In today’s world, there are many ways to shop. You can go to a physical store, a website, or even something in between like joining a livestream shopping event.
Livestream shopping is one of the most recent emerging trends and it brings on interactive content where businesses and influencers engage with their audience and sell their products via live broadcasts.
To dive deeper into this new trend, in this post we’ll share:
What is livestream shopping?
Why is it so important for today’s retailers?
4 Reasons why livestream shopping works
Tips for hosting a livestream
What does the future look like
How can you use livestream shopping to benefit your business?
What is livestream shopping? 🤔
Livestream shopping is a sales channel that combines livestream technology with online shopping. It offers an engaging experience where you can distribute your products worldwide. Its key features include:
✅ Live video
✅ Audience engagement
✅ Product offers
✅ Worldwide streaming
We are all familiar with traditional shopping where you enter a store and get greeted by a happy-to-help employee. This changed with the introduction of e-commerce platforms and live shopping. The internet now allows people to shop from anywhere at any time with minimal effort.
When it comes to the traditional shopping experience, the customers' choice comes down to either doing a quick Google search or walking into the store. With either one, they risk wasting their time looking for products that may not even exist.
The endless opportunities can make the experience overwhelming. eCommerce businesses, therefore, need to find new ways to offer convenience while also ensuring the information customers receive is delivered in an engaging and accurate way.
It offers human touch without compromising convenience.
People join livestreams willingly and get the reliable and engaging shopping experience they would in-store, but just online. It also provides a way to shop that goes way beyond clicking and filling up a shopping cart.
How does it differ from traditional online shopping?
The term, livestream shopping, might seem somewhat familiar. It is often heard in connection to live shopping.
In fact, livestream shopping is a form of one-to-many live shopping. It showcases products through immersive video content streamed in real-time. Not only do your customers actively interact with you and other shoppers, but they can also buy your products.
This differs from traditional online shopping in that it all happens through unedited video content. This makes the customer experience more authentic and immersive.
Now that we’ve established what it is…
Whys is livestream shopping so important?
1️⃣ Improved customer experience
Taking your business online means your customers can be anywhere in the world. With livestream shopping, you take a step further and create a platform where your customers get to connect with you and others like them. This opens the doors for attracting an unlimited number of active shoppers interested in your offer.
Your brand now has the potential to become the ✨new shiny thing✨ amongst a highly relevant and engaged customer base.
People love to stay up to date with what is happening in their communities. As people interact with your brand, they become more and more attached and committed. This can also help you better stand out from your competitors.
2️⃣ Revenue growth
Connecting your customers with other active shoppers can really boost your sales. Remember, people who join your livestream do so willingly and are there for a reason - to buy stuff.
People experience urgency when faced with a limited-time offer and a community of like-minded shoppers. So a setting like livestream selling works to increase impulse buying.
Moreover, if you produce entertaining content, you increase your audience's time with you. This helps to speed up the customer journey all the way from awareness to conversion. In fact, some companies report reaching nearly x10 higher conversion rates using livestream than with their traditional e-commerce platform.
3️⃣ A chance to get your name out there
Doing something your competitors are not doing and doing it well is one of the best ways to differentiate yourself in the marketplace. Not only will this attract new customers, but it can also help you strengthen your relationship with the existing ones.
Livestreaming provides a platform where you can tell your story and educate your customers on what you do and why. And people love stories. So go all out and use this chance to educate and engage your audience with your brand and products. This way you can get people hooked on what you have to offer.
When your story is engaging enough, your audience will keep coming back to you. If you are lucky, they will bring their friends too.
4️⃣ Not just another marketing tool
Although customer engagement and retention are crucial elements, it is not all that it does.
Livestream is a sales channel just like your website or physical store.
Reaching your target audience means going where they spend most of their time in. Gen Z consumers are influenced most by social media, with millennials not far behind. Their spending power and presence in the market are growing rapidly. So being online, in their natural habitat, is vital for grabbing their attention before your competitors.
4 Key elements that make livestream shopping work
As discussed, livestream shopping has emerged as an innovative and engaging way for businesses to connect with customers, showcase products, and drive sales.
This unique blend of live video streaming and e-commerce has gained popularity due to its interactive nature and ability to create a sense of urgency among viewer.
But what are the key elements that make it so successful? Let's explore the four main elements:
1. Compelling hosts and influencers
Live shopping relies heavily on charismatic hosts or influencers who possess the ability to captivate and engage the audience. These hosts should have in-depth knowledge about the products or services being featured and possess excellent presentation skills. They act as guides, storytellers, and salespersons, seamlessly transitioning between showcasing products, answering viewers' questions, and creating a lively atmosphere that encourages viewers to make purchases.
