Livestream shopping has taken off in the US, and is predicted to get even bigger as brands align themselves with the live selling platform of their choice. According to a 2022 report by Coresight Research, the livestreaming market in the US will hit $68 billion in sales by 2026, i.e. triple of the $20 billion in sales in 2022.
The success of live selling in China shows brands in the West that there is certainly an appetite for live shopping with the younger generations. It is just a question of adapting livestream selling for a Western consumer-base.
With this in mind, it is important for brands to remember that when it comes to video commerce, they MUST look beyond live.
Trying to win at ecommerce while only leveraging live video is like running a race while hopping on one foot; a balanced video commerce strategy that complements live shopping with other video commerce solutions, like shoppable videos, is critical.
There are some things live just does better than others…
Before delving any deeper, let’s just remember why livestream shopping is experiencing a surge in popularity with brands and retailers.
1. When it comes to attracting and engaging an audience, livestreaming is the undisputed king. Video content in general is more engaging than other formats, but livestreaming takes it to the next level.
With a commerce layer added on top, the higher engagement rates also translate to conversions very well.
2. Live shopping events allow for real-time interactions, which goes a long way towards helping consumers build trust with a brand. When customers get their questions answered in real-time, it gives them greater confidence to go ahead with a purchase.
3. Of all the formats, livestreaming offers brands the best way to establish a human connection with their consumer base.
Whether the livestream shopping event is hosted by a brand’s co-founder, a salesperson, or even an influencer, being addressed by a real-life person, in real-time, is something that younger consumers greatly appreciate.
It is also important to remember that while a live selling platform can offer these great benefits, letting livestreams do all the heavy lifting does nothing to unlock its true potential.
A comprehensive video commerce strategy that incorporates live selling is key to bringing the best out of it.
…But shoppable video brings its own magic to the mix
No matter the size of the brand or which industry it is in, having a successful video commerce strategy hinges on finding the best way to leverage both livestreaming and shoppable videos.
A big reason for this is the benefits that shoppable video brings to the table.
1. Compared to live events, shoppable videos offer brands far more flexibility and multiple touchpoints across their digital properties. With shoppable videos, brands can experiment with various options for content, placements, checkout / cart building strategies, and more.
The lessons learnt can then trickle down to making live shopping experiences more effective.
2. Brands that have successfully leveraged shoppable videos have done so by treating the shoppable video units as a 24/7 digital storefront. Unlike livestream events, consumers are not time-bound to experience the brand’s video content.
By deploying shoppable videos across a website, brands can greatly increase time spent on site as well as average order value as consumers browse through all the shopping video content on offer.
3. One big plus of the shoppable video format is how it greatly reduces the consideration time between intent and purchase. A viewer might wait till the end of a live shopping session to make their purchases, but a shoppable video shrinks that period of consideration down to seconds.
Combined with a solution like Firework’s Instant Checkout, a shoppable video can turn educating a customer into a sale within the length of the video content.
A complete video strategy leverages the best of both worlds
Brands and retailers must remember that livestreaming and shoppable videos are two sides of the same video commerce coin.
Consumers are always looking for a consistent brand experience, especially online. Shoppable video content on websites act as an extension of the livestreaming sessions that consumers view. Consistently being exposed to a brand’s video content also helps consumers become more comfortable with the video shopping format.
Customers who have watched shoppable videos on a brand’s website are far more likely to feel comfortable about making purchases during a livestream.
From a brand’s point of view, creating both shoppable videos and live shopping events is just a good use of existing resources. Making a shoppable video requires no more resources than what a brand already has for its live shopping sessions.
These brands have mastered video commerce
The Fresh Market
Specialty food retailer and supermarket chain, The Fresh Market, has always utilized a video commerce strategy that leverages both shoppable videos and live shopping.
The result? Shoppable videos have helped The Fresh Market double conversion rates, while their award-winning live video strategies accelerated engagement by 18.7x during livestream sessions.
Read our case study about how Firework proved to be the perfect platform for The Fresh Market’s video commerce strategy.
Natori
Luxury fashion and apparel brand, Natori, embarked on a quest to leverage video not only to drive sales but also to educate customers about their products.
Using shoppable video carousels, Natori boosted the average time spent on site per session. It also encouraged customers to attend tailored livestreams, resulting in an increase in average order value and boosting conversion rates.
Brands need a video commerce partner that can do it all
Brands need a video commerce partner that can do it allWhen brands turn to a pure live selling platform, they forgo everything else that video commerce has to offer.
Livestream shopping is effective, and the market for it is only going to get bigger. However, a holistic video commerce strategy can offer much more than what live shopping can do on its own.
Firework’s video commerce solutions and expertise helps brands and retailers leverage every possible benefit that video ecommerce has to offer. In an increasingly competitive online marketplace, your brand’s video commerce strategy – one that incorporates live and shoppable videos – can make all the difference.
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