What is Livestream shopping, and how does it impact Retail?

What Exactly Is Livestream Shopping?

When businesses or retailers use live video shopping technology to sell goods to online viewers, this is known as Livestream Shopping, also known as Livestream Ecommerce or Live Online Shopping. Livestream Shopping may take place on social media or a direct-to-consumer (D2C) website utilizing a third-party service. But integrating a live shopping solution into your existing website or apps is the best way to leverage this technology.

 If you’ve ever seen a shopping channel like QVC or the Home Shopping Network, you’re already familiar with the fundamental concept of Live Streaming Shopping.

 Live Streaming Shopping is intertwined with video links between businesses and internet consumers.

According to Coresight Research, in China, live shopping generated about $125 billion in sales in 2020, up from $63 billion in 2019. Also the fledgling live shopping in the USA is projected to exceed $25 billion in sales by 2023 as it gains traction in western retail.

 Live shopping in the USA isn’t QVC-style home shopping, it is diverse, appeals to a younger audience, and can generate referrals and advocacy due to its shareability on social media.

Previously, you would hire influencers to create the material, but the video revolution means that anybody with a little enthusiasm who wants to can do it.

 The most important thing to remember is to have adequate products ready to stream. Getting your merchandisers on board and putting up a timetable and catalogue is a critical building step.

Live video shopping platforms are undoubtedly incredible high-performance marketing tools.

People are interacting with goods and providing feedback, which suggests that this channel may be extremely significant for the product development lifecycle. The commerce engine is going through the supply chain, which is extremely fascinating.  

 Live shopping is analogous to passing by a shop window or we can say virtual retail. Live shopping solutions intend to keep improving its technologies to make the customer journey – from window shopping to personal consultation – more feasible for online consumers.

 However, unlike TV shopping channels, Live shopping solutions enable viewers to purchase goods immediately on the screen rather than dialling a number. It also allows for greater engagement with and among customers, since most live shopping shows include chat streams and product-ranking features that allow the presenters to see product popularity in real-time.

 International Ecommerce Is Increasing

Since the beginning of the COVID-19 epidemic, Live Streaming Shopping has grown in popularity, with Coresight Research projecting that live commerce in the USA would reach $25 billion by 2023.

According to CNBC, although this online buying trend has lately grown in the United States, it has been a very popular shopping choice in Asia for years. 

Conversion rates for Live online shopping in China are also extremely high, citing conversion rates ranging from 20% to 40%.

What effect does Livestream Shopping have on retail?

Interaction with audiences provide many opportunities

As it should be, Livestream shopping or live video shopping is an effective sales and marketing tool. When you combine this with the ability to engage with audiences, you have a great chance to educate your consumers and create brand loyalty.

It is also possible to interact with the crowd. They can ask questions, request particular demos, and talk about merchandising and accessorizing, and much more. It essentially brings the in-store purchasing experience to eCommerce.

  Virtual Retail can Reach a Wider Audience

Shopping via Livestream e-commerce is engaging and entertaining. Virtual retail should be at the heart of a brand’s marketing strategy during these days of confined isolation. They are less expensive and may reach a wider audience.

Livestream Shopping Has the Potential to Build Communities

Shopping through Livestream is a social activity. You’re there with other customers who confirm your preferences and make you feel like you belong.

This community may also instil a feeling of scarcity, implying that the goods you’re interested in may not be accessible for long.

Channelize.io Livestream Shopping Platform is one such option that allows you to engage your visitors to your website while they explore, ask questions via live chat, and make purchases all in real-time. The live shopping solution mixes an interactive live show with the opportunity to easily view the things of interest being used and discussed. 

Channelize.io allows you to organize a live video shopping show and invite anybody to join the livestream shopping show to ask questions, give likes, and shop while watching products in action. This tells you how consumers feel about your products and services and what you may need to alter or advertise on a larger scale. Send an email to info@channelize.io to get started right now.

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