Live Commerce: The Changing Definition of Shopping
The new era of sales and marketing is here. We are talking about live commerce, defined as e-commerce shopping while doing live stream videos.
So what exactly is live commerce? Let me break it for you.
What Is Live Commerce?
In layman’s terms: live commerce is a new way of selling products via live streaming videos. Additionally, the customers can also interact during the live sessions — they can ask questions and watch product demonstrations live to enhance their online purchasing experience.
So, today in this article, we’ll tell you about each aspect of how live commerce is enhancing online shopping and discuss how you can grab this opportunity for your business. Further, we’ll also tell how you can use Breakout, an audio social media, to tap on the next big thing — audio live commerce.
The Evolution Of Live Commerce
Would you believe it if we say that a saleswoman named Viya has been listed among the 500 wealthiest individuals in China? She has made her net worth $1.25 billion via selling products through live streaming.
People also refer to her as the queen of live streaming. She has single-handedly earned $51 million in one day. She also partnered with Kim Kardashian to sell thousands of perfume bottles and made it within a few minutes.
It all started in 2016 when online sales giant Alibaba introduced Taobao in their first live streaming shopping event. The event was a huge success and got a blizzard response from the buyers.
This got a huge hit when in 2020, Taobao generated revenue of a whopping $7.5 billion in just the first 30 minutes of a single-day live streaming event.
The Future Of Shopping
According to Statista, in 2021, live streaming e-commerce has generated $11 billion in the USA. Apart from this, it is expected that the market of live commerce will grow by 2024 with an estimated $35 billion.
Since it was started with China, many countries in Asia have embraced it. And now, the people in the USA are adopting the new next generation of shopping, and they are loving it.
So, you can assume live streaming shopping or live commerce as the new generation of shopping. In fact, one study shows that, in China, 4.5% of total sales in online shopping resulted from live streaming e-commerce. And it is expected to hit 20.3% by the end of 2022.
Benefits Of Live Commerce?
Anyway, if this shopping system is getting popular, there would be benefits to customers and the sellers.
So, let’s discuss the benefits of live commerce.
It Increases Brand Loyalty
Like Viya and Kim Kardashian, many popular brands have made influencers their long-term brand ambassadors. And when these influencers host the live event, people connect with them, which further leads to brand trust and brand loyalty.
People are more devoted to a particular product or service if their favorite influencers use the same effect. It’ll help your product recognition and the customers to stick to one specific product or brand.
It Helps in Sales
Believe it or not, lead generation is a hectic task. Live streaming e-commerce has made it relatively straightforward.
Just with a proper live commerce strategy, the option to accelerate sales. When you reveal and show your product to a larger audience in real-time, there are high chances for lead conversion.
It Enhances the Customer Experience
In marketing, there is a saying that if you provide a better customer experience, there are high chances of returning to your product or brand. The same applies here.
These influencers represent the face of a brand during live streaming videos. They display the product and discuss the pros and cons of the product. Consequently, the customer’s overall experience of shopping increases.
Live Question-answer Session
The best thing about live streaming e-commerce is that you can ask them via live chat if you have any doubts or any questions about the displayed product. The person there at the event will answer your queries.
Also, there are high chances that people will share these live events with their family and friends. And don’t you think it’ll help your content reach more audiences which eventually increases engagement.
Challenges With Live Commerce
Though there are numerous benefits of live commerce, there are some challenges.
The main concern is all about audience availability. You need dedicated viewers who are genuinely interested in your product. Maybe you need a proper pre-event to make customers aware of your main live streaming event.
In a pre-recorded video, you have the option of retaking till you get the best shot. But here in live streaming, you only get a single chance to present yourself. So, it requires perfect planning and preparation.
The whole responsibility depends upon the presenter, so the person should be mentally and physically ready and have experience in such events.
Also, there are high chances of technical issues during the live session. Consequently, it can frustrate your viewers. And since you only get one chance for the first impression, it can hurt your brand image.
Breakout Audio Live Commerce
Since live commerce is a new thing, every brand is moving towards it. The market is evolving rapidly and is more likely to be a cutthroat market in upcoming years.
So, what if you have the opportunity in another medium to sell your product. We are talking about audio live commerce. The audio market is snowballing, and people are moving towards it.
Breakout is an audio social network that can be your option. This audio social media app is a great place to sell your product via live audio. The competition of audio live commerce is still low, which makes it an excellent opportunity to grab it. You can also hire audio influencers to market your brand or product.