Reasons for the Popularity of Live Shopping
Continuous technological advancements have permeated the way individuals go about their daily lives.
This change has had a significant impact on our purchasing patterns. Consumerism has hit an all-time high, with more avenues for individual expression than ever before.
As a consequence, consumers are expecting more value. People who invest in their likes and preferences want a personalized experience that speaks to them. We just need to look at the success of personalization to see that demand is increasing.
Influencer marketing lends weight to this as well. It demonstrates that when consumers make a purchase, they seek more confirmation than simply a product page. As a consequence, it seems like live commerce will be the next big thing to take over the eCommerce scene.
Live Shopping is a method for consumers to learn a lot more about what they are purchasing through a Live streaming Shopping show- but we’ll get to that later. For those who are unfamiliar, live streaming shopping in the e-commerce sector is the broadcasting of real-time videos to advertise and sell products or services. This may seem similar to TV shopping in the 1980s, but with live streaming shopping, merchants can avoid the high airtime and production expenses associated with TV broadcasting and instead utilize their current platforms to reach a global audience.
Consumer Value Enhancement
As the eCommerce market gets more crowded, it makes sense to provide a better value service to consumers.
Your broadcaster will benefit greatly from the engagement with prospective customers wherein customers are given a more thorough description of goods and the chance to ask questions in real-time.
The risk of not buying is decreased as the degree of trust between a brand and customers grows.
Because Consumers have more power
Online buying may be a difficult experience.Live Shopping eliminates the impediment to traditional internet buying. It enables the customer to get answers to questions, feel appreciated, and be a part of a communal experience.
Live Shopping is Already Lucrative
East Asia is already riding the wave of demand for live video Shopping, with China enjoying the benefits.
Live commerce provides the customer with engagement, amusement, and useful information, which other shopping mediums cannot always provide.
Why Is Live Stream Shopping Increasingly Popular?
Companies who are venturing into Live Streaming Shopping must also understand that video buying is about more than just the newest technology or the most popular influencer. Even in the virtual world, it’s about the power of human connection and the pleasure of discovery—wandering into your favourite store, striking up fascinating conversations, discovering the stories behind the goods, and being inspired which the livestream shopping fulfills virtually.
Livestream shopping is becoming more popular in other countries, especially in China.
While nothing beats the pleasure of visiting shopping in person, live video shopping has rapidly become the next best thing for many customers..
Live Streaming for e-commerce may also assist in replacing the social element that is lacking in traditional online shopping by bringing the experience to life and increasing interaction between the consumer and vendor.
China is setting the standard
The video streaming industry was projected to be worth $30 billion in 2016 and is anticipated to grow to $70 billion by 2021 and $184 billion by 2027. These predictions are certain to rise as a result of the coronavirus pandemic’s acceleration of digital commerce.
China, where e-commerce live streaming shopping first appeared and has since grown in popularity. Live streaming for retail business in China has rapidly become a significant purchasing platform, totally altering the way e-commerce is done in the area.
As customers across the globe are urged to remain at home, their digital watching and purchasing habits have altered drastically, perhaps permanently. Many companies are being pushed to produce digital content in ways they would never have imagined previously.
A new generation of QVC-style buyers
In the United States, there may be a new generation of QVC-style consumers. Teens and fashionistas with the time to participate in spur-of-the-moment live shopping shows help live stream shopping gain momentum. Having said that, Livestream shopping does, in fact, invert the human contact shopping paradigm. There is “something” at the heart of buying live on a mobile device, a doorway to new ways of thinking about how to digitally engage with product and design.
So, if you’re looking for new methods to increase sales and brand recognition, incorporate Live video shopping in your business strategy. Channelize.io is there to help you integrate the live shopping platform into your website or app. We already have proof that the market is expanding, so it’s important to remain ahead of the curve, email us now at [email protected] and get started today.
