The next wave of shopping? Is it live?
In 2022, live shopping was estimated to contribute of $17 billion in sales in 2022. In 2026, however, that number is predicted to be $55 billion in revenue. McKinsey predicts that live commerce will account for up 20 percent or more of the total amount of eCommerce within the next few months.
(And it's true that this isn't QVC or their gimmicky 24 hour shop-a-thons.)
What do we think? Live shopping is on brink of explosion. It is time to start thinking about your plan to live-shopping now, before the moment when everyone else jumps on the bandwagon--to grow your engagement and increase sales.
You can't simply create a livestream, and then wait that it will generate revenue into. There's more that goes into hosting livestreams than just demonstrating your product. It requires the use of creative thinking and relaxed, entertaining (read that it's not salesy) manner of talking.
In this article
- What exactly does live-shopping mean?
- What are the benefits of live-sales?
- One reason to be interested in a live-streamed shopping campaign
- How do you create a live-shopping strategy within just five steps
- Are you prepared to stage a live retail occasion?
What is the concept of live-shopping?
Live streaming or live shopping refers to the usage of live video to feature your product in real time, in order to draw customers to purchase from you.
What are the advantages of live selling?
Giving you the opportunity to make your mark in the crowd to connecting with your customers live and boosting sales for your business, shopping live provides a ton of benefits. Here's a look:
Engage your target audience
Livestream shopping lets you have two-way dialogues with your viewers live in real time.
"Live shopping gives retailers the chance to provide an environment that is enjoyable where customers are able to get acquainted with the brand and the products it offers without having to go to the physical store," shares Robert Hoffmann as the Manager of Marketing for CashbackHero.
Create your own community
With regular live events, you are able to benefit from live shopping not only a reliable way to acquire customers and retention but also community building as well as gathering feedback from customers.
To do this, you must be sure that your live presentations focus on entertaining and providing the best value, while giving discounts and special offers to make the viewers feel like an integral part of something special.
The sales increase
In addition to displaying your product, and educating customers about it through ways that just a text cannot Live shopping gives you an option to purchase your products in person. It also encourages the sale.
Walmart's senior director and head of Brand Experiences and Partnerships, Kim Tunick, notes livestream shopping can help establish confidence in customers, and boost sales.
"[Livestreaminglets us have valuable, enjoyable conversations with our customers through two different ways, as well as ease purchasing. The way we approach it is selling first and then entertain after, however at times, depending upon the product or host or the theme, it may be the reverse."
Make sure your brand is remembered
By allowing you to show your brand's humanity and connecting with customers, live shopping can improve the customer experience.
According to Arpan Padduturi, the Director of Products Sales and Messaging of Shopify mentions,
"The greater the connectivity between us offline and online to enhance user experiences. This gives big street brands and retailers the chance to endure and expand in the coming years." Arpan Podduturi Director of Products Retail and Messaging at Shopify
Livestream shopping is an ideal option, and gives an possibility to connect with and create deeper, long-lasting connections with your clients.
The reasons you should take part in a real-life shopping experience
Apart from its many benefits in terms of benefits, you could start a live-streamed shopping campaign or use it as a frequent component of your marketing plan to benefit from the following advantages:
- It's fine to try something new
- There is an inventory surplus that you want to promote
- There's a loyal fan base that has at least one social channel
- It is your goal to create your brand's recognition and cut out of the crowd
Remember: Although people believe that live sales are ideal for products that lend themselves to impulse purchases, the full truth is that live sales could be an effective way to make connections and generate sales in various sectors.
It's why you'll see everyone from single creators such as @kimmiebbags and brands such as Benefits Cosmetics using live shopping.
Companies like BankGeek in the field of finance will make use of live-streamed online shopping, too. "During every livestream, we'll talk about the various products in finance, including credit cards, policies for insurance and investment plans, so customers can get a complete overview of the products available," says the founder and CEO Max Benz.
