2020 proved that live streaming and video marketing are indeed the way of the future. The global pandemic has pushed enterprises worldwide to embrace the power of live streaming. It has proven to be a very profitable and convenient adjustment that is predicted to remain as a video marketing strategy in 2021 and even after the pandemic.
Up and Coming in 2021: Live Shopping
In the midst of lockdowns and social distancing, the word ‘shoppertainment’ started to give rise. Businesses merged live streaming with ecommerce by integrating shopping features in a live stream. Live video streaming in 2021 allows sales representatives of the business to promote their products in real-time, and customers are able to communicate directly with the brand through the live chat function.
An in-stream catalogue and shop button allows users to browse the products and make their purchases without leaving. the live stream.
Louis Vuitton recently became the first major international luxury brand to join the live streaming model. Its Summer 2020 collection was live streamed in collaboration with a Chinese retail app.
Benefits of Live Streaming for Businesses in 2021
Aside being able to keep the sales going during a pandemic, live video streaming in 2021 brings more advantages to your business that shouldn’t be overlooked:
Keep your audience continuously engaged.
Even long after the live stream has ended, publishing the video recording allows you to continuously gain views and engagement. Plus, video content can help increase your SEO rankings.
You are also able to repurpose and create bite-size clips out of your saved live stream to post on your website or social media.
Keep customer interaction alive.
What differentiates live shopping with the typical online shopping is that it mimics the engagement and interaction that takes place in physical, face-to-face shopping.
This allows sales representatives to demonstrate and promote their products effectively, and users can have their enquiries or doubts responded in real-time.
Customer data is within your grasp.
Live video streaming in 2021 acts as an additional funnel for you to retrieve customer data. With free and mainstream live streaming platforms like Facebook and Instagram, this data can come in the form of likes, comments and engagement rates.
With your own customised live streaming platform, however, you can have access more in depth data. For example, you will be able to analyse user behaviours within each live stream, enabling you to better understand what your audience likes or dislikes.
Monetize video content.
Having your own live streaming platform also opens a new channel for content monetization for your business. Using live streaming solution providers like BeLive Technology, you can implement monetization features such as paywalls, subscription services and pay-per-view.
By 2027, the live streaming market is estimated to be worth $184 billion.
New Business Strategies with Live Streaming
Other ways your business can leverage live streaming in 2021:
1. Public or private events such as press conferences, product launches or conventions.
2. Internal company-wide meetings such as town halls or annual general meetings.
3. Company updates, first-to-know updates or exclusive behind-the-scenes looks.
4. Interviews with KOLs
It has been estimated that by the end of this year the video and live video streaming market will be worth around 70 billion US dollars. This is because more and more companies are emerging with different ways to use live streaming and video for the use and satisfaction of their consumers.
