Maximize Your Sales with Live Stream Shopping
Almost seven years ago, China changed the world of eCommerce with live-stream shopping. Now, the hype is all over the world.
The trend of video shopping has been catching marketers’ eyes lately. It’s especially prominent in APAC countries. In the Indonesian market, for example, IPSOS noted that 78% of consumers have heard of and know about live-streaming shopping. 56% of them purchased live streaming during the pandemic.
In the retail industry, it’s necessary to be versatile to ensure your business is ahead of your competitors. It will be difficult for your business to succeed if you fail to predict customer behavior and follow the trends. Read on to learn how live-stream shopping can increase sales.
What is Live Stream Shopping
Essentially, live stream shopping allows consumers and sellers to interact in real-time like brick-and-mortar shops, but online. They can join the live stream from anywhere with an internet connection. It’s hosted on different platforms that provide live streaming, like Instagram and TikTok, or e-commerce platforms like Shopee and Lazada.
Alibaba created Taobao Live in 2016 as part of Single’s Day, making China the first country to sell products via live video streaming. The trend reached the rest of the world due to the pandemic.
Why You Should Jump Into the Trend
Live streaming shopping trend appeal to both consumers and businesses. There is a reason why it’s so popular. Today, everyone expects companies to act instantly but honestly. Live stream shopping provides both.
Online shopping allows you to easily buy your desired products without visiting the store. With live-streaming shopping, products are promoted live, elevating the concept even further. Ably says this process adds the human connection between your products and consumers, which is something lacking in the typical online shopping process.
Live-streaming shopping is also promising statistically. According to Emplifi, the gross merchandise value of eCommerce live streaming in China reached 2.27 trillion yuan in 2021, and it’s expected to increase more. In the U.S., live stream online shopping revenue is expected to increase to $55 billion by 2026.
How to Get Started with Live Stream Shopping
Even though the hype is intimidating, you shouldn’t sell live blindly. Gathered from various sources, there are several steps that can help you start your live-stream shopping journey.
Plan out your Live Stream
It’s better to plan ahead to prevent miscalculations. First, you’ll have to determine the target audience for your live stream. From there, you can adjust how you deliver the live presentation.
Prepare what kind of product you want to sell. Prepare a script for your product description too. Tellef Lundevall from Accelerated Digital Media told Forbes that gamifying the live stream can increase consumer interest. For this, you definitely need a script ready beforehand.
Work with the Right Host
You won’t want a boring or incompetent person to host your live stream. Partnering with an influencer can increase brand exposure. Make sure to work with influencers relevant to your product.
Or, you can host your stream with your own staff. Sophie Abrahamson, President of Americas at Bambuser, told Wahl and Case that Japanese companies rarely hire external creators for their streams. Instead, they use their in-house experts like shop assistants, dermatologists, and designers to appear more authentic.
Pick the Format and Platform
There are various ways to shape your live stream. Restream states that live-stream shopping is usually used for product Q & A, product demonstration or tutorial, and an existing customer interview. You can combine two or more at once and decide how long live streaming should last.
With that in mind, choose where you want to broadcast. There are several things to remember, including the platform’s features. Does the platform have in-stream purchasing? Does it have live chat? Does it have a smooth user interface? Choose a platform that matches your budget.
Rehearse the Live Stream
Finally, it would help if you practiced before going live. During a test run, you might find something you and your team missed before. It’s also helpful to have a backup plan in case something goes wrong during the live stream.
Live streaming shopping promotes your products interactively. It’s definitely a trend you cannot miss. If done right, it can boost your sales to a number you might not expect.