The Evolving Retail Business
For a long time, retail shops have been closing their doors. After all, with the pandemic and lockdowns, store closures increased. In 2020, a lot of retail stores closed indefinitely, showing that keeping business as usual is no longer a possibility.
Chatbots and smartphone applications already render online customer service fun. We now have come to receive tailored advice from machine learning algorithms. And same-day delivery seems to be usual.
E-commerce has already impacted people's lives. When shopping online, however, certain elements of the in-store atmosphere are lost.
Shopping has long been regarded as a sensory activity. Sight, touch, vibration, odor, and taste are all important when deciding whether or not to buy items.
Retailers are struggling to recreate these physical elements of shopping now that the internet has become the primary way for customers to explore products and services. But it's no news that ordering items digitally is now more convenient. How about the interaction factors? Would buying online be as much exciting as in-store shopping?
Cue in real-time shopping. Today's businesses are seeking to bring people closer to the in-person experience by combining shopping online and live streaming.
Live Commerce Types
Live streaming has the potential to transform e-commerce in much the same manner as online shopping did twenty years earlier. This fusion of video stream and shopping, called "live commerce," increases interaction, reduces the distance between consumer and brand, drives sales.
Let's look at a couple of the most popular live shoppable media formats.
Marketplaces allow customers to find out more about brands, ask questions and eventually buy items straight from the Livestream. The addition of livestreaming has played a vital role in increasing buyer attention. What is the explanation for this? The opportunity to buy products and services over the internet is no longer an innovation. Online marketplaces would become redundant unless additional dimensions of engagement are introduced.
Live streaming can provide the closest experience to "being there" for all those customers tuning in from their home by bringing live streaming interaction. Real-time accessibility gives the excitement of a real market, engaging in immediate action and increase community participation.
Celebrities of today aren't really seen on TV. Reality shows helped put media personalities like Kim Kardashian on the map, and an increasing number of celebrities are gaining fame through social media every day. As a result, new revenue opportunities have arisen.
Influencers can use their personal brand and the power of live streaming to endorse their preferred brands in an interactive format, as they already have a large audience. Influencer streaming started on social media, but it has since expanded to e-commerce platforms like Jumble. The format has the highest user engagement among younger demographics.
There's a lot of similarity between live events and the above-mentioned categories. Even so, newsworthy events like product launches, limited-edition drops, and retail holidays like Singles Day, Black Friday lend themselves exceptionally well to shoppable live broadcasts on Jumble.
Viewers can also buy any of the items seen on the product launch via Jumble platform. Fans now can buy directly in real-time thanks to live streaming.