live commerce Archives

Common Questions About Live Streaming

What is Live Streaming?

In live streaming, the oxygen-buzzing digital dance of internet storytelling, video is transmitted across cyberspace without being captured and saved. With the help of blazing internet speeds and Twitch, streaming live TV broadcasts, video game streams, and a social media presence are made possible. In contrast to the pre-cut content of ordinary streaming, live broadcast brings its spectators real-time creation enthusiasts. In general, live streaming is a form of one-to-many transmission covering TV networks, gaming, and social media.

What is E-Commerce?

The trade of products and services on the internet is referred to as “e-commerce” or “electronic commerce,” which can be thought of as an online version of your thriving city center or stores. Worldwide, approximately two billion people purchase goods and services online; in Amazon stores, the number of Prime members far exceeds that mark—over two hundred million.

E-commerce is one of the retail ways for consumers to purchase and vend commodities. Many companies only provide their products virtually, while others use e-commerce as a part of an extensive strategy that involves brick-and-mortar stores and other forms of distribution. Even so, e-commerce allows startups, small businesses, and large corporations to sell products in bulk while also targeting clients across the globe.

What is Live Commerce?

Live commerce refers to an online selling process in which customers interact with the business instantly using immersive live video shopping platforms and shoppable videos. And it is just the same as viewing live streams – except for shopping! This is why it also goes by the name livestream shopping. In a majority of cases, particular components like live video shopping tools are needed to make the deal profitable.

Why Do People Like Live Shopping?

The attraction of live commerce in the rapidly changing world of online retail involves its combination with entertainment and convenience. With live shopping a solitary act of purchase becomes dynamic, interactive experience. Viewers interact in real life with live demonstrations, ask questions and see the FOMO effect.

Brand differentiation, conversion rates and relation to customers rapidly increase by means of brands. Live commerce links the two dimensions of physical and online shopping into a sensory experience that leads to increased understanding of products. One proof of its effectiveness is the increase in average order value and brand loyalty among retailers practicing live commerce.

How Big is the Live Commerce Market?

With the technology and live commerce market being a major key player in the market today, the future of Live Shopping in e-commerce looks bright as it’s likely to grow into $500 billion market globally by 2023. The integration of live video and online shopping creates an immersive retail experience enjoyed by consumers in real-time, therefore engaging the consumer base on a whole new level.

Facebook and TikTok lead the industry platforms in front of it. China reigns totaling more than $423 billion annually in 202 Europe is predicted to earn about $10 billion with an interest. Live Shopping goes beyond e-commerce to provide brands with a direct way of improving customer satisfaction, increasing the conversion rate and individualized shopping experience.

How Does Live Commerce Work?

Live Commerce combines livestreaming with the purchasing process, offering customers an interactive opportunity. Brands have live meetings whereby audience engages, asks questions and view product demonstrations.

These often-influencers sessions are creating a shopping spree that keeps customers more connected. Real-time chats provide immediate communication, a more intimate connection. The viewers can shop in real time, blending the thrill of a live broadcast with the ease of e-commerce.

This strategy not only grabs the interest in a present day society whereby attention is reducing but creates unity, which turns out to be shopping method that much more interactive and interesting for customers.

What Is The Difference Between Live Commerce And E-Commerce?

There are two facets of digital shopping, namely e-commerce and live commerce. While e-commerce acts as the virtual platform for purchases and sales, live commerce takes things up a notch with shoppable livestreams. Live commerce changes the shopping experience by turning it into an entertainment event similar to a real city center, where e-commerce is static and lists product information.

Live commerce is typically a reversal of vested e-commerce as it embraces dynamism in that consumers are able to interact with brands spontaneously. It is not for exchanges but for transforming every purchase into a life and unforgettable one.

What Is The Difference Between Livestream Shopping And Traditional Online Shopping?

You may be familiar with the term “livestream shopping”. You often hear it in connection with live shopping.

In fact, livestream shopping is a form of one-to-many live shopping. Products are presented through immersive video content that is streamed in real time. Not only do your customers actively interact with you and other shoppers, but they can also buy your products.

The difference to conventional online shopping is that everything is done through unedited video content. This makes the customer experience more authentic and intense.

Why Is Live Shopping Better Than Traditional Online Shopping?

The live shopping goes beyond regular online shopping as it offers a level of interactivity in buying. Compared to static product listings, Live Sessions provide real-time interaction where customers can ask questions, seek advice, or get instant feedback.

The live format offers an interactive experience that merges entertainment with shopping, thus making the entire process fun and dynamic. This means that this immediate interaction helps in addressing issues, boosts trust, and elevates the whole shopping experience.

Furthermore, live shopping typically features influencers or experts presenting goods thereby making them trustworthy. The combination of entertainment, real-time communication, and expert points of view give birth to an innovative situation where live shopping is much more attractive for consumers.

What Are The Benefits Of Live Commerce?

