What Is Live Shopping? You’ll Be Surprised at the Benefits
Have you ever been scrolling through your social media platforms and come across an ad for a product that you just have to have? But when you click on the link, it takes you to a website where the item is out of stock or no longer available. It’s so frustrating! Live shopping is the new way to go. This article tells you what is live shopping, how it works, and its benefits.
Live shopping lets you buy products as they are being shown live on video. This means that if something catches your eye, you can be sure that it’s still available and in stock. Plus, with live shopping, there are often special deals and discounts offered which makes it even more appealing!
What is Live Shopping?
With live shopping, customers are able to buy your products in real-time. It’s an engaging experience that goes above and beyond simply clicking on a product page and filling a cart with items.
It’s more than just clicking and filling up a cart — it engages the customer and makes them want to purchase.
The promotion only lasts for the duration of the live stream.
But there’s more!
Users can tune into live videos to learn more about a product, e.g. Instagram live. They can view reviews, ask questions, and follow along as sellers guide them through the purchase process.
Live Shopping is a new way to use social media platforms. Instead of just “liking” a product, you can actually purchase it. This makes it easier to get the items that you want.
That sounds pretty great.
Live shopping is a great way for brands to take advantage of the best aspects of both brick-and-mortar and online shopping. It combines the convenience of online shopping with the experience of in-person shopping, giving customers the best of both worlds.
It’s a win-win situation.
The Benefits of Live Shopping for Your Business
Live Shopping isn’t exactly for everyone
Here are five of the benefits of using live video for online retail.
Live Shopping Boosts Engagement Rates
With so much new content out there, your prospective clients are undoubtedly being bombarded by different brands, advertisements, and newsletters.
With shorter and busier lives, how can marketers create engaging experiences that capture the attention of their target audience?
The growing trend of live streaming shows that consumers want new, exciting experiences.
Live shopping is a great way to engage your audience and get them involved in your product or service. Video content, in particular, has high engagement rates and is more likely to be shared with friends than other types of content. This makes live-stream shopping a great choice for businesses looking to connect with their customers on a deeper level.
With live shopping, your shopper can ask you questions, and you can answer them in real-time.
All of these elements lead to a higher chance of a conversion, which means more sales and revenue.
Quickly Generates Massive Sales
Live streaming your events can help you reach thousands of potential customers in just a matter of minutes. Plus, once your shoppers are having a good time, they may even share the event with their friends.
Live Retail is easy to implement with this simple example.
In 2020, celebrity jewelers sold $120,000 on a vacuum sealing machine in 5 seconds.
Live Shopping is the future of eCommerce.
Builds Brand Awareness
By being on a live TV Shopping Network, you can expose your brand to a large audience.
The interactive format of live streams is more likely to stick in viewers’ minds.
When you host a live shopping event with an influencer or celebrity, you’re likely to see an increase in the popularity of your business. This can lead to improved brand recall among customers.
Encourages Impulse Buying
Live stream shopping creates a sense of community and belonging for customers. This feeling often leads to impulse buying, as customers want to be a part of something they see as valuable.
The fear of missing out on something (or FOMO) may drive people to buy things.
Here are some ways live stream shopping events can invoke feelings of missing out in shoppers:
A live shopping experience may trigger FOMO in viewers for a few reasons. Firstly, if they see many others on the live video broadcast buying a product, they may feel like they need to buy it too so as not to miss out.
Secondly, if the product is only discounted until the live event lasts, this creates a sense of urgency and encourages people to buy it before it goes back to full price.
Finally, if a person they really look up to is promoting it, this may make them want to buy the product so that they can have something in common with that person.
Live shopping is all about creating a sense of urgency and excitement. By providing viewers with a live, real-time experience, you are more likely to trigger an impulse purchase. And who doesn’t love a good impulse buy every now and then?
Can Put Underperforming Products in the Spotlight
Do you have any products that you no longer use?
Shopping sessions are a great way to boost sales for products that underperform.
First, identify why your product may not be selling.
Is it too costly? Is it too difficult?
You can use live streaming to give your content the push it needs.
And that’s not it.
While the product itself may not be selling well, by stating that those who view it online may be among the first ones to try it, the company is hoping that this will boost its sales and make people feel like they’re part of an exclusive group.
How Can You Get Started with Live Shopping?
Now that you know what Live Shopping is, you’re probably wondering how to get started.
We will find out.
To conduct a live video shopping experience, you’re going to need:
You’ll need a product, host, platform, and audience.
Some live sessions may feature different products than others.
Before deciding how you should handle your lead, it’s important to first figure out which stage in the product’s lifecycle it is in.
If you’re looking to test a new product or service, boost sales of an underperformer, or move more of your best sellers, we can help you!
Pick the products you want to promote based on what you want to achieve in the near future.
Now, it’s time to determine who will be presenting the webinar.
If your product is technical in nature, you can hold a webinar with a member of your technical team. This will give your prospects a chance to ask questions directly, which will give you an edge over your competitors.
By knowing more about your products, you’ll have an easier time answering questions about them.
Partnering up with influencers can be a great way to reach a new market. With their help, you can reach an audience that you may not have been able to on your own.
The benefits of products endorsed by celebrities are well-known and definitely worth taking advantage of.
Let’s check out an example of this in action:
This ensured them wide exposure and the success of their first live-streamed event in 2020.
If you want to go all out, you can combine the best of both worlds and have an influencer backed by a shopping assistant host the event. This way, you’ll get great content while also providing your audience with a seamless shopping experience.
Despite being spontaneous, live shopping events require a lot of planning. There are no do-overs, so everything needs to be perfect.
This is why it’s important to plan and rehearse your live stream in advance. By doing so, you can avoid any potential mistakes and ensure a successful event.
First, decide if you want to have a long or short live stream. Then, structure the event accordingly.
Yes, we will be demonstrating products and we will also have a Q&A.
- Products will have a limited time frame to be displayed.
- Viewers will be awarded coupons for purchasing products during a certain window.
Remember that there is no wrong approach, it is all about finding the one that works better for you.
Live shopping is a great way to get excited about upcoming purchases and add a bit of spontaneity to your shopping experience. By connecting with others who are also interested in the same products, you can create a sense of community that you might not find with traditional online retail.
The Future of Live Shopping
While shopping online can be convenient, it lacks the human touch that live shopping experiences can provide.
Shopping live isn’t just an e-commerce trend. It’s here to stay.
This is because both retailers and customers benefit from it.
While online shopping offers customers convenience, it also presents an opportunity for businesses to grow their revenue.
If you’re undecided about using live shopping for your brand, don’t be. Choose a platform that works best for you and get started. There are many benefits to live shopping that make it worth considering for any retailer.