You’ve probably heard of the latest live commerce trend that has been picking up momentum in response to the 2020 pandemic. With more people than ever before tuning in to videos from the comforts of their homes, it’s becoming increasingly important for businesses to tap into the live stream ecommerce market.
If your business is looking to up its online selling game, live stream video shopping is the ultimate way to sell online, as you will see in this article.
What Is Live Stream Video Shopping?
Have you ever watched a QVC show demonstrating the functionality, appearance, and qualities of a product on TV? The live commerce trend uses a similar method for broadcasting services and products to viewers across the world.
The main difference is that live streaming involves an online platform rather than television broadcasting. This gives businesses and viewers the flexibility to broadcast any time, anywhere.
Live Commerce Trends
Live stream video shopping has taken up the ecommerce world by storm, with video streaming projected to make up a shocking 82% of content on the internet by 2022, according to Cisco’s Annual Internet Report.
But, that’s not all. Here are a few notable live commerce trends from Cisco’s report that highlight the importance of this growing market:
- In 2023, there will be an estimated 5.7 billion mobile users worldwide. That’s 71% of the population.
- In North America, 92% of people will have access to the internet by 2023.
- From 2018-2023, internet users are predicted to grow from 3.9 billion to 5.3 billion, respectively.
Common Live Stream Platforms for Ecommerce
Almost no corner of a successful online platform lacks features for live streaming. Instagram, Facebook, YouTube, Twitter, and even Amazon have stepped up digital marketing features to include live streaming technology for their users.
While these options are free, businesses hoping to make a true profit online might feel the stifling effects of poor video quality, high latency times, limiting monetization options, and more when using live streams on these social media platforms.
Live Stream Video Shopping Solutions
To maximize the potential of live streaming for ecommerce, the best solution is to use a live streaming service that has customizable, integrated features that give your business the tools it needs to successfully sell online.
An example of a live streaming service would be BeLive Technology. Their white-label service covers building a complete live streaming platform for businesses or integrating their exquisite technology into your existing platform.
Having the right live stream technologies means that you can:
- Incorporate monetization features that allow you to earn more
- Increase engagement in your viewers, making them more likely to watch and shop
- Improve the quality of your videos, including low latency and high-resolution videos
- Customize your channel to your business’s needs, and more
Let’s go over each of these points in further detail.
Incorporate Monetization Features
No one likes feeling limited in how their business can profit off their hard work. Live stream ecommerce is no exception. You want options that enable your streaming channel to make the most sales.
While your live stream can be used to make direct sales from your viewers, you can also use live streaming to create subscription plans, pay-per-view services, and customized ads to make even more sales.
One major perk of using a paid live streaming service is the ability for users to view catalogs and check out products in-stream.
Internet users expect to see videos for the products they buy, especially if they can’t go in-person to make that decision. By showing off your products in live videos, they’re more likely to make that purchase.
Improve Video Quality
If you’ve ever tried using social media for your live streams, then you may have been surprised to see major lags and a video that lacks a crisp, clear resolution. This is because many social media platforms cap their resolution capacities at a low quality to make it easier to broadcast on their servers.
In other words, your live stream can actually do your products harm by displaying products in a low resolution if you use free social media services for your live stream.
If you go about your marketing strategy with live stream solutions, however, you can expect to see an increase in sales due to the high-quality resolution and superior streaming capabilities of platforms designed with live streaming in mind.
Customize Your Channel
Having your own live stream for ecommerce means that you control the content coming up on your platform. Compare this to live streaming on a social media platform, where viewers are exposed to news feeds, instant messenger, advertisements, logos, content that is determined by algorithms, and other factors that prevent your viewers from sticking around.
The online world is constantly changing, but one thing remains certain: live stream ecommerce isn’t going anywhere. If your business is ready to make that next move, contact BeLive Technology for a free consultation.