In the world of live commerce, Live streaming and e-commerce have found a happy relationship that has changed how businesses engage with their customers. This dynamic setting calls for professionals to understand the intricate symbiotic relationship between streaming and e-commerce.

Accelerating Conversions through Immersive Experiences

One of the cornerstone components to its success is live commerce, which employs entertainment and personalization whereby the audience can be engaged for a longer time. This immersion establishes a relationship between the audience and the brand, making it more likely for these individuals to fall into his web that can persuade them into buying this item. Thus, the majority of live commerce conversion rates are about 30%, which is a notable achievement compared to traditional selling approaches.

In this regard, the Taobao Chinese online shopping giant Livestream boomed with a stunning 280% increase from $171 billion as reported for the end of the year in 2020.

Insights from Consumer Behavior

With Live commerce, brands and businesses are able to receive real-time information regarding their consumers. Armed with this information, brands and businesses are able to create and implement marketing strategies and tools using data gathered from a consumer’s “Decision Journey.”

This can be seen especially with Walmart’s increase of followers and consumers by 75%. This increase occurred during Walmart’s live-streaming event on TikTok during the 2020 holiday season.

Wit the increase of followers and potential consumers, analysts within Walmart were able to gathered a significant amount of information regarding how their consumers behave. Armed with these data, Walmart was able to have a major presence in the e-commerce market as they integrated the lessons they learned during this live-streaming.

Innovations Shaping the Future

In the near future, VR and AR integration may enhance what is possible with live streaming and e-commerce. These technologies improve immersion, enabling virtual product try-ons and offering unique shopping experiences.

A significant instance of this is the application by Ulta Beauty in their live streams, “Beauty School,” in which users enabled virtual try-ons demonstrating how technology can shape future spaces.

What Are The Advantages And Disadvantages Of Live Commerce?

Live commerce, a melting pot of live streaming and online shopping brings about changes to the retail world. The advantages are striking.

To begin with, it provides a human shopper experience beyond the conventional click-and-buy routine. Customers have one-to-one interactions, receiving live support and thereby establishing a more specific bond with products and brands.

Second, it promotes the “Omnichannel” business model that spans the offline and online world smoothly. This integration encourages diverse customer experience through multiple channels that can maximize product promotion effectiveness.

Finally, live commerce supports remote control where business can be managed and evaluated from a distance. Handling mechanisms such as VIMOS help better understanding customer satisfaction, easy team management and improved productivity.

But the live commerce isn’t free of its shortcomings. One of the challenges posed by technical troubles is that they are inevitable in early stages of live shopping technology. Broadcast latency problems and ambiguous product presentations find their way in the formation of negative shopping experiences. In the case of communication barriers, salespersons may find it difficult to communicate effectively and this will affect their customer service.

Moreover, the problems of network security and possible threats to clients’ personal data remain. Finally, while live commerce has its advantages, it might not appeal to the target audience fully in all cases leaving out groups of people.

How Livestream Streaming Is Changing The Online Buying Experience?

Thus, livestream shopping is disrupting and redefining the online buying journey while providing an alternative path to reinject some much needed vigor into traditional e-commerce.

In contrast to the static sites, it brings dynamism and activity making shopping a live interactive experience. Customers can now virtually engage with products, ask questions and get instant answers in a virtual environment that resembles the physical store experience.

This immersive approach goes beyond the constraints of static visuals, providing a sense of synergy between buyers and brands. This rise of livestream shopping represents a change in the direction of more interactive, experiential e-commerce platforms whose content can be viewed prior to purchase.

With technology being a source of innovation, livestream shopping is destined to become part and parcel in the digital shopper scenario.

What is a Highly Suggested Platform for Live Commerce?

Among the large space of live-commerce platforms, Mylivecart is definitely a good suggestion. Mylivecart is a platform that uses live streaming to turn your online business into an exciting, global virtual stage. Combining traditional e-commerce and state-of-the-art live streaming technologies, Mylivecart is a revolution that makes online shopping a much richer experience in terms of interaction.

It is more than just a tool; it brings your brand and customers together, allowing for the development of real relationships that create random waves in sales.

Mylivecart’s vision goes beyond physical borders to connect people so that real interaction between people can occur. This platform enables eStore product owners to present their products worldwide, creating a community where significant engagement and relationships are fostered that result in unprecedented returns from live commerce.

Features of Mylivecart

As an important live sales platform, MyLiveCraft has several significant features, making it one of the most recommended real-time selling approaches.

First, Mylivecart grants the users like businesses and brands access to a number of online stores. Due to this, brands and businesses are able to cast their net wide onto a larger number of potential consumers, further increasing the chance of sales.

Second, with scheduled events and hosting flexibility, brands and companies are able to showcase their products using influencers as well as demonstrate the best features of their products on a live audience. Also, users can plan events strategically, using timed broadcasts for the right timing and effect.

