02 Mar Live Streaming Commerce as a Sales Enabler6 min read
In this blog, we will decode why Live Streaming Commerce is considered to be an effective sales enabler. We will consider both a Buyer’s as well as a Brand’s perspective before coming to a conclusion. So, Read on!
Table of Contents
- Buyer’s Perspective
- Video Consumption
- Real-time Communication
- Brand’s Perspective
- Unmatched Outreach & Scale
- Builds Trust
- Easy to Adopt and Use
- Gives a face to your Brand
- Bigger Order Sizes & Repeat Purchase Rate
- Makes you Approachable
- Creates a Sense of Urgency
- Implementing Sales Strategies
Consumer behavior has changed drastically over the last few years and this has altered their buying behavior. Hence today buyers not only look to buy products but they also expect delightful shopping experiences. Buyers look for factors like personalization, better product experience, convenience, entertainment, real-time connection with sellers, etc before making a shopping decision. And Live streaming commerce is a solution that gives buyers all of these while shopping.
Let us now see how Live commerce is in sync with buyers’ shopping habits.
As video content combines auditory and visual senses, it appeals to emotions stronger than any other content. It’s super easy to consume and keeps buyers engaged. Videos present products in action and in a conversational form which fosters trust, educates, and gives buyers the confidence to purchase.
Furthermore, buyers today want to feel and experience the realness of products while shopping online and videos are a great way to offer buyers improved product experiences.
Hence we can say that video works on many levels so buyers prefer video over any other form of content today.
Convenience is a critical factor that has a major impact on a buyer’s shopping decision. Live streaming commerce allows buyers to watch a live show and shop right from that same interface. The comfort of shopping from their living room or office space or any other space of choice and witnessing an in-store shopping experience without having to step out is obviously there.
When compared with online shopping that gives the same convenience of shopping from home, live commerce has the many added advantages
- Buyers can experience a product live and hear about it from a host which leads to a better product experience
- Content is delivered in engaging ways and is explained via text, visual, as well as a verbal description
- Two-way communication between buyers and sellers leads to a better customer experience. They can have their questions answered right away as if they were in a physical store.
Hence live commerce provides buyers with convenience and a more engaging experience than just clicking and filling a shopping cart.
Love for entertainment is part of human nature, so it makes sense when buyers desire a fusion of entertainment and shopping. “Shoppertainment,” as this is now known, is the fulfillment of that desire especially for the youth.
Live commerce offers fun to buyers and elevates their shopping experience to something a little extra. Hosting activities like collaborating with entertaining personalities to take over a session, holding raffles and quizzes, conducting product unboxing sessions, and challenging buyers for a competition, etc create long-lasting memories, and this is what buyers cherish the most.
Today buyers expect instant gratification from brands they purchase products from and real-time communication via Live streaming delivers the immediacy that a buyer expects from a brand. The fact that buyers can communicate in real-time and in a virtual face-to-face environment creates a true and personalized connection between them and a brand, even if they are miles apart.
This allows buyers to see products being demoed and ask questions about products and hence they feel more informed about products they are buying and brands they are giving their money to. So now buyers no longer have to rely on boring shopping sites or brochures to make their shopping decision.
By now you might have understood what buyers expect from a brand and how they are ready to pay not just for products but also for the satisfying shopping experience. Hence it is important that your brand leverages live streaming to fulfill your buyers’ needs, resulting in brand loyalty and sales.
Live commerce can help a brand build up rapport and meaningful connections with its prospective buyers, which in return can attract these buyers towards the brand and its products.
Let us now see how live shopping can help boost your brand and generate sales
Unmatched Outreach & Scale
No matter how elementary or grand your live show is, the live audience that can actually be present at your show can be unlimited. Hence live streaming can help you sell in a scalable manner and reach more audiences.
Furthermore, collaborating with a brand ambassador, KOL, celebrity, influencer, etc will help you improve your brand’s awareness.
Live selling allows for real-time interaction, which creates an opportunity for you and your customers to ask each other questions, share opinions and feedback all in real-time. This forges trust and helps build a relationship between you and your customer base.
Furthermore, the fact that a live show is unedited and unpredictable showcases authenticity, and this authenticity positively affects the level of trust between you and your customers.
Easy to Adopt and Use
Live commerce can lead to improved sales conversions quickly as products featured and listed can be easily purchased during a shopping show. There would be no switching of apps as these features can be added right within your website & apps. Solutions like the one offered by Channelize.io can be integrated easily into your existing e-commerce website and apps as well as with your marketing stacks. So, the functionalities you are accustomed to using will not be affected.
It is also very easy for influencers, KOLs, employees, etc to host engaging shopping shows for your buyers, as well as attract large audiences. Most of them are already familiar with going live on Social Media. Hence we can say that Live streaming commerce technologies are easy to adopt and use.
Gives a face to your Brand
Showing up the real people who work behind your brand or inviting industry experts or brand ambassadors on a live show to talk about your brand and products can humanize your brand.
Live commerce is a powerful way to communicate your brand story, explain your value proposition, share customer testimonials, and ultimately showcase your brand persona.
Bigger Order Sizes & Repeat Purchase Rate
Increasing your store’s profitability starts when buyers order more from your brand and become repeat customers. And live selling can help you achieve this as it offers personalization and enables buyers to make better and quicker purchase decisions.
Evaluating a product live enables buyers to make better and quick purchase decisions. This delivers a more intuitive customer experience to your buyers leading to bigger order sizes and improved repeat purchase rates.
With live commerce, all the offerings can be tailored as per your buyer’s needs and interactions. Hence by delivering a personalized experience, you can make your buyers feel special.
Makes you Approachable
With a host that can be an influencer, brand advocate, or KOL behind a screen, being able to directly interact with buyers, showcase products, or resolve buyer’s queries instantly makes a brand more approachable.
Furthermore, hosting “Ask Me Anything” or FAQ sessions, where you answer questions asked by buyers during a live show depicts your approachability.
Creates a Sense of Urgency
Hosting a live show means audiences can have access to your live show or products for a limited time frame only. This generates a sense of urgency and eventually leads to product sales.
Additionally, if your live show is one that’s quite awaited, perhaps maybe because of a host that can be an influencer or a celebrity or because of the flash sales, deals, and discounts or giveaway that your hosting will generate a sense of urgency.
Implementing Sales Strategies
Implementing sales strategies like running discounts, flash sales, deals, auctions, and limited-time offers can lead to more sales, and discourage buyers from abandoning their online shopping carts.
If you have smart hosts with a free-hand to implement such strategies on-the-fly during live shopping shows, then they can have a big impact on your brand’s top-lines.
What’s the ultimate goal of your eCommerce business? To make money, right?
By now you might have understood how live selling can help you make that money and achieve your short-term as well as long-term goals.
Live streaming commerce offers buyers an experience that is enriching and enticing and goes beyond the simple transactional shopping experience. And on the other hand, it can help a brand become successful and stand out from the crowd. Hence to put it simply, live commerce is a solution that can drive growth and sales in this digital era.
Reach out to us at firstname.lastname@example.org and start your live selling journey!