The world is bound to pay attention to this new trend of live-streaming commerce. Companies are considering mastering the art of showcasing their products and services via live streaming. The companies are leveraging live video streaming to get ahead of the competition, as it is the hottest trend today. Customers can shop live and even ask questions is one mind-boggling thing that must be studied well to gauge profit.
Let us dive into the details of live-streaming commerce, how it began, the current trends, and its advantages.
Table of contents
- What is Live Streaming Commerce?
- Live Streaming Commerce: The Benefits
- Increasing Sales with Live Streaming Commerce
- Have the Dynamics Changed?
- Live Streaming Commerce: The Future is Reshaped
What is Live Streaming Commerce?
Live streaming commerce is a strategy. This strategy involves using online videos to showcase the products companies are selling. People can ask live questions and get their product-related queries answered. The streams are usually done on social media platforms or the websites of e-commerce stores. The craze of this hottest trend has seeped into every significant company today, and rightly so. It confirms customers’ satisfaction and allows brands to cash on this satisfaction.
Live Streaming Commerce: The Benefits
Live-streaming commerce has plenty of benefits, and we want to walk you through each. Listed below are the astonishing benefits of live-streaming commerce.
The world of shopping is astounded by the wave of live-stream commerce. Undoubtedly, every brand wants to adopt this strategy to compete with its competitors.
When companies use live-streaming commerce, they often start by using influencers for a wider reach. The influencers shop with the brand on live video, and thousands of people get attentive to the brand. Social media is always busy, especially Facebook. People are constantly scrolling, and this is where the magic happens. People notice the live stream, and they jump in to participate. The attention of thousands of people builds brand awareness, and then it does not stop.
It is typical consumer behavior that they are drawn to brands that are innovative and have something different to offer. Brands that stick to traditional methods of commerce have little to no chance of getting noticed by consumers. As a result, the brand’s image is also tainted because they refuse to understand the customers’ behaviors. They also fail to cope with the new reality of the reshaped world.
The Fun Factor
Everything new in the market excites people. They are bored with the traditional ways and want something freshly made for them. Live streaming commerce is one such thing. The newness of this strategy brings the fun factor back, and people cling to it because they want to experience something innovative. Live streaming commerce allows people to interact with the people who know the products the best. They can come up with their questions and get the correct information.
There used to be times when people would misinterpret the information. Their knowledge about the brand was limited and incorrect. All these doubts can be cleared now because live-streaming commerce will help them get equipped with the correct information. Some brands also incorporate fun activities like bringing some influencers, and they rate the product and share their experience. These fun activities bring life to the dead retail traditions of the past.
Bringing the Human Aspect Back
People want to buy from people, not from computers. This is true that online shopping has changed the way people used to perceive shopping, but the human aspect is still necessary. The need for human interaction opens new gates of success because people get to talk to someone about the product. They can discuss the issues they are facing with their purchase and also communicate what they want to see in the brand.
The conversations bridge the gap between consumers and retailers, and that is one thing that helps to build customer relationships. It strengthens the brand’s image, and people get attracted to it.
“Communication is the key” is a cliche phrase that we have heard a million times, but it holds a great reality even in live stream commerce. The way communication works is no less than a magic wand action.
Increasing Sales with Live Streaming Commerce
Most people prefer to watch live streaming of the products rather than reading redundant posts. Below we have mentioned some techniques to increase your sales through live-streaming commerce.
Read your Audience
You need to know which platform is religiously used by your target audience. You cannot just go about live streaming without knowing where your audience is. The choice of platform is one integral part of ensuring effective live-streaming commerce.
The process could be lengthy and exhausting, but it is worth it. Your homework will give you insights into your customers’ preferences and needs. Once you know their preferences, it will be easy for you to live stream your products on the right platforms. Keep all your departments ready to take on the live streaming because it takes everyone’s input to create magic with fun live-streaming commerce.
This is one major benefit that we have to mention here. If we compare the costs of traditional advertising methods with live-stream commerce, we will see how there is a huge difference. The cost-effective element is not true only for businesses of larger scale. Small businesses can also get the benefit of saving up their costs.
In live-streaming commerce, you do not need expensive equipment and production costs. All you need is a smartphone and an internet connection, and you are good to go.
Selecting the Format
Have you ever seen a company progressing with its strategy where the format is unknown? No, right? You have to know that there are different formats of live-streaming commerce.
The types are behind-the-scenes videos, direct product demonstrations, tutorials, influencer streaming, and live events. Once you have studied your customers and their behaviors, you are now ready to choose the most appealing format for your live streaming.
Another quality tip here is to invite someone influential and make them talk about the product. You can invite some celebrities to do reviews or tutorials to attract people. You will see how people will engage deeper with your brand, leading to better sales. Customer loyalty is a direct way to increase sales and take your brand to new heights of success.
Testing the Live Stream Videos
Hold on! You are not done only by following the steps mentioned above. After you have chosen the format and read the audience well, the final step is to test your live streaming of the products. You need to do these live streams daily, so your audience knows what they will watch.
Most companies run the live stream test on Facebook or Youtube. However, it is not sufficient. The best way to ensure your live stream is at it is to use the Testilo software. The software helps you to diagnose the response reports and any drop in the use impressions.
Believe it or not, without the software, you will be lost and blind to the effectiveness of the live stream. Live stream commerce is successful today because there are plenty of tools like Testilo to support its functionality.
Have the Dynamics Changed?
No industry has not tried its luck with live-streaming commerce. Be it the jewelry, fashion, or skincare industry, they have all hit this strategy at the right time. The dynamics changed when it seeped into the offline industries. These industries include the car industry and home appliances. The dynamics have drastically changed after the pandemic. These offline industries turned to live-streaming commerce, too, because they felt left behind, and the realization was real.
One fun fact is that even rural farmers had to change their course of action and adopt live-streaming commerce. Is it too late for them? It is not! These industries are aptly utilizing live-streaming commerce to compete with the top-notch industries.
No doubt, live streaming helped industries to rise from the ashes. They could find a new route to success by going live with the products and services. Even after the pandemic completely dies, these industries will still be seen cashing on the live streaming commerce because of how effective it has been.
Some companies are adding 3D animations and augmented reality to take personalization to the next level. They have done that to enhance their live-streaming commerce strategy, and we do not doubt it is working well for them all.
Live Streaming Commerce: The Future is Reshaped
There is nothing that can stop the storm of live-streaming commerce today. The world of the shopping market is wholly reshaped into a better version because people can now be a part of the journey. They can give their feedback and interact with the faces behind the brand. The increased loyalty is another fruit of this mesmerizing strategy. E-commerce is rising, and live stream commerce is the best layer so far. It has provided a unique way in which businesses can connect with customers. The growth of this connection ensures increased sales and brand awareness. We are incredibly excited to see how things unfold in the future. We never know what advancement we can expect in live-streaming commerce.