Live Commerce Is Here to Stay: How Businesses Can Jump Onboard This Latest Trend
is deeply rooted in how brands conduct business. But with fierce competition,
having an online store is not enough to drive sales. Live commerce has recently
taken precedence over static ecommerce pages as it provides customers the best
bits of digital and physical retail experiences.
Live commerce offers businesses the opportunity to have a dialogue with customers and provide advice and inspiration in real-time to strengthen the customer relationship. Read on to find out how businesses can join the bandwagon to increase their conversion rate.
What is Live Commerce?
Live commerce combines live video streaming and shopping, where customers interact with retailers through live sessions and purchase products and services through the same channel. The social element of interaction in live commerce intends to entertain and inform viewers about new products and answer any questions or concerns about product usage with the ultimate intention to drive sales.
BeLive Technology is a key player in the live commerce industry as they power up businesses with live streaming capabilities merged with the essential ecommerce features.
shopping has replicated some of the sensory excitement lost through ecommerce
and successfully closed the gap between consumers and products to create a
loyal customer base. Some of the most common formats of live shopping that
businesses can use include:
1. Online Marketplaces
integrating live streaming into online marketplaces, businesses can provide
their customers the closest possible experience of ‘being there’ even while
they are tuning in from the comfort of their homes. Such real-time interaction
with product specialists or shop staff can replace the urgency of an actual
marketplace and prompt immediate purchase action.
can also collaborate with influencers who have the power to captivate the
audience. Influencers can leverage their personal brand to promote products
through interactive live streaming videos. While this format may not be
suitable for all businesses, influencer marketing can provide the highest
conversion rate if your products are targeted toward a younger demographic.
3. Live Events
Live events go hand in hand with online marketplaces and influencer shopping. Businesses can live stream newsworthy events like new product launches, retail holiday specials, or limited edition drops to encourage live shopping.
Live Commerce Trends in 2021 and Beyond
COVID-19 pandemic has acted as a catalyst in boosting the live shopping trend. Since
the global population is forced to stay at home, live commerce has brought
shopping to the customers when there can be no physical contact between retails
As we continue to follow social distancing norms, this pandemic-driven live streaming culture has become an integral part of the consumer purchase journey. The live shopping market in China is worth $170 billion in 2020, and this number is only meant to grow in the years to come.
Challenges with Live Commerce
commerce is definitely an enticing option for businesses. But just like any new
trend, it has its own set of challenges. As businesses cannot control certain
elements like product malfunction or the host going off script, live events
remain largely unpredictable.
live events require a captive audience to be present at the exact stream time. If
your company does not have a pre-existing audience, you may need to ramp up
your viewership by investing in marketing. Businesses may also be challenged
with live streaming technicalities like storing the live videos for future
viewing and the overall novelty surrounding the technology involved in live
Overcoming the Challenges
like any new technology, adopting live commerce is a learning curve for businesses.
While it may seem like new territory, careful preplanning and market readiness are
key to reaching live shopping success. Businesses can fight the live commerce
unpredictability by smartly planning the set, script, guests, and giveaways
beforehand. Live streaming can prove a viable service to explore if businesses
invest in the right game plan, products, traffic, and shopping experiences.
Live commerce is here to stay. And it is coming for every part of the online world. Depending on the products and services, businesses can spin it off their own way to meaningfully engage with consumers, educate them about the products and drive overall business growth.
The online world is constantly changing, but one thing remains certain: live stream ecommerce isn’t going anywhere. If your business is ready to make that next move, contact BeLive Technology for a free consultation.
BeLive has been a key player in the live streaming industry since 2014 with offices in Singapore and Vietnam. We developed and ran our own live streaming mobile application, which is how we know what is best for you.