In the past few years, online commerce has rapidly gained popularity. Unsurprisingly, global internet sales in 2021 were around $5 trillion. And thanks to services like Livestream shopping, it's anticipated that by 2026, this amount will have risen by 56% and will be beyond $8 trillion.
Live shopping had a meteoric rise in 2022 and gave rise to trends that companies should focus on pursuing throughout 2023. Here are some current trends that might help you better understand what the future of Livestream commerce holds.
1. Individualized Shopping Interactions
If selling to a mass audience and streaming are out of line with your brand, you might want to look at one-on-one live shopping, in which each customer is linked directly with a product-matched consultant. They will be able to speak with an expert in-store who can focus on them and receive individualized recommendations.
This works best when selling expensive products or when making thoughtful purchases. Moreover, it offers a simpler chance to upsell. Retailers can quickly measure client happiness because of how simple it is to put this up.
Also, it costs less to operate, particularly when other streams use influencers. Given that people were eager for innovative methods to shop during the pandemic, one-on-one live shopping grew in popularity.
Since customers have grown to like the flexibility, its popularity is continually growing. To discover their products, customers are no longer required to travel to actual retail locations or search the internet from top to bottom. They may get in touch with professionals who are knowledgeable regarding the merchandise and have received special training to market them straight away.
2. Increasing Use For Product Launches
Live shopping is a unique and interesting method to introduce a product or campaign. That’s why livestreaming the launch of a new product is a good way to generate hype and monitor user participation. Additionally, it offers a chance to leverage influencer marketing.
Live shopping is already being used by several websites and social media platforms for their product releases.
3. Retailing Across Various Platforms
The goal of omnichannel retailing, a multichannel sales strategy, is to provide customers with a seamless purchasing experience, whether they are using a desktop, smartphone, or department store.
In essence, live commerce is the synchronous fusion of the physical and the digital, and this contributes in creating a coherent experience that links the two. Retailers need to make sure that customers receive the same level of involvement and attention while buying online as they would receive in a retail establishment.
The mandatory shop closures during the epidemic led to the development of the omnichannel approach. Even as we slowly come out of it, customer preferences and habits have altered. Nevertheless, when shoppers choose to purchase in-store, businesses must work to make each visit as valuable as possible.
4. AR And VR Shopping On The Rise
While AR uses a cameraphone to add digital features to a live image, extending the user's surroundings, VR creates a more comprehensive experience by replacing the real world with a computer-generated one.
Since it gives users a tangible, real-world experience, AR is arguably superior to VR in this sense. They can view both actual and virtual items here. For example, if a buyer looking for furniture online wants to see how a sofa might appear in their house or workplace, this would be handy. Retailers with live commerce systems may video-connect their consumers to an assistant in-store. Thanks to this, they may view the sofa exhibited in real-time with the consultant's help.
As you can see, the consumer journey can become less frustrating with the use of AR/VR. Plus, it boosts the customer's trust in the retailer because they can see the product before finalizing the transaction. The advancement of this technology allows for online and offline purchasing to coexist.
Livestream shopping works because it introduces a human element into digital commerce that was lacking in more conventional internet purchasing. And that is why live commerce is more than just a gimmick; it's a successful marketing tactic that helps both businesses and consumers.