5 ways to boost online sales with live commerce
5 ways to boost online sales with live commerce
Date: July 1, 2022
Live shopping is one of the most important strategies you can deploy to increase your online sales today? Don’t believe us? Just look at these stats from McKinsey, Shopify, and Retail TouchPoints.
- By 2026, live shopping sales will account for 20% of all eCommerce sales.
- Social commerce sales are set to triple by 2025.
- Return rates on live shopping products are as much as 40% less than traditional eCommerce channels.
What started as simple videos in brand-produced or commercial formats is now shifting towards live streaming. Retailers or brands are going live directly from their website, offering customers an option to buy products without leaving the video.
So, how do you make the most out of your live stream? Here are five effective tips that every retailer can use to optimize their live shopping events.
1. Create timely, relevant content
Creating timely, relevant content helps you share the right message at the right time to an audience that is primed to buy, or at least watch. While it’s essential to create content that works year-round, a savvy marketer knows how to capitalize on seasons, holidays, special events, and trends.
For instance, a retailer dealing in baby products can run a live stream on curated hoodies for kids during the winter season. Similarly, another brand can target parents of school-going children just before schools open for the new term.
Creating timely content means paying attention to what’s happening around the world. This might seem like an easy task, but many marketers often fail to consider it. Make you’re your research covers topics, conversations, social media trends, and factors in a calendar for your audience. Doing this helps build your content creation plan and actively engage your target markets with live events that are tailored to their interests.
2. Increase urgency with promo codes during streaming
No matter what the price point, every shopper loves a discount. But most online shoppers are confident that eCommerce sites are going to offer sale prices and discounts every weekend. To up the ante and ensure a higher rate of purchase, offer limited time promos and discounts that are only valid during the live stream.
With Swirl, the host can announce the discount, display a curated collection on the screen and allow customers to add-to-cart and make a purchase without leaving the show.
As viewers learn that your brand gives out great promos and offers during streaming, they’ll be sure to log in on time and watch the entire session. For brands experimenting with live shopping sessions, this is a great way to prove to marketing and sales heads that live shopping has a direct impact on the sales.
Read more on: Shoppable Video Platforms: Which One Is the Best For You?
3. Use festive seasons to reach last-minute holiday shoppers
Festivals are the perfect time to run a highly engaging live stream and generate sales for your business. Festival shopping is very popular and comes with a sense of urgency baked in.
Most of us are guilty of waiting until the last moment to find gifts for our friends and families, before going into panic mode just before a festival. Brands can tap into the impulse-buying mood too.
One of the best ways to capitalize on the festive mood is to set up a themed live shopping event, complete with décor, a festively dressed host, and a range of curated products that are great for gifting.
Learn more about Virtual Shopping: Blend the best of eCommerce and Retail
4. Create a styling or product guide video stream
Livestream sessions get more engagement and longer watch time if they offer entertainment and information. A How-To video is far more likely to be watched by viewers because it helps them visualize how your product fits into their lives and their homes.
Another great way to engage your audiences is by running your live streams as a styling or product guide. You can invite a stylist or design professional to host your live streams and give out tips on how to use the product.
Check out how StyleNook partnered with SWIRL on a high-impact simulcast of livestream shopping to promote their curated fashion styling brand.
5. Organize live auctions and competitions
This is a great way to create relevant content. You can run live auctions for your special limited-edition collections, allowing your loyal customers to join the live stream and buy products before they run out of stock.
Moreover, you can organize short games like quizzes during a live stream, with prizes like discounts, vouchers, and more, for comments, answers, and suggestions from the audience.
Read our case study on How Greenberry Organics executed a successful launch of its new collection by partnering with Swirl
Once you turn all these tips into part of your livestream shopping strategy, make sure you’re putting up your content on multiple platforms to reach maximum viewers. Limiting yourself to one platform reduces your ROI and viewership.
Using Swirl, you can simulcast your livestream across various social media platforms, including Instagram, Meta (Facebook) Live, and YouTube. This allows you to take advantage of the size of the audience, as well as all the single-click engagement options that social media platforms offer. In addition, when customers see your brand on platforms that they know and love, it builds trust and brand recall.
SWIRL is a full funnel live commerce solution that helps marketers attract, engage and convert more customers. Enable your website or app with the power of shoppable content to increase AOV, boost conversions and retain customers. If you’re looking for a live commerce solution and want to discuss options, get in touch.