Technology

How Does Live-stream Shopping Affect Retail?

Retailers’ reliance on eCommerce solutions has increased as a result of the implementation of lockdown measures and the closure of brick-and-mortar establishments. Retail businesses are investing more in digital advertising and incorporating live-stream shopping into their marketing strategies as a result of the drive towards online shopping and the need to draw in and keep customers.

Live-stream purchasing is a popular trend that makes usually emotionless online buying more engaging and enjoyable while dramatically increasing conversions. This essay will explore the live video shopping phenomena, assess its effects on the retail industry, and focus on both pre-built and creative live video shopping systems.

The addition of Augmented Reality (AR) technology to live-stream shopping has the potential to enhance the customer experience and increase sales for retailers. As AR technology and Augmented Reality Services continue to evolve and become more widespread, it will likely become an increasingly important tool for retailers looking to engage with their customers in new and innovative ways.

What is Live-Stream Shopping?

Live shopping is a concept that was developed from video shopping in the 1980s. You might recall Bobby Ray Carter on HSN showing stylish items with viewers checking in, seeing what’s on sale, then dialling in to make a purchase or Lisa Robertson on QVC speaking with viewers while exhibiting jewellery. 

Livestream shopping is a logical extension of this first TV-oriented concept since it uses video streaming techniques to display items, engage with an audience, and sell all online.

Live commerce, which combines the greatest aspects of eCommerce, video streaming, and social media, enables customers to purchase whenever and wherever they want, promotes real-time communication, and fosters interaction, attracting today’s tech-savvy, at-home consumers.

Live events, internet marketplaces, influencer broadcasts, and auctions are just a few examples of where you may purchase livestream. No of the format, viewers may join a live shopping event, post comments, ask questions, and interact with the host or other customers. When customers are prepared to make a purchase, they can click a link contained within a shoppable video to access the checkout page. Moreover, live shopping allows full customization.

Although while one-to-many live streams, in which items are advertised to large internet audiences, are more common, companies may provide their loyal customers preferential treatment through one-on-one live-stream sessions. Private conversations between a host and a customer help businesses enhance conversion rates, average order values, and the likelihood that consumers will come back.

How Does Live-Stream Shopping Work?

Let’s say you wish to participate in live streaming shopping. You have three choices in the situation:

  • Use social media’s streaming capabilities for medical conditions and outcome prediction
  • Promote your goods on a streaming marketplace or an established video commerce network.
  • Choose a personalised live-streaming shopping option.
  1. Inventive Live Shopping Applications

Joining an established live-stream shopping platform or an eCommerce marketplace with live-streaming features is another method to start profiting from the video shopping craze. And they range from industry leaders in video commerce like Amazon Live and Taobao to upstarts in live shopping like Bambuser and Spin to specialised live commerce applications like NTWRK.

The primary advantage over the earlier alternative is that the majority of out-of-the-box video purchasing applications come with built-in connections with well-known eCommerce platforms and payment processors. Hence, customers may enjoy a continuous video buying experience without being sent to other websites in order to make a transaction.

  1. Social Media Platform

Going live on well-known social media platforms is the most popular and the most simple option to begin live-stream purchasing. Fortunately, the majority of social networking sites have responded to the video shopping craze by adding live-streaming and eCommerce features.

For instance, Instagram now has built-in checkout features across all of its apps, including Instagram Live, which by the way had a 70% rise in viewers in 2020.

Facebook is also creating native capabilities for live-stream commerce. To advertise its items online, TikTok is joining together with eCommerce behemoth Walmart.

The opportunity to collaborate with influencers, who are essential to the success of live-stream shopping, where their audiences are is the key benefit of using social media.

3. Custom Live Video Shopping Applications

Businesses who want to make video shopping a crucial component of their marketing arsenal could think about creating a unique retail solution with live-stream capabilities.

Getting bespoke requires unquestionably more work than the other two alternatives. But with personalised functionality, high-quality streaming, sophisticated analytics, and perhaps even a few extra features, like AI-powered video content personalisation, a bespoke app can help shops fully capitalise on the video shopping trend.

If you decide to create a personalised live-stream shopping app, we advise beginning with an MVP. To ensure that your app can handle the increasing number of users, it is crucial to set future plans. Make time to select a trustworthy content delivery network for it (CDN).

How Big is the Market for Live Streaming Shopping?

China is where the current live-stream shopping craze originated. In the 2010s, the largest Chinese e-commerce companies began hosting live shopping events with celebrity hosts. The US has started to follow the pattern as well.

According to Coresight Research, the US live-streaming industry is anticipated to reach $11 billion by the end of 2021 and $25 billion by 2023. The market value still pales in comparison to that of China, where it was $150 billion in 2020 and is projected to increase to $300 billion in 2021. The following businesses stand out on the US live-stream retail market right now:

More US retail firms are anticipated to join the live shopping trend in the near future thanks to the development of digital media and video content consumption, the growing influence of celebrities and influencers on consumer choices, and the COVID-19 pandemic’s online push.

Live-Stream Shopping Trends and Predictions

There are several opportunities for the development and growth of live-stream retail. Retailers may build highly tailored channels of real-time, interactive information that is generated or selected especially for a certain customer by implementing AI, for instance.

For clients who buy from home at home, using AR and VR might help create immersive video shopping experiences, such as putting them in the front row of a fashion show with a presenter available to answer questions.

In the near future, researchers predict that marketers will continue to use live streaming to reach more consumers. Live-stream shopping is likely to continue in the post-pandemic era given the significant shift in consumer activity and the long-term drive to online markets.

Conclusion

Live-stream shopping is still a relatively new trend, it has the potential to significantly affect the retail industry in the coming years. Retailers who embrace this trend and find innovative ways to use live streams to engage with customers may be better positioned to succeed in the future.

