Did you know that livestream shopping is all the rage among retailers, brands, and digital platforms worldwide? By combining social media, live entertainment, and instant purchasing you can shake up your live commerce strategy and get greater audience participation on platforms like TikTok, Instagram and Livestream Twitch TV.
While this may conjure up images from your youth of overly manicured TV presenters trying on the Home Shopping Network, livestream shopping is back with a vengeance. It’s an undeniable trend right now and everyone’s jumping on board. In fact, a survey from 2021 found that two-thirds of Chinese shoppers have bought goods through livestreams in the past year. That’s a figure we can’t ignore as marketers.
While Western retailers are still playing catch-up to China, some early birds have already seen impressive sales from this new trend. A recent survey of 13,000 shoppers and 4,000 businesses across 29 countries revealed that 61% of customers prefer to shop through social media. And that number goes up to 63% for Gen Zers.
The challenge with digital commerce as it stands
As a B2B aficionado, you’ve probably seen the limits of digital retail yourself.
Even though online shopping became so popular during Covid-19 with lots of physical stores shutting down and businesses moving to the internet, there was plenty left to be desired from new shops popping up online.
Lately, we’ve also seen interest waning from consumers who are leaving plenty of goods in their carts more often. Sometimes it’s because the website isn’t up to date or interesting enough. Other times it’s just because the user experience isn’t good.
But increasingly, consumers want more, “right now” and we have to find new ways to connect our brand with consumers in the customer experience. This is where livestream shopping, real-time product launches and livestream shopping shows are becoming more relevant than ever.
A livestream event can turbocharge your performance in the retail industry
Live shopping events comprise anything that’s being published in multimedia in real time, where consumers are able to make a purchase within a few clicks. This enables an exciting, in-the-moment experience for potential customers and existing customers to get more information and become interested in new products.
Typically in the form of a live video, your brand’s target audience can watch you create, package and sell products everywhere from social media platforms to e commerce sites.
How marketers can use live stream selling on a social media platform to build brand value
Everyone from Generation Z to Baby Boomers are on social media, which means broad access to your target demographic wherever they are. Once you know which social media your potential buyers prefer, you can make sure you’re meeting them where they are on the right platform. That could be Facebook, Amazon Live, other social platforms like TikTok live or a shopping event on livestreaming platforms of your choice.
The most essential part is that you’re on a livestreaming platform they can get to with interactive elements to help engage them and they are able to buy right away.
Livestream platforms can bring big benefits for businesses venturing into e commerce
Livestream shopping can help you:
Improve conversion rates: The decision-making journey for a consumer can often take multiple touches with your brand. however, with livestream shopping, they tend to be highly engaged for longer and often make the purchasing decision within one session (reportedly up to 30% more likely).
Differentiate and up your brand’s appeal: Stand out from competitors with an insider view into the making of your product or the team behind it as you sell.
Increase followers and traffic to your page: By drawing in viewers, you can also improve the volume of qualified traffic to your page. More traffic can be more conversions and higher credibility in the eyes of the search engines.
Increase audience engagement: Livestream shopping is an enticing and interesting way to pique viewer intrigue. Plus, depending on the channel, it gives viewers new ways to interact with figures representing your brand.
Find a tangible way to include influencer marketing, live streaming and celebrities into your digital marketing strategy: Influencer marketing can form part of the livestream shopping experience you create and further elevate the impact of your efforts by helping you reach related audiences.
Hot tips for hosting your own livestreaming shopping experience
- Pick the right livestream shopping platform. We’ve touched on how you need to be where your audience are which means social media is a good start for livestream shopping work. But you can also use it to direct customers to your site or a livestream platform that enables easy selling.
- Repeat your livestream shopping session. Consistency and visibility can help you grow a following and pull in returning buyers. Repeat your sessions with some regularity and be sure to keep considering novelty and experimenting to keep engagement consistent.
- Tap into forward-thinking communities like Chinese internet users. Some countries have more of a live shopping culture and tend to yield quicker results in terms of sales and conversions. However, don’t underestimate the chokehold that live shopping has on early movers around the world.
- Create a compelling livestream shopping experience. As with face-to-face selling, some tried-and-true factors still apply. Consider a sales methodology, and pick the right rep. The face of your brand should have charisma and be an authentic representative for your business. You can also inject novelty by giving viewers insight into the behind the scenes of your business or creating games and lucky draws when they suit your brand tone and positioning.
- Continuously improve your livestream selling tactics. Experimentation is key and just as you would test methodologies in other facets of your digital marketing, the same goes for live shopping.
- Avoid technical issues. In order to run a successful live shopping experience, get to know the platform you’re using well. Social media live streaming is good for those just starting out as the interface is usually at least somewhat familiar.
Your Digital Assembly is here to help you enjoy significant sales from your livestream selling
Whether you’ve got a commercial or niche product, livestream shopping can help you boost sales, increase brand awareness and engagement and see quick rewards. Get in touch with us to chat about how we can support you.