How to get Maximum Return on Investment from your Live Shopping Shows? ---- 5 min read
Achieving maximum Return on Investment (ROI) is a crucial aspect of a successful business strategy. This metric directly influences the profitability of an Ecommerce Brand, as it determines how effectively a brand can generate revenue while managing costs. By maximizing ROI, Ecommerce Brands can optimize their financial performance and pave the way for sustainable Growth in the long run.
However, attaining maximum ROI poses several challenges for brands to overcome. One powerful Solution that has emerged is Live Shopping.
In this article, we will explore the challenges faced by Ecommerce Brands in maximizing ROI and delve into how effectively hosting Live Shopping Shows can help maximize ROI and drive Business Success.
Challenges Faced by Brands in maximizing ROI:
- Increased Competition
The ecommerce landscape is highly competitive, making it challenging for brands to stand out amidst the noise. With numerous brands vying for buyers’ attention, driving sales becomes an uphill battle.
- Customer Acquisition Cost (CAC)
Acquiring new buyers in the online realm can be expensive. Ecommerce brands often face rising costs associated with marketing campaigns. Balancing these costs while ensuring a positive ROI is a constant challenge.
- Retention and Repeat Purchases – Customer Lifetime Value (LTV)
Fostering customer loyalty and encouraging repeat purchases is more cost-effective than acquiring new customers. Brands must focus on building personalized experiences and improved product experiences to maximize customer retention and lifetime value. Having a high CLV indicates that an existing customer is happy with your product and customer experience to the point where they are willing to keep returning for more.
Thus Improving Customer Retention and Customer Lifetime Value, can significantly contribute to a higher LTV/CAC Ratio. This ratio is an important metric that shows your ROI in terms of how much you spent to acquire a customer, and what they have paid you throughout the relationship at the time of calculation.
- Rising Customer Expectations
Customers have high expectations when it comes to ecommerce experiences. Meeting and exceeding these expectations is essential for building brand loyalty and maximizing ROI.
As ecommerce brands strive to achieve maximum ROI, Live Shopping has emerged as a powerful way to overcome the challenges they face. By creating Engaging experiences in Real-time, showcasing Social Proof, fostering Personalization, offering improved Product Experiences and enabling Informed and Trusted Purchases, brands can boost Customer Engagement, Drive Conversions, and ultimately maximize their ROI. Embracing this innovative solution will undoubtedly position ecommerce brands on the path to success if leveraged effectively. And here’s how you can begin.
Channelize.io is a leading Live Shopping Platform which makes it easy, and cost effective (if you consider ROI) for brands to start creating Live Shopping as a new Revenue Generating Sales Channel on their Website.
After installing our Live Shopping App, follow these essential practices to achieve remarkable ROI on your investment in our Platform.
Table of Contents
Plan and Execute Shopping Shows Effectively
- Plan a clear strategy for each shopping show, regardless of whether the show is about launching a collection, demonstrating product application, doing promotions, or building a community.
- Create a well-thought-out storyboard for your show which includes engaging buyers, highlighting product features, and determining the sequence of introducing products.
- Select the right products to promote, ensuring they align with your target audience’s interests and preferences.
- Choose knowledgeable hosts who can effectively engage buyers and speak convincingly about the promoted products.
Here are some factors you might want to look at before making a decision: Who should Host your Live Shopping Shows In House Experts or Influencers?
- Assign a moderator (brand admin) to oversee and manage the shopping shows.
- Come up with effective content strategies to encourage purchases. Here are some strategies you can implement: 10 Content Strategies to make Live Shopping successful for Commerce
- Utilize our Platform’s features effectively, such as Product Spotlight, Pinned Messages, and interactive Chat Replies to make most of your shopping shows.
Proactively Market your Shopping Shows
- Create your shopping show in advance and promote it extensively using its unique URL across all your Marketing Channels.
- Leverage your social media handles by sharing posts and stories about the upcoming show.
- Send out Email and SMS notifications to your subscribers (via Klaviyo) to inform them about a show. We have also recently launched the Email and SMS Notifications feature, for which we’ve integrated Klaviyo with our Platform. This feature is a great way to automate marketing engagement for your Shoppers.
- Place a banner on your homepage or include a link in the header to direct visitors to the shopping show.
- If you have an active Facebook page, create a corresponding Facebook event and use the show’s URL as the event location. Encourage your followers to join the event, and Facebook will notify them when the show starts.
Need more ways to Market Your Shopping Shows? We have got you covered in this Article.
Utilize the Floating Video Feature for Live Shows
- This is an effective way to tell your ecommerce website visitors that your Shopping Show is LIVE. You can now simply embed a Floating Video Widget on all, or on selected pages of your website. The widget will become visible to all the users on your website when a live show is happening.
- This automatically presents a video preview from your Live Shopping Show.
- With this you can significantly boost the number of visits to your Live Shopping Shows, making it easy for buyers to engage and shop from your Shopping Shows.
Note: This feature is only available for Shopify Clients.
Host Consistent Shopping Show Frequently
As with any new sales strategy adopted by a brand, Live Shopping also needs time and consistency to show desired results. In the first few shows, brands might not get the desired results but if they host good shopping shows frequently, it will definitely benefit them. Simply put, the more consistent a brand is with their Live Shopping Shows, the better the Sales Conversions will be.
“ The app works well, it’s quite simple to use, at a very competitive cost compared to the others. Some things could be improved, like the product management during the event, but the customer support is excellent: they’ve heard our feedback and request, providing solutions to some little issues: they are always available. In the end, we recommend this app!”
This is just one of the many testimonials we’ve received from our successful client brands. This clearly demonstrates how our Platform can be a game changer for you if you get started with us and implement the above recommended practices.
To know more feel free to Book a FREE DEMO with us or contact us at email@example.com.