A decade ago, people had to step out of their houses to buy anything as minute as bread. But today anything as significant as a house can be purchased online. Even though the term e-commerce was termed in the 1960s, it gained popularity years later.
To enhance user experience and boost sales, various e-commerce companies are introducing platforms with real-time engagement features like LIVE STREAMING. It is a preconceived notion that live streaming commerce can only be used to create brand awareness or to increase customer engagement. But lately, people have found a way to monetize this innovative technique.
What is Live Streaming E-commerce?
Live streaming commerce is an amalgamation of live streaming and e-commerce which creates a seamless and uninterrupted shopping experience. When there is a live interaction between a seller and a buyer, a personalized shopping experience is achieved which has the capability to prompt a customer into buying the product or service. The main roles of live streaming are as follows:
To help the customers understand their products and service in a detailed way
To provide entertainment in an informative manner
To boost sales
To enhance customer engagement and retention
Here is how Live Streaming works:
The host can talk about a brand or product the brand is offering.
Viewers can browse the product details and prices and purchase during the live stream. This is done on the same page for an added convenience.
There can also be more than one video stream so that the shoppers can stream as per their needs and their interests.
Live streaming and Ecommerce
Live streaming commerce has been introduced as a refined and innovative way to sell products and services online. It has eliminated the need to physically go to a store to shop. This has not only given a boost to convenience but has also enhanced the scope of businesses.
When the technique of live streaming commerce is used in e-commerce, it brings about a customized user experience. With the help of video streaming, the users can see the products up-close while the demonstration is being carried out by an influencer or a celebrity. This helps to build a strong connection between brands and customers. Along with that, a host can explain all the details about a product by showing its benefits that can intrigue customers to purchase it. Hence live streaming helps to boost customer engagement and conversion rate.
How can a Live streaming platform be used to speed up E-commerce Sales?
The Internet is where the entire world is. Everything is available at fingertips- from information to commodities. With such a large audience on the net, more and more industries are broadening their horizon to expand the reach of their services.
When live streaming is chosen by a brand as a way to promote or demonstrate products, it creates positive brand awareness. According to a survey, 66% of the citizens of the United States of America prefer seeing a video before making any purchase as it helps them build an association with the product. Several companies are collaborating with celebrities on such live streaming platforms. By doing so, they bring recognition to their product along with credibility. This makes it easier to connect with the audience and sell their commodities.
E-commerce sales increase through live streaming shopping due to the following reasons:
It increases the amount of time the customer spends on the page i.e visit duration.
As it is on the internet, it can be shared multiple times with several people which increases the potential audience.
It is a way to provide valuable infotainment which will attract a larger audience base.
It improves user experience and sales conversion rates.
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