Try Growth-Hacking Your Brand With Swirl’s Live Video Commerce Solution
Previously considered a niche marketing tool, live commerce is increasingly being seen as one of the most powerful ways to retain customers, grow sales, and build a community of engaged, active shoppers. Here’s how live streaming video can help with 5 top brand problems.
Between 2019 and 2020, live commerce grew from $66 billion to $150 billion in China. In the US, the livestream shopping market is projected to hit $25 billion in 2023, according to Coresight Research.
While it’s hard to match the experience of going shopping in person, live video commerce is fast becoming a preferred choice amongst shoppers today, thanks to the sheer convenience and range of options it provides. Why go out when you can stay home with your loved ones and shop at your own pace?
Livestreaming or live video commerce enables interactive communication, allowing shoppers to make purchases directly while watching the video. Originating in China, this trend has become a global phenomenon, revolutionizing the e-commerce industry.
Livestream shopping offers numerous benefits, such as enhanced customer engagement and increased conversion rates. Retail brands from various sectors have discovered that live video streaming is an effective strategy for selling products online.
In this article, we will explore five key brand challenges that can be effectively addressed through live commerce.
1. Low Customer Engagement
Just as physical stores use posters and signboards to attract customers, capturing attention in the online retail space is equally important. With numerous competitors vying for customer attention, it is essential to innovate and engage customers to ensure their loyalty.
In the online space, customers can easily be distracted by other advertisements and may not be aware of the benefits, great prices, loyalty programs, or incentives you offer. To combat this, live shopping events provide an opportunity to share information about new arrivals, current promotions, and personalized product recommendations, effectively capturing and retaining customer interest.
Live video commerce allows brands to connect directly with their audiences online and interact with them in real-time. Businesses today are successfully attracting customers and boosting sales by integrating live video selling on their websites, social media channels, and other platforms.
Read more on How to Boost Your e-Commerce Sales Using Live Events.
2. Low Brand Recall / Awareness
Brand awareness or recall is a customer's ability to recognize or recall the name of the brand when given a signal. If a customer remembers your brand, it’s considered a clear indication of any brand’s competitive market performance. It’s safe to say that brand awareness has a direct link to consumer purchasing decisions.
A key strategy to enhance brand awareness is to effectively present customers with promotional information and create a seamless purchasing experience.
By utilizing live streaming, you shoretn the customer journey, reducing the need for extensive searches and decision-making. Livestreams offer a comprehensive selection of products, curated catalogs, new launches, and exclusive prices, eliminating customer hassle. This convenience not only reinforces brand recall but also encourages customers to give your brand a try.
3. Positioning Your Brand in The Industry
Brand positioning goes beyond just elements like a logo or tagline. It encompasses the overall perception of a company, its offerings, and its unique position in the minds of the target audience.
By leveraging live video commerce, you have the opportunity to elevate your brand positioning and establish a distinctive identity in the market. This differentiation plays a crucial role in enhancing brand awareness and effectively communicating the value your business provides.
Livestream allows you to deploy a convenience-based positioning strategy. This convenience can be based on things like easy check-in, curated collection, informative guides, and more.
Besides, livestream shopping allows you to connect with your audience on a human level, building trust before they make any purchase.
To build trust, you can choose to have influencers or celebrities host your livestream, or take it a step further and show the real faces behind the brand - your retail staff. When customers are able to interact with a real human instead of an algorithm, it builds a positive reputation.
4. Referrals and Return Customers
Livestream shopping enables customers to engage directly with product experts, observe real-time product demonstrations, and make well-informed buying decisions. They can seek guidance on product usage, and styling options, and even request to view different variations such as sizes and colors. This interactive experience instills trust and encourages immediate purchases.
Moreover, live video commerce not only reduces cart abandonment rates but also research indicates a 50% decrease in returns compared to traditional e-commerce platforms.
And when customers are happy with their shopping experience, they’re more likely to refer your brand to their friends and family. One tactic that works well is to give out referral codes in the livestream for your customers to share with their friends, so that both get a discount on their next purchase.
5. Low Social Media Followers and Low Engagement
For brands who are aiming to build a bigger social media following, livestream events offer one of the fastest ways to generate engagement. Video is currently the largest slice of the social media pie, and putting up any video content is a surefire way to bring in more viewers and followers.
Live video shopping takes this success even further, effectively doubling the impact. It enables brands to cultivate a sense of community and establish trust with their target audience. By offering an engaging glimpse into their brand identity, brands can receive direct feedback and interact with potential customers, fostering meaningful connections.
In some cases, a brand may have amassed a large social media following but does not receive the corresponding rate of engagement. This usually happens when the brand has had large social media marketing campaigns in the past. These campaigns usually draw followers who are not exactly the target audience and not keen on interacting with the brand. Engagement rates drop naturally and the platform algorithms reduce the visibility of your brand.
Hosting live video commerce events not only boosts engagement within your existing community but also attracts new, highly targeted followers to your brand. As engagement levels rise, social media platforms are more inclined to showcase your brand to a broader audience of potential users.
Live video commerce is fast becoming the most successful way of selling products and services online. By leveraging live streaming, retailers and e-commerce brands can stay ahead of the curve.
Swirl is a premier enterprise-grade Live Shopping SaaS platform that empowers brands with storytelling and hyper-engagement to boost sales and shorten purchase paths. Leverage the power of livestream shopping and interactive videos and watch your business sales skyrocket.