Live video streaming ecommerce is the marketing method that your competitors are using to get ahead. Read the full article to find out how live video streaming is impacting ecommerce.
Live Video Streaming Ecommerce: What Is It?
In 2020, live streaming has shown unprecedented vitality. Various live streaming platforms are maturing, becoming more mainstream and the pandemic has led to the growth of online work, entertainment, and consumption.
The merge of live stream and ecommerce, also known as live commerce, has proven fruitful in China who has taken the lead in showing the rest of the world the countless opportunities that it brings to businesses.
At its core, live streaming for ecommerce is promoting or demonstrating your product and services through live video on your website or mobile app, with the ability for the viewers to add-to-cart and check out without leaving the live stream.
Undeniably, the COVID-19 crisis catapulted the trend of clearing out inventories through live streaming. With social distancing measures put into place, customers look to online stores to shop.
This transition has resulted in a loss of interaction and engagement between the brand and the customer, which pushes brands to go beyond selling on a website to selling on live streams where they are able to still interact with customers in real-time no matter their locations.
How Is Live Video Streaming For Ecommerce Changing Online Sales?
Brick and mortar shopping malls, along with other sectors, are being rescued by live streaming ecommerce. iResearch predicts that by the end of 2020, China will have 524 million online live streaming users. This means 40% of Chinese people and 62% of the country’s internet users will be live streamers. The total scale of China’s live streaming e-commerce industry reached RMB 433.8 billion in 2019 and is expected to double by the end of 2020.
Given that in 2019, live streaming ecommerce only accounted for 4.1% of the online retail market and it accounted for 1.1% of overall e-commerce, it still has plenty of room for growth worldwide.
Top Advantages Of Using Live Video For Ecommerce
- Live video shopping provides better customer experience and improves sales conversion rate.
- Real-time element of live video creates excitement and keeps users on your page for a longer duration.
- Live video shopping creates exclusivity and a sense of urgency that improves the average amount spent per purchase.
- Live video attracts new customers because it has a wider reach
How To Use Live Video Streaming With Ecommerce?
With the right resources, launching live commerce is a piece of cake. You can go simple and promote your products on free live streaming platforms like Facebook, YouTube or Instagram. These platforms, however, have drawbacks that could limit your opportunities.
For example, these platforms do not have payment features or allow instant check-out. Users would have to comment on the live video if they want the item and the sellers will contact them afterwards. Another con to free platforms is that you are unable to extract the user data of your audience to have a better idea of who your customers are.
You can avoid facing these drawbacks by having your own live streaming platform. It’s easier than it sounds thanks to companies like BeLive Technology, who provide end-to-end solutions for your live streaming needs. What this means is that they can create your live streaming platform from scratch according to how you want it to be and can cover all aspects from design to content and marketing.
Tips for you to start selling your products or services on live stream:
1 – Ensure high video quality. 67% of people say the quality of the video they’re watching is the most important factor of a live stream.
2 – Promote and demonstrate the product up close. This allows users to have a closer look at the product, which is another factor that sets live commerce apart from selling on a shopping website.
3 – Promote your live stream beforehand. This allows you to garner attention and ensures more people will join your live stream.
4 – Try to make your live videos as mobile-friendly as possible and that it loads well on all types of devices.
5 – Most importantly, add social sharing buttons for your product to be shared across multiple social platforms
Live video streaming ecommerce is the fastest growing trend that adds value to shopping, especially in these times of social distancing. This can give you the opportunity to stay ahead of your competitors and sell well via your digital stores.
Live video for ecommerce will not only help you increase sales, but also provide your buyers with valuable information. If you need more details on how to get your own white-labelled platform for live streaming or customized SDK live streaming solution, BeLive Technology will deliver whatever you need.