Overall, Coresight Research forecasted that Live Stream Shopping in China will generate about US$125 billion in sales in 2021, up from US$63 billion in 2020. In contrast, the budding U.S. industry was valued at about $5 billion, but the potential for expansion is obvious, particularly with the epidemic altering how and where we buy. The count is only expected to increase to 278 million by 2024.
Growing eCommerce demand spawned a new purchasing method: that is Livestream shopping.
Since its beginning, the e-commerce sector has continued to expand. This industry has succeeded to become the most popular source of shopping. We have arrived at the point where, before purchasing anything from anyone, we spend a significant amount of time on the internet and make choices to get the greatest price. That is a self-evident activity that we do not neglect to engage in at any cost. E-commerce has caused significant changes in the way different retail sectors operate.
For many years, Livestream eCommerce has been popular in China. In 2019-2020, about 37% of Chinese internet consumers completed purchases through live video shopping. Shortly after, the Livestream shopping trend spread outside China, becoming popular in the United States and Europe.
The goal was to create interest. Live Shopping began with a single goal in mind: to expand the customer base and ensure long-term revenues. Livestream shopping shows generate a large watching community, allowing businesses to make an enduring impression on consumers with their goods.
It is always attractive for buyers when something is shown or demonstrated in its raw form and with authenticity. Live commerce also has a live chat option, where a host can answer inquiries from audiences. This has made selling and branding very simple since all of the consumers’ doubts are cleared during a live shopping show.
Online shopping’s Future looks like it!
Live streaming shopping for marketers is no longer a novel and uncharted area. It fundamentally alters how brands engage with their consumers. Live online shopping engages viewers in ways that other marketing techniques cannot. Businesses increasingly are using live video shopping to reach out to consumers and showcase their goods in novel ways, which ultimately benefits them.
Brands can utilize Livestream shopping to show how their product appears, how it can be styled, and how it can be used. Customers may receive a better view of the real goods, allowing them to make a decision quicker. Like never before, it’s interactive and social.
Potential consumers may ask questions and receive real-time responses during a live shopping show. Live online shopping has the capability to draw attention and create a feeling of urgency. Furthermore, brands can offer flash sales, discounts and deals during a live shopping show. For example, only viewers who watch a live shopping show are eligible to be a part of a competition to win a gift or a featured product. This creates a desire to engage in every brand’s Livestream shopping show.
Relevance of live commerce is growing
Live streaming shopping is an effective tool to generate engagement irrespective of the industry you cater to. It gives brands an opportunity to develop products with the client’s perspective in mind. This has aided brands in building a solid customer base for their businesses. It enables brands to keep audiences on their live stream shopping shows for an extended period, leaving a lasting impact.
During a live stream shopping show brands can also focus on bargains, such as coupons, flash sales, and discount vouchers etc which increase customer retention while also increasing conversions.
Live Shopping, like retail, guarantees a personal touch. The concept focuses on enticing customers with better quality goods that the companies provide to their advantage.
Live commerce is an innovative trend that has given the e-commerce sector a boost. Popular brands are appearing live to sell and promote their goods with different incentives. Brands also collaborate with celebrities and influencers to increase brand awareness and reach. All of this has a significant effect on buyers.
Brands can utilize Livestream eCommerce to display their goods, answer prospective customers’ queries in real-time, sustain user engagement, and drive impulsive purchases.
Adapting to changing customer behaviour is the key to success, and the best way to do this is by turning to a reliable live online shopping platform. Channelize.io live video shopping platform can help you start your live selling journey effortlessly. Email us at email@example.com to get started today.