Published On : 18 January 2021
Live streaming commerce—a form of real-time online shopping that is interactive—creates unique and innovative ways for brands and retailers to connect with consumers. During these live sessions, the real-time video and the ongoing interaction is used as a medium to sell the products. In other words, the basic for live streaming e-commerce is the same: videos to demonstrate a product and broadcast live over a platform, social network, or website.
Live Streaming E-Commerce is a way to virtually recreate shopping experience in a physical store, just as people have had to get used to social contact via Zoom. It is mainly compared with Home Shopping Network for the similarity it shares; however, there is no direct competition to this gimmick as it ranks up for the charismatic and trendy anchors.
Also been described as infomercial cum variety show, this new marketing concept has gained notoriety during the pandemic, particularly in China, since the retailers are waking up to the significance of digital transformation. However, different Asia-Pacific regions have already caught up with this trend as it is gaining popularity among local retailers, e-commerce giants and several digital platforms.
In the unfortunate advent of the pandemic, physical commerce is on a halt world over. Though the lockdown was expected to slow down the economy, on the contrary, both unlimited internet connection and yearning to taking up challenges have given the online enthusiast's new ways to flourish their business.
Even otherwise, the trend of online shopping has seen an evident upsurge. Plus, we all know how entertaining videos can be when we come to sale via content. It is estimated that the ROI on video content has increased with 88% during the COVID-19 period.
The ease of buying from anything everywhere ~ 24*7, getting access to experienced salespeople, conveniently makes online shopping success and most importantly instant and safe online payment. Consequently, live streaming presented a unique two-way opportunity where e-commerce sellers to connect with genuine buyers, and customers, on the other side, can reach expert salespeople directly.
These factors clearly suggest that there is no stop to this trend any time soon. People won't let go of this concept so smoothly because of the major setback of online shopping. While shopping in-person, every buyer considers to touch the product and verify its quality – the main downside of online shopping. On the other end, video shopping gives the buyers/ viewers a portal to see someone else holding and explaining the product's features and giving a thorough quality check.
The appetite for live streaming rose significantly in the first half of 2020 and continues to go up as the retail market appears to be ever more innovative. If this demand continues to grow, everyone from top-notch brands and solopreneurs will have no choice but to follow this pattern, to stay ahead of the curve.
And that's how a trend will revamp the way brands tell their stories in the upcoming future