An overview of Live Video Shopping for the modern consumer in the Retail Industry; how Live Video Shopping works, how it benefits brands, and what the key differences with Live Broadcasting are.
What is Live Video Shopping?
Live Video Shopping, live stream shopping, live commerce – however you want to call it – it all means the same thing. But what is it exactly? This popular trend offers the ability to show your audience the products you would like to sell and advise them about it in real-time. As a presenter, you can interact with customers that are watching your live stream and they can directly make a purchase with the click of a button. This way, consumers are receiving a far more engaging experience than using a traditional self-service e-commerce platform and just filling a virtual shopping cart.
What is the difference between Live Video Shopping and Live Broadcasting?
Live Video Shopping and Live Broadcasting have a lot in common: they both offer channels where you can talk to a presenter in real-time and ask questions about products you’re interested in buying. The key difference is that with Live Broadcasting you’re watching a live stream where you can show your interest in the products and with Live Video Shopping you can immediately buy these products – which makes it an even more engaging experience. We’ve written a whole guide about Live Broadcasting, if you’re interested in learning more about it, read our dedicated guide.
What are the benefits of Live Video Shopping?
Live Video Shopping brings significant benefits to the world of retail. You can see the products in real-time, ask questions about them and even buy them directly from the live stream. Let’s sum up some more benefits of Live Video Shopping:
- Drive product sales: our customers achieved a 5X increase in sales for broadcast viewers, by enabling their web visitors to purchase products directly from the live stream
- Bring the in-store experience online: it’s the closest thing to being able to physically connect with your customers
- Customers value personalized experiences that reflect each of their individual interests and Live Video Shopping makes this possible
- Our Retail Research paper states that customers find the online buying process more enjoyable and faster if they didn’t have to visit a retail store and can speak with a brand expert in real-time online
- Customers expect to use the same or similar channels to the ones they use in their personal lives to talk to friends and family – live video is definitely one of them
- It’s very convenient to use Live Video Shopping to make online purchases. You don’t need to leave your house for it, and our survey respondents said that they would like to minimize visiting physical stores due to COVID-19
- The human element is very important for customers to feel connected to your brand and that’s exactly what Live Video Shopping brings to the table
- There are so many options when it comes to Live Video Shopping: you can educate your audience about specific products, collaborate with other brands or influencers, launch new products, and much more!
How does Live Video Shopping work?
First of all, if you want to approach Live Video Shopping like a pro, you should invest in a solution that A) you can easily embed on your website and B) that smoothly integrates with your existing E-commerce store, so that your audience can purchase products directly from your live streams. By providing this innovative, engaging, and highly entertaining shopping experience to your online customers, you can drastically increase your online conversion rates and online sales.