5 Ways Livestream Shopping Can Elevate Online Retail

Sukanya Shettigar

In the year 1982, the first-ever online retail store, Boston Computers, opened its (virtual) doors to the world. Back then, it was clearly the only player to command customers’ attention in the online retail sphere. Fast forward to 2022 — the number of online retail stores has catapulted to close to 24 million, increasing the competition by manifolds.

Online Retail has opened new doors of opportunities for brands but it comes with its own share of challenges. Brands are constantly on their toes to improve customer engagement, increase conversions, and expand brand presence to name a few.

Brands need to incorporate strategies that help them stand out from the competition while adding value to the customer.

Livestream shopping is one such engagement strategy that ticks many boxes for a brand. By incorporating livestream shopping on their website, brands can boost engagement, enhance interactivity, improve product discoverability, and increase conversions. Customers can view the products in real-time and have their queries addressed instantly. This translates into quicker purchase decisions resulting in higher sales for the brand.

 

Online Retail Livestreaming shopping

According to the Reopening Insights Report, 60% of the shoppers confirmed that their purchase experience improved post the livestream shopping introduction.

Mediaocean Market Research suggested that 80% of the marketers think that livestream commerce will be an important part of sharing their products and services with customers in the coming years.

So, let’s explore the concept of livestream shopping and how it benefits online retail businesses.

Five Compelling Reasons to Embrace Livestream Shopping

Livestream shopping is an online event where customers can view product showcases, connect with sellers, get information, and purchase or book products during real-time video streaming. By interacting with customers in real-time through livestreaming, brands can humanize the virtual shopping experience. Brands belonging to different industries as well as of different scales and sizes can reap the benefits of livestream shopping.

Livestreaming Shopping - Industry data

eMarketer reported an overall increase in the social commerce users in the US, which is expected to be around 96 million in 2022 compared to 80 million in 2020.

Livestream shopping unpacks a plethora of opportunities for brands. Take a peek below –

Redefine Customer Engagement

Livestream shopping welcomes customers into the virtual store with open arms, quite literally!  Customers can ask questions, access virtual try-on sessions, and personalized demos. Livestream shopping quickens decision-making and increases e-commerce sales.

Break Down Walled Gardens

Online Retail livestreaming shopping

One question that online retail brands wrestle with is – “How do we host a livestreaming session?”. Brands can opt for retailers’ e-commerce platforms or third-party social platforms. Which one is better, though? Well, the general verdict says it is better to opt for decentralized video technology frameworks that can be embedded on the brand’s website or mobile application. This enables brands to create and share livestream videos on their digital properties without depending on third-party social platforms like Facebook and Instagram.

Repurpose, Retarget, and Re-engage

Online Retail retargeting

 

The livestreaming shopping experience is not a one-time affair. The content can be repurposed to engage with  customers across the buying journey. The livestream content can also be retargeted to drive traffic to the brand’s livestream in audience amplification campaigns and to engage with them post-livestream.

Hit the Bull’s eye with Data

Livestream_Metrics

Hosting livestreaming shopping sessions on the brand’s website gives them access to a vast range of first data such as engagement metrics, viewing trends, purchase touchpoints, drop rates, etc. Additionally, livestream shopping allows brands to get the quantifiable data that are essential to analyze the session performance and design videos that are optimized for the brand’s audience, increase spot orders, and reduced cart abandonment rate.

Engage with Millennials and GenZ

Millennials and GenZ are tech-savvy and engage well with brands that both entertain and educate in equal measures. They prefer consuming information through videos, are big on influencers, and have a pulse on all things trending.  Livestream shopping powers brands to engage with the Millennials and GenZ by tapping into the power of short videos and creator economy.

How can Firework help brands in creating livestreaming shopping experiences?

 

Firework allows brands to seamlessly incorporate high-impact livestreaming shopping and video shopping experiences into their operated websites and apps. Firework’s no-code platform connects to custom websites and popular E-commerce CMS solutions.

With Firework, brands can build emotional and authentic connections with customers on the back of superior technology. Plus, the platform gives a swipeable, shoppable, and interactive experience that links smoothly across every major CMSs.

Firework provides a suite of enterprise services and tools that assists publishers and brands to design, curate, and host mini videos. The facilities also include Open Story Page which provides brands with a dedicated destination to help them monetise their content.

Summary

Livestream shopping is the true game-changer for online retail brands. Livestreaming shopping humanizes customer engagement and reduces transaction friction. Brands can engage with customers in real-time on their website or mobile application, and use the first-party data to design better experiences. Livestream shopping combines the power of video technology and creator economy to power human connections, and drive conversions.

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