The worldwide health crisis has hastened the increasing trend of “live shopping” or “live video shopping.” Live Shopping in the USA is expected to be worth $25 billion by 2023.
The issue for brands is to turn this into a sales channel that complements the in-store shopping experience rather than a replacement sales channel.
Live shopping or Live Stream Shopping enables merchants to communicate with their consumers, provide remote advice, and finalize sales without requiring customers to leave their homes. With video shopping, hosts can show buyers the full in-stock catalogue and demonstrate product application. This is the perfect option for keeping a direct connection between a brand and its customers in order to provide the latter with a fully personalized experience. Live commerce has come as a game-changer, providing precisely what consumers and businesses need. Brands no longer need to entice consumers to visit their shops since they have established live shops.
Live Video Shopping is often seen as a bridge between online and physical shopping.
It improves both consumers and the brand’s eCommerce experience, while also increasing customer loyalty and comfort. Users may now purchase without jeopardizing their social experience.
These statistics demonstrate the shifting trend in video perception:
- Before making a purchase, 62 per cent of customers check product review videos.
- 84 per cent of those who viewed a product video went on to make a purchase.
- Sixty-six per cent of consumers think a company’s website should contain video content.
So, how can your company capitalize on this need and provide video shopping?
Live Shopping allows brands to engage consumers by taking them through products or services in real-time. Customers may be engaged in an experience comparable to what they would have in physical shopping.
Physical retail formerly outperformed eCommerce because consumers could attach a face to a name. Inquire about the store’s offers and ask difficult inquiries.
However, digital experts anticipate that once COVID-19 limitations are lifted, live commerce will still continue to grow.
With the opportunity to immediately connect with consumers, live video shopping enables shoppers to purchase in real-time from the comfort of their homes.
Humanization is considered an advantage of Livestream Shopping: The primary benefit of eCommerce businesses’ live streaming content is the connection established between brand and consumer. Allowing your audience to provide real-time feedback demonstrates your confidence in your product. Furthermore, reflecting transparency by selling live leads to a brand reputation and credibility.
The virtual world is gradually making its way into the retail sector. Customers’ expectations must be met by businesses, or they will fail.
Live commerce also known as Livestream eCommerce bridges the gap between physical and online retail. There are many obvious advantages to live video shopping retailers and brands:
Increase in Conversion Rates
By boosting customer involvement, you will improve customer satisfaction. Customers begin to build loyalty and invest a degree of emotion in your brand as satisfaction levels rise.
Live commerce provides a human connection that eCommerce alone cannot provide. By leveraging the right live stream shopping platform, we may build connections between the brand and consumers, improving the company’s average order value.
Real-time communication enables brands to properly upsell and cross-sell products without jeopardizing the transaction.
Customer loyalty has increased in tandem with better conversion rates and increases in average order value. When a customer’s experience with a business exceeds their expectations, it leads to brand loyalty.
Customers have proven to return to brands that cater to their requirements simply, quickly, and profitably – which Live commerce does.
Experts or hosts may cater to the requirements of customers by participating in face-to-face conversations with them. Being able to clear doubts in real-time and witness product application live leads to customer satisfaction.
Customers are more likely to return if they are satisfied with both the product/service and the experience.
Live Streaming Shopping has a bright future ahead of it, and the pandemic has merely expedited a trend that was already in motion. We at Channelize.io, offer a reliable live streaming shopping platform that assists brands in setting up Livestream shopping in order to remain connected with their consumers and eventually boost sales. We can help you engage and immerse consumers via live commerce, resulting in better customer experiences, customer engagement and retention. We can thus help you boost your sales conversion rate and stay ahead of the competition. To connect with us email us at email@example.com