Retailers’ reliance on eCommerce solutions has increased as a result of the implementation of lockdown measures and the closure of brick-and-mortar establishments. Retail businesses are investing more in digital advertising and incorporating live-stream shopping into their marketing strategies as a result of the drive towards online shopping and the need to draw in and keep customers.

Live-stream purchasing is a popular trend that makes usually emotionless online buying more engaging and enjoyable while dramatically increasing conversions. This essay will explore the live video shopping phenomena, assess its effects on the retail industry, and focus on both pre-built and creative live video shopping systems.

The addition of Augmented Reality (AR) technology to live-stream shopping has the potential to enhance the customer experience and increase sales for retailers. As AR technology and Augmented Reality Services continue to evolve and become more widespread, it will likely become an increasingly important tool for retailers looking to engage with their customers in new and innovative ways.

What is Live-Stream Shopping?

Live shopping is a concept that was developed from video shopping in the 1980s. You might recall Bobby Ray Carter on HSN showing stylish items with viewers checking in, seeing what’s on sale, then dialing in to make a purchase, or Lisa Robertson on QVC speaking with viewers while exhibiting jewelry.¬†

Livestream shopping is a logical extension of this first TV-oriented concept since it uses video streaming techniques to display items, engage with an audience, and sell all online.

Live commerce, which combines the greatest aspects of eCommerce, video streaming, and social media, enables customers to purchase whenever and wherever they want, promotes real-time communication, and fosters interaction, attracting today’s tech-savvy, at-home consumers.

Live events, internet marketplaces, influencer broadcasts, and auctions are just a few examples of where you may purchase livestream. No of the format, viewers may join a live shopping event, post comments, ask questions, and interact with the host or other customers. When customers are prepared to make a purchase, they can click a link contained within a shoppable video to access the checkout page. Moreover, live shopping allows full customization.

Although one-to-many live streams, in which items are advertised to large internet audiences, are more common, companies may provide their loyal customers preferential treatment through one-on-one live-stream sessions. Private conversations between a host and a customer help businesses enhance conversion rates, average order values, and the likelihood that consumers will come back.

How Does Live-Stream Shopping Work?

Let’s say you wish to participate in live-streaming shopping. You have three choices in the situation:

  • Use social media’s streaming capabilities for medical conditions and outcome prediction
  • Promote your goods on a streaming marketplace or an established video commerce network.
  • Choose a personalized live-streaming shopping option.
  1. Inventive Live Shopping Applications

Joining an established live-stream shopping platform or an eCommerce marketplace with live-streaming features is another method to start profiting from the video shopping craze. And they range from industry leaders in video commerce like Amazon Live and Taobao to upstarts in live shopping like Bambuser and Spin to specialized live commerce applications like NTWRK.

The primary advantage over the earlier alternative is that the majority of out-of-the-box video purchasing applications come with built-in connections with well-known eCommerce platforms and payment processors. Hence, customers may enjoy a continuous video buying experience without being sent to other websites in order to make a transaction.

  1. Social Media Platform

Going live on well-known social media platforms is the most popular and the most simple option to begin live-stream purchasing. Fortunately, the majority of social networking sites have responded to the video shopping craze by adding live-streaming and eCommerce features.

For instance, Instagram now has built-in checkout features across all of its apps, including Instagram Live, which by the way had a 70% rise in viewers in 2020.

Facebook is also creating native capabilities for live-stream commerce. To advertise its items online, TikTok is joining together with eCommerce behemoth Walmart.

The opportunity to collaborate with influencers, who are essential to the success of live-stream shopping, where their audiences are is the key benefit of using social media.

3. Custom Live Video Shopping Applications

Businesses who want to make video shopping a crucial component of their marketing arsenal could think about creating a unique retail solution with live-stream capabilities.

Getting bespoke requires unquestionably more work than the other two alternatives. But with personalized functionality, high-quality streaming, sophisticated analytics, and perhaps even a few extra features, like AI-powered video content personalization, a bespoke app can help shops fully capitalize on the video shopping trend.

If you decide to create a personalized live-stream shopping app, we advise beginning with an MVP. To ensure that your app can handle the increasing number of users, it is crucial to set future plans. Make time to select a trustworthy content delivery network for it (CDN).

How Big is the Market for Live Streaming Shopping?

China is where the current live-stream shopping craze originated. In the 2010s, the largest Chinese e-commerce companies began hosting live shopping events with celebrity hosts. The US has started to follow the pattern as well.

According to Coresight Research, the US live-streaming industry is anticipated to reach $11 billion by the end of 2021 and $25 billion by 2023. The market value still pales in comparison to that of China, where it was $150 billion in 2020 and is projected to increase to $300 billion in 2021. The following businesses stand out on the US live-stream retail market right now:

More US retail firms are anticipated to join the live shopping trend in the near future thanks to the development of digital media and video content consumption, the growing influence of celebrities and influencers on consumer choices, and the COVID-19 pandemic’s online push.

Live-Stream Shopping Trends and Predictions

There are several opportunities for the development and growth of live-stream retail. Retailers may build highly tailored channels of real-time, interactive information that is generated or selected especially for a certain customer by implementing AI, for instance.

For clients who buy from home at home, using AR and VR might help create immersive video shopping experiences, such as putting them in the front row of a fashion show with a presenter available to answer questions.

In the near future, researchers predict that marketers will continue to use live streaming to reach more consumers. Live-stream shopping is likely to continue in the post-pandemic era given the significant shift in consumer activity and the long-term drive to online markets.

Conclusion

Live-stream shopping is still a relatively new trend, it has the potential to significantly affect the retail industry in the coming years. Retailers who embrace this trend and find innovative ways to use live streams to engage with customers may be better positioned to succeed in the future.

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