An exciting new trend is taking place in the world of e-commerce - live commerce. Live commerce is a new form of online shopping where customers make purchases during live streaming video events. This exciting new way of online shopping is already extremely popular in Asia and it is beginning to make waves in the US. In this article, we will explore what live commerce is, and what it can mean for your business.
Live Commerce: The New Trend
Live commerce enhances e-commerce with live interactive streaming videos or events. This in turn bridges the gap and combines the personal help of in-store shopping experiences with online convenience. Live commerce is remarkably similar to how influencers demonstrate or endorse a product or service. The stream generally consists of embedded videos or links to further information about the measurements or sizing, look, material, and the rest.
With live commerce, interactive options are enhanced. With live interactive video streaming, customers can interact and comment. There are links that allow customers to learn more and purchase directly during the celebrity presentation or chat. Direct channels of purchase, enabling comments, using one-on-one video chat, and more are some of the interactive options offered to customers. The live commerce experience is designed to mimic the experience of shopping in a store.
Advantages of E-commerce Streaming:
- Reduce Distribution Costs: Live commerce reduces overhead costs when during a live stream or interactive video, products are sold to consumers directly from a warehouse instead of being shipped from various locations. The order-of-operations and processes for receiving an order or having a label created have become easier and less effort-taking.
- Improving Customer Experience: Live Commerce allows influencers to effectively demonstrate features, discuss how the product can be put to use in their day-to-day lives, and answer customer pain points. The influencer-as-brand-ambassador interacts directly with customers, helping to increase customer value for retailers. They help consumers in comparing products available in the market and then making informed decisions. The beauty of real-time engagement shopping with the customer lies in discovering what your audience wants and using that information to shape the online shopping process and influence their buying decision.
- Track and Measure Marketing Efforts: Targeted email campaigns, directed social media messaging, and other forms of explicit inbound marketing can be used to maintain customer loyalty and satisfaction. Live commerce communicates with audiences through email newsletters, coupons, and paid media campaigns.
- Brand Loyalty: The influencer-as-brand-ambassador creates long-term brand loyalty as consumers tend to connect more and more with the individual selling the products. The customer value increases for sellers as people create a personal relationship with the ambassador. This in turn retains as well as gets them, new customers. The customers stay loyal to their brands and develop a bond. Retaining customers is as important as growing them. In today’s day, more and more marketers are re-evaluating their modes of interaction with customers and how their techniques could best attract and retain them.
More and more consumers are integrating live video shopping experiences into their daily routines. E-commerce companies and retailers are looking at how they can use real-time engagement platforms to interact and engage with customers.
Future of Live Commerce
Globally, live commerce is expected to become mainstream within the next few years. The influencer mode of marketing is already a huge success in India. While live commerce platforms are currently disorganized and do not offer the best user experience, this will change. A new generation of buyers will come to enjoy the human touch and convenience that live commerce offers. Thus, it is very important for brands to re-ignite the lost touch with the human element of customer experience and revolutionize retail therapy in India.