Livestream shopping in eCommerce is just a way to entertain customers online during sales, like through meetings or demo streaming for promotions.
Customers can watch talk and shop all the products with the Livestream of the products through influencers in their comfort while shopping from home.
This tactic allows the store owner to ensure the conversion of sales. And a generation of revenues as well as the customers will get more confidence while checking out the products if talking with the support or are through the influencers in Livestream.
China started live streaming in 2016 and it helped in sales growth more than twice in comparison to previous years.
The popularity of live Commerce in Asia
Livestream shopping in eCommerce has colonized the eCommerce marketplace throughout ASIA.
The first to use live Commerce is Alibaba’s Taobao platform which has developed a great culture for the influencers who communicate the values of the products.
Taobao platform’s aggressive development has started the great practice of live commerce to help the brick-and-mortar-based eCommerce store.
And it resulted in Alibaba investing more in influencers for their growth plan and celebrity participation.
Key opinion leaders as influence played a pivotal role in this effort. China’s top influencer like Viya was able to generate a sales value of more than 50 million USD in a single day.
Kim Kardashian and Viya partnered to sell 1500 bottles of perfume through live streaming and they sold within a few minutes of the stream.
Even McKinsey recognized Livestream as a great channel to boost sales with the expectation to reach 423 billion USD in revenue in 2022 with a growth of more than 200%.
Live Commerce’s Impact on the US Market
US-based eCommerce marketplaces like Amazon started live stream shopping with the influencer’s efforts which resulted in a growth of 300% resulting in a 1 billion USD revenue.
Even Walmart announced Livestream’s success and started to see huge growth as well at the time of covid and decided to continue Livestream through different platforms expecting to reach a revenue growth of 25 billion by 2023.
How could Live Commerce help in the eCommerce Sector?
Shopping online without assistance can be quite a hassle for the customers as they can have multiple doubts and queries and no one there available to clear their doubts or queries.
Sometimes this leads to an abandoned cart. However, If there is anyone to assist the customers with their queries gives a good experience and avoids cart abandonment with the impulsive buying decision as well.
Benefits of Live Commerce
Livestreaming can help many ways for business owners to generate more profit by reaching a bigger target audience and reducing costs as well.
In-store eCommerce experience online
It is not just about the sales anymore as the customers are just focussing on the specific products they are having multiple options in the market. If the customers are not satisfied the customer would not like to purchase from the specific eCommerce marketplace.
This is one of the missing factors for the customer to experience more about the marketplace and their products. This missing factor is now here in the market which allows the customer to clear their queries and get assistance on the purchase of their selected products.
Growth of Sales Conversion rate
With online support assistance, store owners can ensure customer satisfaction. The add-to-cart and sales conversion rates can not be in terms of comparison.
Of course, it gives a good idea to boost sales with live streaming to spread awareness among potential customers of the facts about the products and their promotions through the influencers.
Once the targetted audience is aware of the Live stream in eCommerce Marketplace and interaction with the brand, It is possible that the word of mouth would do its work.
Also, the better way to extend this would be to make sure to have the right host for the stream.
Encourage an impulsive buying decision
People may feel more inclined to buy if they are taking part in an exclusive event. And through this, they fear they may miss out on the limited-time great offers.
Reach audiences on a bigger scale
With Live Commerce, there is no limitation for the number of audiences based on the area.
Product accessibility is unlimited! Live streaming reaches out to larger audiences because literally, anyone can join the Livestream through their device, which will increase your brand awareness drastically.
Can cut the distribution cost
When the products are sold directly to the end customers it would decrease the need for the warehouse in multiple locations. and can be sold through the brick-and-mortar store only.
Live commerce also gives a chance for easier order-of-operations and processes for receiving an order, having a label created, and ensuring the customer receives the products.
Brand Pull
The brand ambassador also plays a huge role in long-term brand loyalty. As customers connect more and more with the person selling the products.
But if the influencer is the brand ambassador the customer value increases for retailers, As people create a personal relationship with the ambassador.
Through the streaming event, the influencer leaves a great impact on the viewers.
Conclusion
Livestream commerce gave satisfying results for the eCommerce industry in China and much of the rest of Asia and is spreading to Europe and the United States as well at a great pace.
Some of the companies have reached huge audiences all over the world and resulting in great revenues.
Others have realized this practice and working on following the same example and need to move quickly to design their experiments for the result in reaching a certain level.
So, that was much about the “LiveStream Shopping on eCommerce” for any queries or doubts reach out to us at support@webkul.com. You can also raise a ticket at our HelpDesk System.
