Decoding Live Shopping Analytics: Why they Matter ---- 6 min read
If you can’t measure it, you can’t manage it, and if you can’t manage it, you can’t improve it. This implies how crucial it is to Measure and Analyze the performance of Live Shopping Shows.
Inadequate measurement of Live Shopping Analytics hampers the understanding of Engagement, Sales Conversion Rates, and overall effectiveness of Live Shopping Shows. This leads to a lack of clarity about which products or strategies resonate with Buyers. Without this knowledge, brands cannot make informed decisions to refine their live selling approach, resulting in missed opportunities for growth.
Furthermore, the inability to measure Return on Investment (ROI) prevents brands from accurately assessing the impact of their efforts, hindering resource allocation and strategic planning. By leveraging Channelize.io Live Shopping Platform you can maximize the effectiveness of your Live Shopping Shows by measuring and analyzing Key Engagement and Commerce Metrics, and their impact on each other, like Show Duration, Unique Viewers, Total Engagement, Product View Rate, Add-to-Cart Rate, Revenue Generated, etc.
We show both Engagement and Commerce Analytics for Live and Recorded Shows.
In this Article let us decode Which metrics should you be tracking via our Platform and Why measuring and analyzing these Metrics is essential. Table of Contents
We’ve compiled a list of some of the key measures that you should keep track of to understand the outcome of your Live Shopping Shows.
Note: These Live Shopping Analytics should not be analyzed in isolation but rather considered in combination with each other to gain a comprehensive understanding of the Shopping Show’s performance.
Table of Contents
Show Duration refers to the total duration during which a Live Shopping Show is being broadcasted or streamed. This metric provides insights into Buyer Engagement and Interest. As a Brand, you may not want to do all your shopping shows of the same duration, some can be shorter and others can be longer depending on the type of content.
For example, a fitness session can be of shorter duration. Product demonstrations and launch shows can be of longer duration.
Having the right duration of a show is very important since not all your buyer audiences will show up at the beginning. It might take a few minutes for buyers to trickle into your shopping show and then Add products to the Cart. Also, your shows should be long enough for your Hosts to build up momentum, and take up all Promoted Products for showcase effectively.
It is the total number of unique users who watched either a Live or Recorded Show.
This metric indicates the potential reach of Shows. A high number of unique viewers can help brands Reach a wider audience, Build Brand Awareness, Generate Leads, and Boost Sales. Additionally, Brands can track unique viewers to gauge the effectiveness of their promotional efforts, marketing strategies, and audience targeting.
Total Engagement Rate
Total Engagement Rate represents the number of unique viewers who Reacted, Commented, Viewed Products, or Added Products to the Cart during a Live or Recorded Show.
A high number of Comments shows how effective you have been in interacting with your Buyers. Similarly, Reactions give buyers a chance to show their interest in a Live Show.
The Product View Rate and Add-to-Cart Rate provide insights into how effectively a Host is Promoting Products. A high Product View Rate and Add-to-Cart Rate indicate your buyers are finding the promoted products appealing and will be more likely to make a purchase.
Your Engagement Rate has a direct impact on your Sales. A higher Engagement Rate increases the likelihood of achieving elevated Sales figures.
Tip: Train your Hosts to engage buyers effectively. They should be able to influence buyers to Comment, Add products to cart, Use Coupon Code, etc. An effective Live Shopping Host should be able to communicate effectively, have charisma and personality, have deep product knowledge, and be able to engage and interact with buyers. Here are some factors brands should consider when choosing their live shopping host.
Total viewership represents the number of individuals who watched a Live Shopping Show at some point during its entire duration.
This metric indicates if your current Marketing Strategy for your Live Shopping Shows is effective. If the number of total viewers is low, it may indicate that the marketing strategy is not reaching the target audience or the content of your show is not resonating with buyers. In this case, it may be necessary to revise the marketing strategy and promote your shows to reach a wider audience.
Marketing of Shows via Social Media, Newsletters, Homepage Banners, Push Notifications etc can play a pivotal role in expanding your reach and ensuring that your Live Shopping Shows connect with a broader audience.
Here are some more ways to effectively market your Live Shopping Shows.
Total Revenue Generated
This metric can be defined as the total revenue generated from the Sale of the Promoted Products within 30 days of that Live Show.
Some tips for increasing the number of orders and Sales in a Live Show could be:
1. Promoting your Show through Social Media, Email Marketing, and other channels.
2. Choosing the right Products: Products you choose to sell should be relevant to your target audience and should meet their requirements.
Here are some ways to choose the right products for your Live Shopping Shows.
3. Offering Discounts and Promotions.
4. Creating FOMO (fear of missing out) among buyers
This is the total number of orders placed by buyers within 30 days of a Live Show. It provides a clear picture of the buying activity and product demand within the given timeframe.
Why Measuring and Analyzing these Metrics is essential?
Measuring and analyzing Live Shopping Analytics is crucial for the success of Live Shopping Shows for several reasons:
Performance Evaluation: Measuring metrics provides insights into how well a Live Shopping Show has performed. It helps gauge whether the show content is holding shoppers’ interest and at what point engagement is highest. Furthermore, with this analysis, Admins can revise their Marketing Strategies to promote their shows well in advance.
Tip: Sending out Email and SMS Notifications well in advance about your upcoming Live Shopping Shows, followed by reminders closer to the Go-Live date can be an effective way to captivate buyer audiences.
Optimization: By analyzing analytics, Admins can identify aspects of a Live Shopping Show that need improvement. Here are the various parameters that can be optimized in a Shopping Show:
- Host Selection and Host Performance
- Low Comments: encourage Host to effectively engage with buyers, and motivate them to share inquiries in the Chat.
- Show Timing and Duration
- Promoted Products: Which ones to promote, and their count
- Content Variation: Diversifying content types, including product launches, tutorials, behind-the-scenes, and complementary content .
- Duration in advance in which the Shopping Show is created
- Buyer Feedback Analysis: Continuous monitoring of feedback and adjusting the show based on comments and questions
- Cross-Promotion: Strategies for cross-promoting other products or shows within a live shopping show
- Moderators can also help improve the Chat experience by Moderating Conversations, removing spam, etc. This would help in fine-tuning Shows to ensure a seamless and engaging experience.
Tip: Brands can experiment with these different content strategies to make the most of their Live Shopping Shows.
Monetization and ROI: Metrics like Total Revenue Generated and Total Purchases directly tie the success of a Live Shopping Show to Revenue Generation. Analyzing these Metrics helps measure the financial impact and ROI of Live Shopping Shows.
Informed Decision-Making: By consistently measuring and analyzing these metrics, Brands can make strategic decisions, and iteratively enhance the show’s performance over time, leading to increased Engagement, Sales, and overall success.
Ready to unlock the Power of Live Shopping Analytics?
Your Sales will tell you a lot of things about the success of your Live Shopping Show. But they are not telling you the full story. Detailed analytics do.
In essence, measuring and analyzing these metrics via Channelize.io Live Shopping Platform will provide a holistic understanding of a Live Shopping Show’s effectiveness, enabling informed decision-making, content optimization, ability to adapt strategies for improved outcomes and achieve your Revenue Goals.
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