Unveiling the Hottest Live Shopping Trends: 2023 and Beyond
From 5G connectivity to the pandemic, many recent changes are causing tremors in the live shopping world already. Swirl’s predictions for the coming era include live shopping trends like virtual malls, as well as a lot more. If you’re trying to plan a live shopping online strategy for your brand, read this first.
Since the inception of 'teleshopping' in 1980 by Michael Aldrich, who connected a television to a computer through a telephone line in a local supermarket, live shopping has been a part of our lives. However, it is only in recent years that the world has sat up and taken notice.
According to this article, while the D2C ecommerce market in China is projected to reach a total value of US$2,920.6 billion by 2023, live shopping is also emerging as a trend in countries like India, Thailand, Brazil, Vietnam, Malaysia, and the Philippines. These countries have young and expanding populations with substantial disposable incomes and fast internet speeds, which contribute to the growing popularity of live shopping events.
What Is A Live Shopping Event?
One of the biggest live shopping trends is hosting a live shopping event. It is an online event held in real-time, with a host showcasing products in a livestream video while shoppers watch online, interact with the host, and make a purchase if they choose.
In a live shopping event, the host chooses from one-to-many or one-to-one live shopping, and can even opt to simulcast the live shopping online and on social media. Customers are invited to the event and can log in to watch and interact in real-time with the brand.
A host could be a celebrity, a member of the retail team or sales team, or the owner of the brand – it doesn’t matter who does it as long as they are well-versed with the brand offering and are comfortable chatting live with customers. Some brands may choose to have two hosts to ensure that while the main host keeps the video pace engaging, the secondary host ensures that all interactions receive prompt replies.
During a live shopping event, the host has the opportunity to engage with customers through live chat, provide customized services, address frequently asked questions, and demonstrate products to the audience. This helps bridge the gap between the online and offline experience, enhancing customer retention and engagement while streamlining the purchase journey.
Brands can reap multiple benefits from live shopping, including an easy-to-use dashboard with various roles for managing and delegating functions, valuable data for trend prediction and informed business decisions, and the ability to build a list of engaged customers.
The COVID-19 pandemic and subsequent lockdowns kept people indoors, forcing the closure of physical stores for extended periods. However, according to a survey by eMarketer, eCommerce sales in the US grew by over 33%, indicating that consumers have become more comfortable with live shopping online than ever before. As more individuals turn to the Internet for their shopping needs, live shopping events have emerged as a reliable way for companies to boost sales, enhance customer engagement, and foster confidence in their brand.
Read our blog: How to use live shopping to inspire customer confidence.
Live Shopping Trends In 2023 – Global Predictions
China is far ahead of the trend, and for those of us wondering about the future of live shopping trends, it works as a great indicator of where the industry is headed. India, Vietnam, Thailand, and a few other countries are adopting it with a CAGR of over 45%, and in the United States, live stream shopping is not far behind these countries.
Between 2021-22, internet giants like Amazon, Meta (Facebook), and TikTok have all entered the live shopping arena and are pushing it into the mainstream. In India, a survey by Bain and Company stated that livestreaming commerce start-ups have seen a 9x or even 10x growth between 2020 and ’21.
Trends That Will Change Live Shopping Online
As the internet penetration in India and around the world increases, we can expect to see some big changes in the way retail and eCommerce function. Here are a few live shopping trends that are worth planning for:
Metaverse Gaining Impact
With Facebook's rebranding to Meta and the growing fusion of the real and virtual worlds, online live shopping is set to become a ubiquitous part of our lives. Established in 2021, Metamall offers virtual store rentals to major brands. Shoppers can explore these stores, make real product purchases, and enjoy virtual socializing with friends.
5G Driving Video Consumption
As India embraces 5G, video consumption is expected to surge. Currently, Indian smartphone users spend 5 hours daily on their devices (higher than China), with videos being a popular content format. With improved connectivity and data speeds, the number of video viewers and live shopping events is anticipated to soar.
Rising eCommerce In India
Extended lockdowns in 2020-2021 propelled the existing upward trend in eCommerce adoption in India. GlobalData predicted a further surge, with a 21% growth rate and a market share nearing $75 billion. Enhanced data connectivity, increased digital payment adoption, and higher video consumption rates all indicate the rise of live shopping events as the next eCommerce phenomenon.
Find out more about trends to expect in our blog, eCommerce Trends to Expect in 2023.
How To Choose The Right Live Shopping Solution For Your Enterprise
When it comes to live shopping, Swirl offers a range of products that cater to different requirements. By appreciating the difference between them, brands can choose the most suitable product and gain the best ROI and results.
Here’s a short description of Swirl’s product offering:
Short Video Stories
Certain brands may opt to begin with concise and highly captivating TikTok-style videos that are pre-recorded. These videos can include tagged products, highlight product benefits or features, and incorporate additional details.
For larger brands, these videos serve as a valuable supplement to product pages and can be effortlessly embedded or shared. They can also be compiled into curated catalogs for distribution to shoppers or promotion on social media.
Learn more about short video stories.
One-to-One Virtual Shopping
Many of our high-end or luxury brands have achieved remarkable success by offering an exclusive virtual shopping experience like this. These videos facilitate one-to-one conversations between brand associates and customers, effectively emulating the personalized guidance found in physical stores.
These personal interactions foster a stronger customer-brand connection and can transform one-time buyers into loyal customers. During a live one-to-one shopping session, associates can share curated catalogs, add approved products to the customer's cart, and streamline the purchase process significantly.
Livestreaming With Swirl
Engage your audience by going live and showcasing your products, services, and other relevant content. This interactive approach enables you to engage with customers in real-time, address their queries, and sell products during the livestream. With a seamless checkout process and a streamlined shopping channel, Swirl offers a convenient and efficient experience.
With Swirl's robust analytics, brands can gain valuable insights into viewer behavior, empowering them to optimize their shoppable video strategy for maximum impact.
To find out more about Swirl’s product offering, you can book a demo here.
Guiding The Customer To The Right Destination
After attracting your viewers, it's crucial to guide them to the right place to fulfill their needs swiftly. By directing them to the appropriate destination with just a few simple clicks, you can prevent cart abandonment and ensure they follow through with their purchase intentions.
There are some basic tasks you must complete for this:
- Ensure that your products are accurately priced
- Check that the latest inventory is updated
- Make sure the product pages have the best images/short videos
- Check that the payment gateway of your site is working as it should
- Explain to the host/s where to direct customers: to your homepage, the product page, or a special landing page.
Swirl enables live shopping events to have multiple hosts, enhancing viewer management. The main host ensures an engaging and smooth flow, while the secondary host monitors comments, shares links and discount codes, and ensures prompt responses to all interactions.