Throughout all industries, one theme has always been clear: those who do not adapt to new technology and trends are unlikely to survive. For example, we can look to Kodak, who stubbornly clung to their outdated tech while others adapted to the trends.
In the retail space, a similar trend is playing out, and brands need to be ready for this change. Luckily, many businesses are seeing the writing on the wall, and have recognized that live stream shopping technology provides the perfect answer to this consumer demand.
What are the Benefits of Live Stream Shopping?
Even before COVID-19 forced the world to shift toward live shopping, the industry generated $60 billion dollars in global revenue. The specific benefits of live shopping are as follows:
The convenience of being able to access live streams anytime, anywhere is unmatched and makes for easy transactions.
Unlike normal online shopping, live stream shopping technology allows hosts, experts and the audience to interact and communicate in real-time. This easily improves sales conversions as viewers can take a closer look at the products and have their questions answered.
Close to 4 billion people maintain at least one social media account across the world. With over half of the world’s population being able to access live shopping options, the possibilities for brands are limitless.
How Have Companies Successfully Implemented Live Shopping Technology?
While many brands are feeling hesitant about increasing their live shopping presence, some companies have dived into the trend head-first:
- ZALORA. BeLive Technology partnered with ZALORA to launch Z-Live, an in-app live streaming platform. The platform is jam-packed with live shopping streams hosted by local influencers, with highly positive response from the viewers.
- Nordstrom. In 2021, the brand Nordstrom began offering live commerce options. They have been one of the models for successful live shopping and their process continues to improve.
- Petco. In the past, Petco hosted a live shopping event benefiting charities. Judging by its success, it is likely they will continue to hold similar events in the future.
Be Prepared for More Live Shopping in the Future
While the trend is slower to catch on in the west than it has been in China, there is little doubt that live shopping will be a force to be reckoned with. Again, the importance of staying ahead of these trends cannot be overstated.
If your business is ready to make that next move, contact BeLive Technology for a free consultation.