Livestream shopping shows are helping brands, resellers, and retailers boost their revenues. Boutique owners may use real-time video to show off their newest items or auction off collectables, giving them a fresh opportunity to communicate with consumers virtually. A shop located at one location can now reach viewers all across the world, thereby expanding its base of devoted consumers. The market for Live Shopping in the USA is expected to grow to $6 billion this year and $25 billion by 2023.
What you need to know about selling on live shopping platforms
You may start live video shopping by integrating it into your current platform/website. Entrepreneurs told Insider that identifying the niche you’re servicing by looking at what your clients and customers are interested in is key to getting started with live online shopping.
To begin live streaming commerce, all you need is a smartphone and a reliable livestream shopping platform but there are a few things you may buy to improve the viewer’s experience.
In 2021, how big will live shopping be?
Live shopping in the USA is still in its infancy. Live video shopping is, nevertheless, a thriving industry in China. According to Gartner, more than 100 million Chinese consumers watch a live online video show every month.
Given their current contribution to online shopping in China, a large percentage of watchers and consumers who participate in live video shopping in China are likely from second or third-tier cities. They may be less likely to have access to, or visibility of the newest fashion, beauty, and wellness trends in these regions, where there isn’t as diverse a variety of retail shops, malls, and accessible brands.
Live online shopping allows consumers to connect with brands and retailers they like and have a better two-way conversation with them in order to learn more about a product. Live streaming for retail is primarily educational, which is perhaps in lower demand in the Western world. Because consumer culture is so pervasive in the UK that we are virtually reared by it, the need for Livestream shopping is less about education and more about confidence and trust, in my view.
Building consumer confidence with Live streaming commerce
In a world where customers have no opportunity to see products in person, where many people are less comfortable dealing with returns, and perhaps even where customers are more conscious of their consumption habits and are more considerate about how much or what they buy, online shopping requires confidence and trust.
Viewing products on a catwalk or in the hands of a model hosting a livestream shopping show gives customers more information than a traditional eCommerce site.
What are the colours like in various lighting and via a camera, how do the materials flow or move, what is the piece’s scale in relation to the model’s body, and so on?
Brands from the West in 2021
Some European and American companies have been experimenting with Live online shopping. For instance, Monki, an H&M subsidiary, began live hopping fashion shows in late 2019 with the goal of bringing “community co-creation to the next level.” Harvey Nichols started hosting Livestream shopping shows in 2018 and experienced a 739 per cent increase in use between 2019 and 2020. They also discovered that when customers used these social interaction channels instead of a conventional e-commerce channel, they were 21 times more inclined to purchase from the store.
It seems that GenZ, and increasingly other generations, are comfortable with this live streaming commerce shopping trend. If you spend any time on the site, you’ll see a slew of viral millennial, Gen Y, and baby boomer stars who are creating a name for themselves. It won’t be long before you’re talking with someone on the other side of the globe about an item that might wind up in your cart.
To get a sense of how large Live online shopping will be in 2021, consider the following statistics from China:
With live video shopping, China reaches 900 million internet users and boosts online expenditure. The sheer scale of the Chinese market was one of the most important reasons for embracing new technology like live streaming shopping. Furthermore, the restrictions have boosted internet use and adoption and Live streaming Shopping became the most popular trend .
According to a study by Qin An, the director of the Beijing-based Institute of China Cyberspace Strategy, 265 million Chinese internet users will begin purchasing products through live streaming shopping in 2021. The fact that this number represents 47 per cent of the entire stream-viewing population is very intriguing.
Channelize.io is passionate about providing an engaging space for your consumers to try this new shopping experience. Email us at [email protected] to learn more about our live Shopping platform.