Live Video Shopping Shaping the Future of eCommerce
Ecommerce has reached an all-time high. Lockdowns, travel restrictions, and shop closures drove consumers online, and the retailers quickly followed, selling direct to consumer (DTC) for the first time in certain instances via live stream shopping.
Live Video Shopping basically refers to a new E-commerce business model in which brands showcase and sell products while being live-streamed on their website or mobile application.
Live Shopping or live video shopping is the future of eCommerce. The concept is seen as the next major stage in the development of eCommerce. It has already grown huge in China and is expected to reach $125 billion this year. After China, live shopping in the USA has also gained huge popularity.
According to Coresight Research, eCommerce Live Video Shopping will generate $25 billion in sales in the United States by 2023.
eCommerce sales revenue are presumed to touch $6.54 trillion by 2023.
Livestream shopping, often known as ‘live shopping,’or live online shopping is a cross between conventional home shopping TV, live video streaming, and influencer marketing, all wrapped into a creative phrase called “entertainment+ commerce.”
It may take many forms, including fashion shows where customers can buy things on the runway in real-time. However, the most well-liked kind of live shopping is live streams of celebrities and influencers evaluating and selling their favorite goods to their followers.
One of the most appealing aspects of live shopping is the ability for viewers to engage with brands and influencers in real-time. It has evolved into the ideal bridge between online and in-store purchasing, allowing consumers to ask questions and get quick answers from the comfort of their own homes.
Furthermore, the epidemic has expedited the uptake of internet shopping, especially among older age groups who were previously resistant to it, creating new possibilities.
As eCommerce has grown throughout the epidemic, brands have sought to profit from their existing consumer base. While broadening their reach into new categories to diversify revenue sources, they provide their current consumers with additional opportunities to connect and spend with them.
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Gen-Z and millennials have tremendous purchasing power, and everyone is vying for their money. And Livestream shopping provides merchants and brands with a great chance to narrow the gap with Gen-Z and millennials in a focused marketplace.
A reliable live shopping platform can help brands to offer an engaging and enjoyable buying experience to its “audience of digitally-savvy customers whose purchase habits continue to change.”
The options are endless
Live Video Shopping allows viewers to engage with one another in real-time through social remarks. Brands may utilize live chat, polls, reactions or simply answer questions or react to comments sent by viewers during a live shopping show.
The Livestream shopping craze is gaining traction in the United States, with many internet firms vying for a piece of the action.
Because there is more product information than conventional advertising, and it is frequently coming from hosts that customers already know and trust, Live Video Shopping has been effective in boosting the frequency with which a transaction is made in other markets.
The multi-sensory engagement provided by video is superior to that provided by the written word or static pictures alone. According to Analytic Partners research, an online video impression is three times more valuable than a digital display impression in terms of return on investment.
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Consumption of digital media is skyrocketing as new technologies make it simpler than ever to produce and distribute video-based experiences.
As Livestream shopping becomes popular, it will continue to develop, and the possibilities are endless. Furthermore, brands today want to offer deeper, more customized and personalized experiences to their customers in order to compete with marketplaces and retail behemoths.
Humanizing their brand also helps in client retention, which is currently a key goal as acquisition prices increase, coupled with uncertainties in digital advertising.
Choosing a reliable live shopping platform like the one offered by Channelize.io can be your one-stop solution.
Furthermore, Because of COVID 19, brands and merchants have been compelled to devise new methods to maintain contact with their customers. Hence it is critical for brands to get started with live shopping in order to avoid falling behind. You can get in touch with us at info@channelize.io and get started effortlessly.