Also, one of the major key features of Mylivecart is that it grants brands and companies to insightful data analytics based on past and present pieces of information as well as predictions. Armed with these data, brands and businesses who have partnered with Mylivecart as able to make decisions based on concrete evidence and develop marketing strategies that will help these brands and businesses sell their products.

Lastly, with Mylivecart granting its users a platform for live streaming and live selling, users are able to showcase their products to a live audience. As a result, the audience and potential costumers can verify the quality of the product as well as send feedback to the seller.

Conclusion

In the beat of today’s commerce, online business and selling have not only become relevant but a necessity to establish this market rhythm. Thus, Live Streaming acts as a maestro in organizing this metamorphosis. It is more than a fad; it is market disruption, changing the nature of business engagement.

As we watch its current influence in awe, the future appears to be greater. The stage is therefore ready for live streaming to continue its orchestra in online business with an interactive, flexible and memorable structure. Therefore, celebrate the harmony of transformation as Live Streaming becomes the theme that captures commerce in its future.

Live streaming has become a center of discussion nowadays and even resulted in a positive response to a large number of ecommerce stores. But how do they do this to achieve such growth? What is their secret ingredient to get such boosted brand reach and engagement just by leveraging live streaming on their online store? The main reason behind their success is the right way to use live streaming. In this article, we will discuss some best practices of live streaming to boost the brand’s reach and engagement like never before. Let’s get started.

Identify Your Live Streaming Goals

Before diving into livestreaming, it’s essential to define your goals. What do you want to achieve through livestreaming? Is it to showcase new products, provide educational content, or interact with your audience? Identifying your goals will help you create a focused livestreaming strategy and measure your success.

Create a Live Streaming Schedule and Stick to It

Consistency is key when it comes to livestreaming. Never let yourself be demotivated with the results you will get in the beginning of the live streaming. It is natural to not get enough response in the beginning, but once you start getting enough response, nothing can stop you from getting enough engagement and sales rates. For this, create a schedule for your livestream sessions and inform your audience about the timings. Whether it’s a weekly series, monthly events, or special occasions, having a consistent schedule will build anticipation and make it easier for your audience to tune in regularly.

Host a Contest or Giveaway

Contests and giveaways never turn the excitement and engagement down. Offer your audience exclusive prizes, discounts, or special offers and encourage them to share your livestream with their friends or tag others for additional entries. This not only expands your reach but also increases the chances of converting participants into customers.

Create Urgency

During live session, create an urgency to drive immediate action from your audience. One effective method is by showcasing the product count. The more the product count goes down, the more the sense of urgency will create. It creates a sense of urgency and fear of missing out (FOMO) among your audience as when they feel a time constraint or fear of missing out on an opportunity, they are more likely to engage with your livestream, make a purchase, or share the content with others. This sharing of your content with others will lead to boosted brand reach, resulting in more people engaging and sharing your livestream. This often leads to higher conversion rates and increased sales.

Promote Before and After Session

Spend some time promoting your live streaming event before going live to make your target audience aware about your next live session. Before a few minutes/hours of going live, say 2 hours, use all your available social media channels as well as email newsletter to rush your audience. It will work as a countdown for them and create a sense of activeness towards them to attend your session and improve engagement & brand awareness.

Now, once you end your live session, promote it by publishing it on different social media platforms to make people aware of your live streaming feature, your newly launched product if any, and build brand awareness & engagement.

Take Viewers on a Behind-the-scenes Tour

Create the next level of engagement with your customers or viewers by providing a behind-the-scenes tour. Show how you choose products, how you conduct testing on new products, how your designers design the products, how the operation really works, and everything looks around when you are already on a live session. This way, you can capture their attention, make them think of your brand and products, encourage them to make a purchase from you, and even promote your business though a word-of-mouth. Make sure whatever you are going to show on a lie session should be properly recorded and consistently flows with what you want to show in an exact manner you thought of.

Utilize Q&A and Polls Session

Incorporate interactive elements like Q&A sessions and polls to encourage participation. Engage with your audience in real-time by answering their queries, providing valuable insights, tips and tricks (DIY), and seek their opinions through polls. In this way, you will not only get a better understanding of your audience, but you will also get insight about your live streaming session, seek out ways to better perform, and enhance engagement.

Repurpose Your Video

Before understanding this, keep in mind that your video quality should never be compromised. Use right equipement, software, and settings whenever going live and record it to repurpose it. Video with great quality in terms of resolution, framerate, bitrate, and audio, it will always work as a kick and will affect your engagement with your live stream.

Analyze and Improve

After making all the efforts, analyze and improve your overall performance. From the insights section, gather all the insights and collectively analyze what works and what not, i.e., identify your strengths and weaknesses. Another thing is, find out loopholes and strategize your plan accordingly. Here, loopholes can be the negative response of your audience in terms of engagement, traffic, feedback, least sales from the listed product, and other factors that your live streaming consists of. Now, learn from the mistakes you have made and improve your next live streams. Plus, never forget to compare two events to understand your target audience’s taste and preferences.