Let’s start with stats, Core sight Research, per Retail Touchpoints, estimates that US live streaming market value will reach $11 billion in 2021, nearly double 2020’s value. The US e-commerce market is expected to grow to $35 billion (3.3% of all US e-commerce) by 2024. Within three years, China’s market for Livestream sales grew from $3 billion to $171 billion. Since the outbreak, live video and online commerce have been booming. Live video was viewed by internet users for 1.1 billion hours in 2019. Global video streaming revenues are projected to reach 184.3 billion by 2027. The popularity of live video content has skyrocketed, especially on social media. There are more than one billion videos on Facebook Live, not to mention Instagram, Twitter, YouTube, and — most recently — LinkedIn, which are all adopting similar features.
Over 424 million Chinese will make at least one purchase through social commerce in 2021.
The popularity of live streaming has grown dramatically in recent years, Online shopping sites are often boring compared to live shopping, which attracts users with its excitement, interesting features, and interactive aspects. The data indicates that consumers spend most of their time watching live streams on social media platforms. The widespread acceptance of smartphones coupled with high-speed internet technologies such as 3G, 4G, and LTE have led to a rise in video streaming.
Your objectives and financial resources determine how advanced you can go with live commerce, over and above expanding to different channels and stream concepts. With Live Commerce, consumers can directly buy products from websites and social media apps, as a result, brands must learn how to adapt to this new sales method and do it correctly.
In the aftermath of the pandemic, livestream shopping purchases rose by 76%
- Platform and Product Choice –
Your live streams must feature relevant products and have clear goals that relate directly to them, think of new items, best sellers, clearance products, or items that need an immediate boost. Don’t forget to pick the right social media channel according to your business sector and market segment. Furthermore, be mindful of staging your products with relevant context, so they aren’t just exhibited as they look, but they are portrayed as they would be if used. As such, Amazon is also looking to enhance its live-streaming capabilities and provide brands with a well-known platform to promote themselves. Additionally, you can broadcast live on your own website. This method eliminates the dependency on social media giants, engagement and conversion data can be controlled by you.
Livestream shopping events featuring apparel and fashion account for 36% of all events
- Prevent poor performance by targeting your audience properly –
Prepare yourself before jumping into a project, plan your live streams with a specific audience in mind and reference your analytics to see who is watching your Livestream. Market research, competitive analysis, the best time to launch your product, and a million other factor matters. The unpredictable nature of Livestream algorithms means that not everyone will join your stream on a constant basis. You should treat it like any other promotional image or video in terms of lightning, scenery, and shot framing, all of which reflect your brand image. Therefore, live streaming is more effective at creating brand awareness than loyalty.
- Market with the Influencer –
Live streaming shopping events are a powerful way for brands to market and sell their products. To attract an audience to your live commerce event, you need to market it effectively. A traffic-generating campaign can help your streams gain a following. Your live commerce video should be narrated by a trusted expert in your niche. You will be able to reach more customers with micro-influencers relevant to your area than with more famous but less knowledgeable influencers. With a unified approach that plays to the strengths of each channel, you can engage your audience across the channels they prefer. Therefore, taking a multichannel approach to living events is essential.
- An Uplifting Message and a Powerful Production Set –
Several steps need to be taken to prepare a setup for live streaming, but there are a few factors that should be considered. There is a lot more you can accomplish with this format than just delivering a sales presentation directly to the camera. It is true that internet users are expecting more than internet users are expecting more from the Internet, something new and exciting to hold their interest. Having a production set will benefit your live streaming efforts. There are several ways to set up your event space, including a corner of a room, a desk mounted against a green screen, and some space that can be decorated as needed. Lighting is a very significant aspect of any production set. Set up your lighting set up so that it covers all the lighting requirements and conditions of your set. In eCommerce, this means staying honest about products on sale and their pros and cons. To make the show stand out from the crowd of live commerce shows, make the show more visible to the public, or dedicate a time slot to non-sales content. The videos should engage, entertain, make you laugh, and bring you meaningful information, just like other online videos that aren’t commercial.
All the data from 2022 Live Shopping has been analyzed, and the following predictions are based on our expertise and research –
- One of the hottest live commerce trends is live Q&A – When you’re not sure where to start with your Livestream event, Q&A sessions are a perfect way to get it started.
- Omnichannel live streaming is the second trend in live commerce – Offering seamless customer experiences across all devices and channels is the goal of an Omnichannel customer experience. Live video streaming naturally fits into an Omnichannel strategy.
- Live commerce is seeing a boom in virtual reality shopping – Virtual reality shopping is becoming ever more popular among brands due to the hype that surrounds the metaverse. People can interact with each other and with digital objects in a virtual world called the metaverse. Like Ikea pioneered the use of augmented reality technology to allow customers to create their own rooms.
You can develop a stronger connection with your prospects and customers by taking advantage of this trend on major social platforms. It may be worth experimenting with live streaming sales if you’re targeting consumers with eCommerce products. Do you want to get into Live Streaming eCommerce or become the talk of the town with your business? For more information about live video marketing, Talk to us. In an interactive and entertaining live stream, provide your customers with a reason to interact with your brand. If you’ve already started, we hope that you can leverage this blog to take your strategy to the next level!