Chinese New Year (CNY), also known as Lunar New Year or Spring Festival, is once again upon us, and businesses are continuing to look for ways to adapt to a changing world. In most of Southeast Asia, CNY is the most celebrated holiday of the year. The popularity of CNY has led to it becoming one of the largest sales events for businesses across multiple industries. Food, fashion, luxury products, and other sectors gear up for booming sales this time of year.
Retailers are competing for their share of a growing amount of spending. In Singapore alone, consumers spend $2.3 billion during the CNY celebration. However, given the in-person nature of many traditions, it was also one of the holidays most impacted by travel and gathering restrictions related to the COVID-19 pandemic.
This disruption has affected individuals who look to CNY as a critical time of bonding with friends and family. Furthermore, it has also put a strain on businesses that count on the revenue it generates. Fortunately, as we prepare for the third CNY impacted by the pandemic, celebrants have found new ways to enjoy the holiday, and businesses have found new ways to reach customers. Much of the CNY celebration has moved online. Savvy retailers have either followed the consumers or made new places for them thanks to technology like live streaming.
Embracing the Spirit of Connection through Live
CNY is about reunion and connection. In China and throughout the region, migrant workers employed in the cities return to their homes, often in rural areas. Extended families gather, and friends take this opportunity to reconnect and strengthen their bonds.
Brands can revel in this spirit of togetherness — through leveraging live streaming, brands can build authentic connections despite the lack of physical interaction.
With strategic live stream content, live streaming allows brands to engage customers in more authentic relationships. Making the shopping experience a step closer to that of brick-and-mortar stores. Customers can interact with sales associates, find out more about products that interest them, and immerse in a community with other customers and loyal fans of the brand. In creating live stream content, the brands can also provide digital experiences that family members of all ages can enjoy together no matter where they are.
Beyond live selling, companies can utilize other forms of live streaming. Two examples are live events and teleconferences. Firstly, many in-person events have been affected as a result of COVID-19 restrictions. In Singapore, there are typically annual CNY celebration events to ring in the new year. Specifically, the ‘Light Up Ceremony’ is well known for its performances – leaving thousands of visitors in a new year spirit. Instead, Chinatown CNY celebrations 2022 will be launched virtually and live-streamed to ensure those near and far can all celebrate.
Work From Home, Shop From Home
Before the pandemic, research showed that people were willing to spend more money during CNY than usual. However, as restrictions still remain, spending habits have not necessarily decreased but changed. Instead of spending on festive food items due to lack of group gatherings, consumers are spending more on new clothes and home decor retailers online to ring in the new year. Furthermore, the pandemic has served as a catalyst in the shift towards e-commerce. Substantially, online purchasing, digital consumption and average basket size have risen and will continue to grow at record-setting rates. However, only businesses that have found their way online can take advantage of this growing opportunity.
Live Online Shopping is Here to Stay
Internet usage continues to grow worldwide but especially in Asia. Across the region, time online greatly exceeds the global average. For example, users in the Philippines spend almost 11 hours a day online. Over 87% of Indonesian internet users reported purchasing something online in the past month. While live selling certainly got a boost during the pandemic, consumers’ desire to stay connected, be entertained, and enjoy the convenience of online buying will make it a popular option even when restrictions are loosened, and things get back to normal.
Taking Advantage of the Move to Online
Businesses that are making the most of this move to online are those embracing the latest innovations in online sales, including live selling. Live selling helps consumers with the shift from in-person sales to online. This is because, unlike impersonal, static eCommerce sites, live selling is personal and dynamic. Instead of a cold and transactional shopping experience, customers get to put a face with the company and shop in a way that more resembles in-person selling.
BeLive Brings People Closer Together
It is estimated that by 2025, 95% of advertisers will incorporate live video streaming as part of their promotional strategy. That is why BeLive has established itself as a key player in the live streaming business and continues to integrate the latest technology and features to help companies truly connect with their audiences. In the words of Kenneth Tan, CEO and Co-Founder of BeLive Technology, “Although live video cannot replace the bonds we create in real life, we hope what we’re building at BeLive Technology comes pretty damn close.”
BeLive – The Power Behind Live Video
Live Selling is only one aspect of BeLive’s total video solution offering. BeLive can help companies of all sizes bring people together with live entertainment and events. Especially while face-to-face interactions are limited, you can build relationships and communities online more authentically via live streaming.
No matter your business and strategic goals, BeLive has a solution. BeLive can help with live real estate showings allowing agents to host live open houses online; if your organization needs to train employees without the need for travel, our edutainment offerings can bring together employees from all over the world. Training also becomes much more effective and engaging with BeLive’s gaming experiences like live trivia and live polling technology.
Whether you are connecting with customers, fans, or employees near and far, BeLive has a turnkey solution to turn your ideas into live video reality.