How Livestreaming & Shoppertainment Is Disrupting the eCommerce Industry
As modern marketing sprouted its roots with the advent of social media channels like Facebook, Instagram, Pinterest, YouTube, marketers tapped on the opportunity as a more creative means to reach more customers, convert and retain their target audience.
As more “regular” people turned to social media to share their opinion, in turn becoming “influencers,” brands took on this opportunity. Eventually, they developed a business strategy to cash on the trend.
Influencer marketing has since then come a long, long way. According to a report by Influencer Marketing Hub, the influencer marketing industry is set to grow to approximately US$13.8 billion in 2021. It is a staggering increase from 2016 – when the industry was valued at US$1.7 billion.
So what’s the reason why businesses, mainly eCommerce, focus on influencer marketing? What are the new trends in the future of retail technology and live streaming? How will shoppertainment be the new strategy to entertain customers and make your products more shoppable? Let’s understand how the market is evolving and how your business can make your target audience into loyal customers:
The eCommerce industry is growing rapidly. As per the reports of Statista, in 2021, the number of digital buyers stands at 2.14 billion. That’s a lot of people who are online! The 2020’s pandemic, though halted in many industries, it has been a massive boon to the eCommerce industry.
All these statistics clearly indicate people’s changing buying behavior online. Though the primary reason for buying still entails solving a problem, raising their status quo, keeping up with the trend, social validation, happiness, and stress-relief – but the way they buy online has been a massive game-changer.
One thing both buyers and sellers have been missing from the eCommerce experience has been the “not-so-human touch” when buying online. Interacting with your online customers as you would do in an offline setting is equally important. Rather, online you have to strive to make the path to purchase easier.
But online, there is a doubt whether the product is really genuine, solves the problem it claims, or is it just claims to be on the digital face value.
Luckily now this problem is solved by live commerce.
Live commerce solves the problem for both the customer and the seller. Live commerce, also known as video entertainment shopping, makes the sellers in India communicate with their target audience sitting in the US, UK, Taiwan, New Zealand, or any part of the world seamlessly. It is like an “in-store” shopping experience.
These sellers prepare their scripts – with lights and a fully cinematic approach – to meet, greet and communicate with their online customers. The sellers are able to leverage all forms of multimedia – photo, video, and audio to really show what their offering is all about and that too live.
The phenomenon is a massive hit in China, where it is popular as live broadcast e-commerce. As per reports, the transaction value of live eCommerce in China in 2022 will be US $409 billion.
Brands Are Using Livestream + Influencers As A New Way Of Shopping
And much of the credit goes to how to live eCommerce actually functions. As is already known, video marketing sells more as it is more interactive. It is entertaining, content-wise, very engaging, and thus is becoming a growing trend among shoppers to prefer live streaming over others.
Trends legitimate that brands prefer to endorse their product through influencers because they hold a more authoritative position with their target audience.
Especially in China, Livestream eCommerce is a massive hit because it is entertaining, interactive and gives the host (seller) the chance to interact and answer their customers’ questions live, which in turn is great for their business as customers can make decisions quickly if they seem the product is the right for them.
Livestream Shopping Is A Pandemic-Proof Growth Strategy
The pandemic meant a stop for many businesses. But as people turned to digital for their daily needs, the problem became an opportunity. As local shops shut their brick-and-motor stores, they switched to online to serve customers.
What meant just to clear off their excess inventory turned out to be a way to reach more customers. Through video shopping, promoted by influencers, and on other online marketplaces, Livestreaming eCommerce found its way to become the hottest eCommerce trend in 2020.
A very good example of a successful Livestreaming and video shopping app is BulBul. The platform has a wide range of lifestyle and fashion products where customers interact on Livestreaming, making their online shopping experience real-time and engaging. The app is a huge hit among Indian women, mainly because it’s an “authentic shoppertainment” feature for them.
Facebook is toying with the idea too, to live stream ‘Live Shopping Fridays’ events. The aim is to promote and raise awareness about live stream shopping among customers. The pilot project is started from FB pages of brands like Clinique, Sephora, Dermalogica, Alleyoop, and Zox.
China’s Taobao Live is one of the largest Livestream platforms in the world. With JD.com, Pinduoduo from China clocked massive revenue alone in the pandemic.
Livestreaming Simplifies Customer’s Buying Journey Through Effective AIDA
The great thing about Live Streaming is that this form of live eCommerce makes it easier to cut the tedious buyer-journey and makes them buy the product faster and easier. The buyer is aware of the product.
Through live interaction and Livestreaming by influencers, they develop their interest and assess if the product is right for them. If the product/service seems appealing, they have the desire to buy it.
Once a product has tickled the customer’s desire, it is only a matter of seconds that they take action. And Livestreaming simplifies the whole buyer’s journey seamlessly.
Authentic Shoppertainment: The Rise Of See Now, Buy Now Phenomenon
Live Stream shopping is really the future of online shopping as it is the most authentic form of shoppertainment because what we see now is the rise of the “see now, buy now” phenomenon.
If you like it, buy it.
And if you are an eCommerce brand, you must tap on this huge market opportunity that is out there for you. As the marketplaces are becoming more competitive, it has become imperative to have an edge. No more can only your product ought to have a USP, the way you reach out to your customers ought to have a USP, too.
This is where Swirl can help you with.
Live Commerce: Go Live, Sell More
Swirl is a live video shopping mobile SaaS that helps B2B eCommerce brands like yours to engage, convert and retain more customers. Swirl makes eCommerce more human with real-life shopping experience while shopping online.
Globally over 76% of carts are abandoned due to low confidence, and unattended customers simply become disinterested and leave.
With Swirl, you can bring the in-store experience online with interactive video shopping.
By using Swirl, you can:
- Create shoppable videos
- Record real-time results faster
- Assist customers in real-time
- One-to-one or one-to-many video shopping experience
- Maximize verified lead generation
- Target new customers and get access to customer data
- Retain customers without additional costs
Swirl strives to make your business easier. You can use Swirl in just 3 steps:
1. Download & create your account: Then, create byte-sized shoppable videos of your products and share them with your customers socially.
2. Go live: It’s super easy to go live through the app as it takes no additional steps. Demonstrate your products by doing Livestreaming and interact with your customers and prospects in real-time, generate leads, and retarget them using Text + Chat + WhatsApp + SMS.
3. Accelerate sales: Swirl gets plugged into your brand or website easily. Then you get access to customer data and nurture the touchpoints thereby increasing your engagement conversion and retainment metrics through analytics and metrics.
All of these without any additional integration or hassle to your eStore.
Book a personalized demo today and see real-time results!
Livestreaming Is The Future Of eCommerce
Livestreaming is the future of online shopping. As eCommerce trends evolve, brands are doing everything to ease the buyer’s decision-making. Conversational Shoppertainment and Live video shopping is the future, and those who adapt to it sooner can reap its benefits faster. It will be the trend, even if things get back to normal. Live selling is the future of retail technology and the top 2021 trends in eCommerce.
What’s stopping you from becoming a part of the trend?
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.