Video commerce & Live Shopping: $31B Industry! Set To Grow!
Video commerce and Live Shopping is a $31B industry that is only set to grow. What is Live Shopping? Live shopping gives consumers the opportunity to purchase as they watch video streams. With social commerce, retailers can broadcast live video streams and engage with consumers in real time. This content can also be captured and repurposed on your website to maximize conversion opportunities. Brands such as Nike, Loreal and Nordstrom are investing heavily in it.
Social commerce is considered to be a good marketing tool for brands. It gives brands a unique way to engage with their consumers. Imagine having your customers able to ask and answer questions? See your products and services all whilst being able to stream this across multiple platforms and spaces! With companies reporting conversion rates approaching 30% – it’s easy to see why brands are keen to try this out!
But where do you start?
We’re going to presume you’ve decided to Go Live – if you aren’t sure take a look at these helpful questions
1) Create a plan!
Sounds easy but you need to think about how this is going to fit into your marketing schedule, your products, your web integrations, your production values. Who do you need to work with to make this happen?
2) Get your systems in place
You need a platform integration so you can connect your shop functionality to your video so you can sell as you go. You’ll need to choose the right platform for your business needs. Platforms such as eStreamly, are a live streaming commerce SaaS which lets retailers and brands host live shopping events anywhere. What ever video commerce you choose, you want to consider if you want to host on your websites?, social media? (Facebook, Instagram, YouTube) mobile app? You want to choose a place where viewers can browse products, ask questions, and make purchases without leaving the live video stream. Also think about the data around the event – how are you going to access visitor information? Viewer attribution? Etc. eStreamly offers features like SMS reminder, social media integration with Facebook, Youtube, Instagram, robust analytics and viewers attribution. Which allows you to accurately target your audience. It’s a good fit for mid-size and large retailers and brands looking to drive sales through interactive live shopping or leveraging their existing video content with video commerce -take a look at this blog post detailing the different options available, who they work best for and why you might choose one of another.
3) Think Quality Video Content
Focus on engaging, useful videos that highlight products naturally
Avoid overly promotional or salesy content
Create quality content – who is your host going to be?
Lighting – think about your lighting and your space.
Props – what are you selling, where is it going to be, how are you going to handle moving between products.
Creating a script – so you stay on track and know what you are going to cover- 1 billion in sales on a live.
4) Promote! Promote! Promote!
Tell your followers you are going live – post across all your channels and set up invites – many platforms offer an sms invite as part of their platform – utilize this!
5) Lights! Camera! Action!
It’s normal to be nervous before you go Live – but relax and try and enjoy it! This is a process and it takes a while to build momentum. Your customers are not used to you being Live – so they will take a while to warm up. This is great because it allows you all to get used to the new process.
All the preparation and planning you have done will all benefit you!
6) After the event
Take the time to understand the data you received. Not just the Sales. This will help you optimize your performance and gain the most from the insights you’ve gotten.
Social Commerce is the future for ecommerce brands. It provides a solution to customers wanting the benefit of being online with the security of talking to a person! Taking a strategic approach to the famous Live Shopping solution allows us to leverage and make the most of this opportunity. All you have to do now is take the plunge!
Conclusion
In conclusion, Video Commerce and Live Shopping represent a thriving $31 billion industry. Which is poised for further growth. Live Shopping offers consumers the unique experience of making purchases in real-time while engaging with live video streams. Major brands like Nike, Loreal, and Nordstrom are already capitalizing on this trend. The key to maximizing the benefits of Live Shopping lies in a strategic approach. For brands considering this, must create a plan, integrate suitable systems, and focus on quality video content. Choosing the right platform, promoting the live event, and embracing post-event data analysis. These are crucial steps to ensuring success. Social Commerce emerges as the future for ecommerce brands. It offers a blend of online convenience and personalized interaction. By taking the plunge into Live Shopping and following these guidelines. Your brand can harness the potential of this innovative and evolving industry.
