Marketing is a dynamic field and marketing trends change very often thus making room for newer and technologically-advanced trends. One such solution that carries the potential to take the marketing trends by a storm is Live Streaming Commerce.
Even though 2020 has been a frantic year for most businesses, e-commerce websites have successfully found their silver lining through live commerce.
So, why should you add live streaming commerce in your marketing plan for 2021? Read along.
Success of Live Streaming Commerce
Live streaming has often been associated with the gaming field. There is no doubt in saying that it has opened up a lot of opportunities for the same but it has been used extensively in other fields also, especially in e-commerce.
Before going any further, it is necessary to establish the factual results of live stream commerce as it will help us understand its impact in a better manner.
According to Techjury, the online live streaming industry has grown 99% between April 2019 and April 2020.
In November 2019, the largest Chinese online retailer, Alibaba had announced a 20-billion-Yuan sale from its live-streaming commerce business during the Single’s Day Shopping Festival. The number of live streaming watchers in China was predicted to hit 526 million in 2020.
Hence, it can be concluded that live streaming commerce is not a vague concept, rather it is a tried-and-tested solution that has worked wonders for multiple businesses.
Benefits of Live Streaming Commerce
Now let us see why live commerce should be an integral part of your marketing strategy in 2021.
Live Commerce Leads to Engagement
It is important to understand that people's preferences change with time and they always look for improved product experiences and credible brands. A few years back, companies and businesses had a limited number of options to generate engagement and capture audiences in real-time. But with the advent of technology, Live video commerce came to the rescue and provided businesses with better engagement options that too in real-time.
The soaring popularity of live commerce is due to the fact that it creates intimacy between shoppers and eCommerce sellers which fosters engagement. Live streaming e-commerce is also a perfect blend of entertainment and informative sales.
For example, a clothing e-commerce company can host a live stream wherein a host could explain the color and texture of the fabric in real-time. As a host can have the liberty to add fun elements to a stream like conducting polls or indulging in Q&A sessions etc, all this leads to more engagement.
Live Commerce Leads to More Sales
When a brand or business holds a live stream to demonstrate and market products, they can attract their targeted audience easily because a live stream allows the audience to see products in action. As live streaming helps in a better understanding of the products and services, customers are convinced to buy products that can increase sales.
Access to Analytics
Real-time analytics can be used to gather information regarding viewers' engagement and commerce. Such metrics can include viewer engagement, traffic sources, and much more. One can leverage this data to improve the next live event and ensure that audience leaves the next broadcast satisfied.
Builds Trust and Credibility
It goes without saying that trust is an important factor in generating leads and profitable sales. Along with that, credibility plays an important role in creating and maintaining long-term customer relationships.
Live streaming commerce can help in achieving both. It helps in connecting with viewers by igniting emotions in their minds. If a viewer is unsure about the product or service, by showing them video clips of your products you can inform, help, and educate them in the decision-making process.
Furthermore, When viewers are watching demonstrations of products in real-time, it sparks trust with the brand, potentially making them a long-term customer.
Are you a D2C or eCommerce business trying to integrate live streaming into your marketing plan this year?
Channelize.io can be your one-stop solution as it can help your businesses leverage the benefits of video streaming through its Live Streaming Commerce Solution.
2021 is the time for all modern businesses to leverage video streaming to address leads on their journey towards becoming long term customers. Get in touch with Channelize.io at firstname.lastname@example.org and enjoy the success later.
Additionally, Channelize.io has launched its Live Stream Shopping app for Shopify merchants. Now, store owners can boost engagement, promote their brands, reach new audiences, and generate sales just with a click of a button.