"We are also looking to offer promotions so that customers have the opportunity to avail of discounts or other freebies when adhering to specific items or services. In addition, we'll address any queries or concerns that users may have regarding their finances, or about the choices that are available so that they make an informed decision." Max Benz, Founder & CEO of BankingGeek
What is the best way to create a live-time buying strategy in five steps
Making your shopping event live can help you define your guests' expectations, create hype about them and gain the eyeballs you deserve. It is important to write everything perfectly to maintain your authenticity.
This is how to get started with your live stream of e-commerce with just five easy steps:
Step 1: Design the design of the livestreaming shopping event
The structure helps you think about the way you'll conduct your livestream and also setting the expectations of your audience.
It is possible to change the program in each session to maintain a sense of surprise but be sure to select a specific time for each session to let people know that they can join.
For the format itself consider whether you would prefer an educational approach or enjoyable one. It is also possible to adopt a more product-centric approach. This depends on what you're selling.
Aldo's live shopping pilot as an example, was an educational program for products where entertainment star of Los Angeles, Nate Wyatt as well as celebrity stylist Mimi Cuttrell paired to share their ideas on how to style different Aldo accessories and shoes.
You can try any creative approach. Petro For instance, Petro held a live event for dogs that aimed to promote pet adoptions.
Step 2: Choose the host you want to have for your event.
There is always the option of collaborating with influencers, brand ambassadors, and other influential people to co-host the live stream. The upside to this is that you can use this opportunity to leverage their influence to draw viewers to join your live stream.
A good idea is to get those who would like to see your live broadcast to increase your visibility on social media. Tommy Hilfiger used this strategy by encouraging customers to share their favorite pieces from the 2021 spring collection.
They do are only able to understand a bit about the items you sell This leads us to a solution for hosting your own shop and associates who are well-versed in understanding of information about products. That's the reason JCPenny uses these associates to host their JCP Live shopping series where associates discuss their products.
Have a founder with the backing of a huge company? Request them to host the live show like Bobbi Brown has done with her own brand. Jones Road Beauty:
When you choose to invite stylists, customers as well as influencers or artists for your co-hosts, be sure that you choose a host who's a warm and inviting host. The host will present every livestream so that viewers become familiar with the host. This is vital in building the brand's reputation and also making a connection through the live-streamed shopping.
Step 3: Choose a live streaming platform
If your attendance increases it is possible to livestream your site with live shopping platforms, like Bambuster. The benefits of this include including:
- Control of your brand's image, thereby increasing the recognition of your brand.
- Access to comprehensive information on those who attend, what they're purchasing from you, and the way they're participating with the live event.
- There's more potential for having replays hosted on your website due to the fact that 70% of all sales made from live-streamed shopping occur immediately following the event.
Most important is that you can make your site an archive that includes the latest events, replays and other information similar to Nordstorm can:
Step 4: Create your livestreaming set up
The integrity of your livestream is vital, and you shouldn't expect everything to be picture perfectly. It is important to choose an area with sufficient lighting and soundproofing so that you don't hear sound echoing throughout your stream.
Find out more:
Step 5: Create an advertising plan for live events like shopping malls
It is the perfect moment to start asking yourself questions such as:
- How will we invite people to attend the live-shopping event?
- What can we do to create excitement to livestreams?
Another alternative is to use social media in order to promote the live event. Get tips about one of the biggest players in online shopping Shein that utilizes Instagram Stories to promote its live events.
Send an invitation to your email address as well as request that hosts advertise the live event by engaging their audiences.
There is also the option of taking an inspiration from Bloomingdales as they offered drinks and macarons to those who had registered in advance for the privilege of having drinks during the live broadcast. They also rewarded those who watched the livestream to the very end in a gift card and basket prizes.
Also, you can offer limited-time promotions to increase your purchases during the promotion.
Ready to host an actual shop-in?
To give a brief overview, live-shopping is a great alternative to stores that are physically located, that makes it a powerful way to increase sales.
Choose an individual who will be friendly as your host, work out the format for your livestream shopping experience, and create a set that is well-lit and clear audio. Then, after you host your first live shopping sessions analyze which products generated the highest engagement and sales.
Living life requires lots of moxie, willpower, and plenty of planning -- plus numerous tech tests. We've crafted a variety of resources to cover everything you need to know.
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