate a wide range of results from live stream shopping, including customer data and engagement. The potential for live stream shopping to engage audiences and increase sales is considerable, and merchants of all types should look into how it fits into their overall eCommerce business model.
How Can Businesses Increase Sales Through Live Shopping Videos?
- Locate and hire hosts
Your host, who is generally an influencer or celebrity, is in charge of the live stream. However, anyone will not suffice. They’ll need mass appeal as well as a loyal following capable of instilling a sense of must-see exclusivity in the live stream retail brand with which they’re collaborating.
- Choose the Correct Platform
Choose a mature retail platform with built-in live stream capabilities to make it easier to get up and running. Make use of the live stream capabilities on prominent social media platforms and sites like Facebook Live, LinkedIn, and Instagram Live if you don’t have access to a native eCommerce business platform or don’t want to spend the money on one just yet.
- Choose the Appropriate Products
Touching up a live feed to increase a product’s aesthetic attractiveness is challenging. As a result, a brand owner should emphasize items that will appear well on both a large and small screen. Also, don’t limit your webcast to a single product. Instead, include a variety of related or complementary products to keep the stream fresh and entertaining.
- Organize Your Advertising Budget
If you’re utilizing Facebook Live, live streaming may be “free,” but you’ll still need to spend money on PR to generate awareness and drive traffic to your live stream. Diverting funding from offline and traditional media is one approach to address this. The best location to reallocate media expenditure, however, will be determined by the mix of media you already have in place, your target demographic, and your overall company objectives.
- Find a medium between scripting and improvisation
When working with a new host, many businesses make the mistake of trusting their talent to create content on their own while Livestreaming in real time. It’s a good idea to convey expectations and even give an outline or rough screenplay to keep everything on track.
Live commerce promises to revolutionize how items are acquired and sold today, much as overseas online shopping did many years ago. This fusion of video and retail improves engagement, bridges the distance between customers and items, drives sales, and raises the average sales price in situations where bidding is involved.If you haven’t tried live video shopping yet, now is the chance to do so. It’s simply about experimentation, much like other marketing tactics: test it out, get some data, and use that knowledge in your future live shopping videos. Start small and pay attention to what your audience likes, and you’ll have a fun and successful live video shopping practice in no time.