Since March 2020, most of us tend to shop via online websites instead of visiting malls. As a result of increase in traffic in this area, the eCommerce industry has grown exponentially.
As this deadly disease spread fast, online eCommerce for retailers. According to Digital Commerce 360, the growth in eCommerce sales in 2019 is expected to shoot up by 30%.
What will the future hold for Global Ummah? As revolutionary as eCommerce and its mobile offshoot, mCommerce (mobile commerce), have been, they don't come close to replicating the shopping experience that even amounts to a minor improvement.
The potential has not been explored. This is something global livestream shopping should rectify.
Important takeaways are:
eCommerce has increased over 30% over the past year.
China is on top of the world of online retail.
The revenue generated by livestream shopping in China is expected to reach 170 billion by the end of this year.
Online shopping is gaining popularity and offers high levels of engagement for retailers and micro-influencers to work together.
This feature can make online shopping more interactive and entertaining.
This is useful application to customers because of the real-time feedback features it provides to users.
A lot of platforms such as Instagram, Facebook, and Amazon, which are well established in China, have added Livestream to their apps.
What is Livestream Shopping?
This emerging practice of shopping from livestream combines livestreaming, a feature that can be found on a majority of social media platforms, with the ability to purchase products directly from a livestream. The online purchasing has the ability to obtain more customers than just traditional shopping.
Social media can have a significant impact on the lifestyles of people. The comments flash across the screen.
If a livestream product fails to sell within the allotted time, it will be removed from the list. Your viewers may know when the movies that they want become available.
In other ways, audience members may receive discounts for purchasing products during a particular window. In both cases, livestream shopping has gone beyond mere shopping technology. It is exciting, spontaneous and also a strong element of social connection because of on-line retail.
Prospective buyers can also interact with hosts through comments. They can ask questions about the products being showcased, get different perspectives about certain items, ask about sizes and feel.
This creates a dynamic environment between host and viewers with different kinds of interactions.
What can we learn from China?
Live shopping for fashion items is very popular and can be highly profitable. For this reason, many companies are able to strengthen their eCommerce offerings by adding livestreaming to their offers.
Nonetheless, livestream shopping is very limited in the Americas and Europe right now. It's critical for brands to leverage eCommerce trends in China for their success in current markets.
Many sources reported that in 2018, ecommerce revenue from China alone made up $66 billion. By the end of 2020, this amount will soar 170 billion dollars because of the business news source.
China's Internet shops played a major role in this rapid innovation in less than 3 years.
The answer is in the way Chinese social media are designed.
The rise of super apps
Social networks, like Taobao and Wechat, can effectively function as microblogging, messaging and online shopping platforms all in one interface.
The interconnected economy of services means that live stream shopping is simply an extension of the existing model.
Unlike Europe, in the West, applications like Instagram and Facebook integrated marketplace experience in the previous year. But in China, the super app model has been integral to their mobile first market appeal.
With super apps that double as eCommerce sites and content marketplaces, China is enabling individual and collective individuals to meet each other. Livestream shopping provides a logical and clear challenge to physical retail.
Just relying on recognition of an audience isn't enough to boost views and, consequently, purchase. Brands that want to maximize their events' effectiveness will take a number of different factors into consideration. Choosing the right influencers is important.
The Relationship Between Commerce and Content
In fact, influencers are like the nucleus of livestream shops. A million followers doesn't mean that you're a good influencer.
Although influencer marketing has evolved over the years, micro-influencers are even more important to the industry. For this very reason.
Small influencers are being more popular compared to the large influencers. This is because the smaller channels have frequent personal interaction with their intended viewers.
This is essential factor for successful product testimonials on livestream shopping.
Right Influencers Matter
As influencers take a cut of each item sold, choosing those influential personalities to pay is even more necessary in shoppings.
Studies show that customers rely on their friends and families when it comes to buying purchases. It is important for brands to work with influencers who have the connections and the following with their audience.
Micro-influencers fulfill both of these criteria. Their followers are small in number and tend to have more practical and targeted inputs and ideas for their audience.
The greater degree of intimacy that defines the relationship means that their blog can have more followers for their channels.
Hard Work and Opportunities
While the best livestreamers promise high audiences, to get an audience, an event has to be excellent.
The more popular content is, the more popular the people who make the content are. In order to sustain a large following on social media platforms, one should mix up quality content with sponsorships.
This is no different than shopping at brick and mortar stores.
Planning a live event is very tedious work, with influencers searching for products they will feature, creating authentic buzz for the event with their followers, and even reaching out to followers they think will be interested in certain items.
These sorts of thing are done to keep the audience hooked on. This is what makes the commercial aspect of TEDx Live.
The behind the scenes aspect may be grueling and the marketplace competitive, but when all these elements come together what you are left with is a virtual event that draws thousands of consumers and dozens of these artpieces selling in mere seconds.
It's a win-win-win strategy for all parties involved.
How Home Shopping Differs From The Previous Retail Industry
This way isn't brand new. Home shopping was a huge success in the 90s and early 2000s, and TV channels like QVC and Home Shopping Network become household names.
So what is the difference between Stream and On-Line Shopping?
Social media can provide valuable insight into shoppers' buying habits. And, it is less expensive to online shop from home.
Anyone viewing stream can post comments and requests.
Harnessing Social Media
This sense of community is another benefit of livestream shopping. Unlike QVC or HSN, conversations aren't limited to the moment of livestream.
Hosts can communicate with their followers to increase there activities.
Social media such as Twitter is two-way street. Information flowing back and forth between influencers and their followers makes live streaming very helpful.
In order to be a good host, you should get a feel for what they want to showcase to their followers based on personal interactions. They should not be expected to show anything that does not fit with their personal branding.
This allows the streaming of live shopping event to a level of authenticity that QVC fails to match.
The most distinctive characteristic of this service is that consumers can actively participate in Facebook Live from wherever they are.
The real-time nature and ease of access makes it easier for brands to be in touch with consumers and listen to immediate feedback.
One of the biggest advantages of online shopping is the way that mobile devices allow people to shop for the products they want from the comfort of their own homes.
Live video streaming is a great service for online shopping, as it allows anyone to participate in a buying event on the go, on a break, or even at home.
They are not simply filling up a cart, they are joining in an experience.
It is equally important for brands to broaden their audiences and increase their engagement with their products.
A product may be promoted in natural ways, instead of some sponsored or advertiser-pushed posts.
Encouraging multicultural diversity
Another example of this is makeup brand NYX. Through live streaming on a popular YouTuber's website, a brand saw an opportunity to share shopping lists and makeup tutorials in one synergistic package. Users who engaged with the live make-up tutorial were able to shop the make-up straight from the stream.
At the end of the day, it lets brands put the power into the hands of the consumer. Allows them to have options they could not have had traditionally.
Post-pandemic, the world has moved increasingly online.
It seems that online shopping can be multifaceted. They do not have to completely replace their physical counterparts.
Livestreaming shopping is more a method of assistance. A social media tool is a way for forward-thinking brands to engage with new audiences both from the global market and domestic base.
This thing is becoming more and more popular.
Among independent online platforms, like Jumble, there are those which have emerged in to provide large scale streaming services.
Live streaming shopping is changing relationships between brand and consumers. The people who once stayed quiet are now involved in the event. Those who used to remain stagnant are now working hard.
Brands have the means to connect with their audience in authentic ways through conversation. According to Lucintel, it bridges the physical and digital worlds as most consumers want to have both.
The future of eCommerce is "live", put simply.