2. Interactive and real-time engagement
One of the greatest advantages of livestream shopping is the ability to interact with viewers in real time.
Successful livestream encourage audience participation through live chats, comments, and polls. This interactive engagement fosters a sense of community and personal connection, as viewers can ask questions, provide feedback, and receive instant responses from hosts or other viewers.
The real-time nature creates excitement and a sense of exclusivity, driving viewers to make on-the-spot purchasing decisions.
3. Product showcasing and demonstrations
This entire channel relies on visually appealing product showcases and demonstrations.
High-quality video production and clear visuals are essential to highlight the features, benefits, and uniqueness of the products being presented. Hosts should effectively demonstrate how the products work, how they can be used in real-life scenarios, and how they can fulfill customers' needs.
Incorporating compelling storytelling techniques and real-world examples can help viewers visualize themselves using the products, creating a stronger desire to make a purchase.
4. Limited-time offers and exclusive deals
Creating a sense of urgency and exclusivity is one of the main features here.
By offering limited-time promotions, exclusive discounts, or special deals during the livestream, businesses can incentivize viewers to make immediate purchases.
Limited stock availability or time-bound offers create a fear of missing out (FOMO) among viewers, prompting them to take action quickly. This urgency, combined with the engaging nature of livestream shopping, can result in higher conversion rates and increased sales.
In summary, your success in this area hinges on four main elements: compelling hosts or influencers, interactive engagement, effective product showcases and demonstrations, and limited-time offers or exclusive deals.
By incorporating these elements into your strategy, you can create engaging, immersive, and highly converting experiences that captivate your audience and drive sales.
Tips for hosting a livestream
Hosting a livestream can be a powerful way to engage with your audience, showcase products or services, and boost sales. To make the most of your livestream, consider these valuable tips:
Prepare and plan 📝
Outline your objectives, create a script or outline, and gather all the necessary materials or products you'll be featuring. Practice your presentation to ensure a smooth flow and confident delivery.
Engage and interact 👋
Encourage viewers to participate by addressing their comments and questions during the livestream. Engage in real-time conversations, make viewers feel heard, and build a sense of community.
Be authentic and enthusiastic 😊
Let your passion and enthusiasm shine through. Be genuine, relatable, and approachable, creating a connection with your audience. Authenticity builds trust and encourages viewers to engage and make purchases.
Create a sense of urgency 🕑
Utilize limited-time offers, exclusive deals, or flash sales to create a sense of urgency and encourage immediate action. This motivates viewers to make purchases during the livestream, boosting conversions.
Promote and prepare in advance 📱
Advertise your livestream ahead of time through various channels to generate excitement and attract a larger audience. Ensure technical aspects such as audio, lighting, and internet connection are well-tested before going live.
Follow up and maintain engagement 💬
After the livestream, engage with viewers by responding to comments, addressing any inquiries, and following up on sales or inquiries. Nurture the connection you established during the livestream to foster long-term relationships with your audience.
By incorporating these tips into your livestream, you can create a dynamic and engaging experience that captivates your audience, drives sales, and strengthens your brand presence.
Past trends show that the evolution of innovation in the Chinese market carries some weight in predicting future trends in the US and Europe. A good example of this is in-app payments. In fact, it is suggested that by 2026 live commerce sales could be producing as much as 10-20% of all e-commerce.
All and all, livestream shopping is exploding and the statistics across US and China show it. These virtual shopping experiences are no longer just a trend, but a new way to conduct business. And the way it is going, this form of retail will continue to become more and more popular in the upcoming years.
How can you use livestream shopping to benefit your business?
Lifestream shopping can be a great and affordable way to boost your sales, build brand awareness and attract new customers. It lets people know your brand and products better in a fun and entertaining way.
You should think of it as a virtual sales or shopping assistant that can help you take the customer’s shopping experience to the next level.
And why should you consider implementing this in your strategy?
It offers a more personalised and meaningful boutique experience — something that you can’t always achieve with traditional online shopping.
Livestream shopping connects and inspires your audience. But it also offers you a unique way to leverage your brand and increase your sales.
What is most important to recognise is that incorporating live shopping is more than a marketing tool - and should be treated as such. Acknowledging it as one of your sales channels and Incorporating it into your strategy allows you and your customers to make the most out of it.
Your customers are eager to hear your story and what you have to offer. So why not make sure to get that message out there in the most efficient way possible?