..With the implementation of lockdown measures and the closure of brick-and-mortar shops, businesses’ dependency on eCommerce solutions has grown. The desire to attract and keep consumers has led retail brands to include live stream shopping into their strategies.
Live video shopping or Live online Shopping is a popular trend that enables you to make online buying more engaging and immersive while increasing conversions significantly.
If the lockdown has shown businesses anything, it is the power of live streaming shopping platforms. Despite the interruptions caused by the COVID-19 epidemic, retailers and D2C Brands have thrived with the aid of Live commerce also called as live video shopping.
As a result of all of this, Livestream Shopping’s market share has increased. Live Video Shopping is expected to be worth more than $170 billion .In China alone, with potentially significant consequences for businesses. Livestream shopping has grown from a nice-to-have feature to the next big thing to improve the retail experience. After China, Live Shopping in the USA is gaining momentum.
THE MARKET FOR LIVESTREAM SHOPPING
Since its inception in the retail sector, eCommerce has been continuously expanding. Despite the advent of next-day delivery and mobile shopping, traditional shops remained to dominate the industry. With a $4.4 trillion market share, brick-and-mortar transactions still accounted for 90% of retail purchases in 2019. But everything changed with the coming of Livestream ecommerce.
The COVID-19 epidemic has wreaked havoc on the retail sector, forcing physical shops to shut or drastically reduce their operations. As a consequence, retail has seen a fast channel shift, with all transactions taking place online.
As businesses have adapted to unpredictability, an increasing number of brands have begun to realize the potential of live commerce.
The COVID-19 issue has even forced premium brands to realize the benefits of Live Video Shopping experiences, a service intended to bridge the gap between sellers and consumers leading to improved customer experiences and brand credibility.
In the face of store closures and widespread uncertainty, brands are increasingly resorting to Live Commerce to bridge the gap between online and in-person buying experiences—and it’s working. We saw a 42 per cent increase in sales from consumers who engaged with the Live Video Shopping solutions compared to the previous year. What we are seeing is a lasting change in the way people purchase as well as the methods brands sell online.
WHAT DO CUSTOMERS WANT FROM LIVE STREAMING SHOPPING PLATFORMS?
The need to meet customer expectations and provide greater value for them is at the heart of Livestream shopping. On the surface, what consumers need seems to be unaltered. They anticipate quick fulfilment and a wide range of product options at a cheap cost, as well as in real-time, and these expectations are being fulfilled by Livestream ecommerce solutions.
It is noteworthy that, previous to 2020, physical shops still accounted for the majority of retail transactions. Consumers tend to spend less money online because they lack the confidence to buy a product online. Consumers prefer the tactile experience provided by brick-and-mortar shops, especially when purchasing high-end clothing or furnishings. And when consumers are left without human help, they are more inclined to abandon online purchases, which is why shopping cart abandonment via eCommerce channels reached 69.5 per cent in 2019.
Despite the ease and comfort of online purchasing, the physical store retains a grip on customers. This is because there is a need for human contact underneath the demand for quicker and more convenient shopping experiences. This is where Live Video Shopping provides a much improved retail experience for consumers.
HOW DOES EVERYTHING WORK?
Live Video Shopping is meeting the requirements of customers by bridging the gap between digital and in-store shopping.
Livestream shopping is based on a simple concept: to add a human touch and offer personalization while you sell online. The final result is a genuine omnichannel experience that blurs the boundaries between online and offline. A host can immediately connect through video with customers browsing from home. Customers may use this real-time connection to ask questions. See goods, and receive product suggestions from an industry expert . Brand employee while simultaneously exploring the full online product catalog.
Live shopping is changing the way shoppers shop by enabling them to participate in the human experience of a real store from the comfort of their own homes. Live online shopping solutions are assisting in converting in-store consumers to Livestream participants when brands are still suffering the effects of lockdown.
TOMORROW’S RETAIL EXPERIENCES
There is no doubt that Livestream shopping technology is driving the retail experiences, with COVID-19 altering customer shopping habits and behaviors.
By transferring the power of in-store experiences to digital platforms. Live stream shopping meets customer expectations. In terms of convenience and fulfillment choices, while also delivering the desired human aspect of physical shops. Finally, in the ever-changing retail environment, brands must ensure that they not only listen to what customers want but also that they can supply them with what they need. Channelize.io can help you provide more engaging Live shopping experiences for your consumers. Do contact us for more details at [email protected]