Your birthday is around the corner, it’s time to present a fantastic gift to yourself. Whether it’s a mobile phone or a customized phone case, you will feel good. Because self-gift will never be disappointed.
Wait a moment! How do you purchase a gift for yourself?
COVID-19 has changed everyone’s life. In fact, the deadly virus has forced people to change their shopping habits. Now, you can’t step out of your home and do in-store shopping. This might be a heartbreaking moment for many shopping freaks.
Happy news to you! If you’re planning to shop for your favorite product without stepping out of your comfort, Live Video Shopping can be suitable for you.
Small and giant retailers have introduced live video shopping to make their business shine. These conversational marketing
approaches help online businesses to engage with their visitors and convert leads through effective dialogue-driven activities.
If you want to know more about live video shopping and its advantages for e-commerce growth, continue reading…
What is Live Video Shopping?
Live shopping is also called live-stream shopping, live video shopping and more.
Live shopping is an excellent approach that is bringing the old-fashioned way of home shopping towards digital times. With live shopping, retailers or sellers get an opportunity to showcase their brand products or services to their customers. Sellers can interact with their customers directly via chat, phone call, etc. With live-stream video shopping, customers will confidently purchase your product without any second thought. Customers can receive a positive engaging experience with the shopping video. The process will definitely go way beyond just clicking and adding the product to the shopping cart.
Similar to brick and mortar stores, online brands can develop and enhance relationships with existing and new customers. On the other hand, brands can increase their sales while the audience can get engaged and entertained. Sounds amazing right? Yes! Customers can learn additional information about the product. Also, they get a chance to comment on the video on Instagram or Facebook live videos.
Live video shopping can be a win-win strategy for sellers. The approach is a fairly recent and creative way to get connected with the audience directly. Also, it’s a great opportunity for brands to sell their products directly to their target customers without any hassles.
Live video shopping often reduces barriers that can limit your customer’s shopping experience. Million thanks to shopping video, retailers and other niche businesses can develop positive connections with their customers via live streaming. Ultimately, you can improve customer retention. As per analysis, live video shopping is booming in several countries, especially during this pandemic, and video streaming has skyrocketed.
Video shopping sessions can be hosted by influencers, popular celerity or owners of the business. The host should give complete information about the product and also need to answer a customer’s questions. During the shopping session, customers will get a chance to interact and purchase the product instantly. If they love the product, they might raise multiple order requests.
If you’re planning for an effective way to stay connected with your customers and improve revenue, check out the popular benefits of live video shopping, especially for e-commerce.
Benefits of live video shopping for e-commerce growth
Reduce returns
It’s no surprise product return can be a big headache for any business. When a customer returns a product means all your effort and time goes in vain. As per analysis, over 25% of brand products purchased online have been returned. There might be several reasons for a customer to return a product.
- Doesn’t match the catalogue description provided on the website
- Doesn’t meet your customer’s expectation
- The customer might have placed a wrong product
The reasons are countless! Live video shopping helps to reduce your product returns. With a shopping video, you can deliver complete information about the product. Customers will definitely watch the video and get detailed information about your product. This way, the chances of your product returns will get reduced.
Heightened engagement: Online video shopping is a highly engaging experience, more than simply clicking and filling up a shopping cart. Users can also leave comments.
Increase customer lifetime value (CLV)
The customer is KING! Every business looks for higher customer lifetime value. With live video shopping, e-commerce platforms are delivering high-quality and valuable content to their customers. This process has completely changed the way customers shop normally. Live shopping has become increasingly popular, brands are enjoying higher customer lifetime value. Keeping it simple, with the live stream shopping, there was a good improvement in customer retention rate. Also, the count of the order value has been increasing day by day as customers are getting more convenient and comfortable with live video shopping.
E-commerce platforms are thankful to live video shopping. By building a positive relationship with live commerce, businesses can increase customer lifetime value.
Real-time results
With live video shopping, you get an opportunity to showcase your product and allow your customers to purchase in real-time.
There are several advantages to real-time data. With meaningful and actionable insights, businesses can get to know how customers are responding to the product. With video shopping, you can get real-time results. It’s an effective way to stay connected with your customers in real-time. Influencers and customers can seamlessly engage with each other by exchanging messages.
Increase sales
Hurray! Live streaming shopping has successfully turned into massive sales. This could be a dream come moment for every business owner. The secret to increasing sales through live video shopping is the audience will watch other people purchasing the product, get inspired by them and steal the offer before it lasts.
Keep in mind that the product must be high quality and cost-effective to increase your sales count. When you deliver an authentic product, customers will recommend the product to their friends and family members.
Cost-effectiveness
If you’re running a small business, you might surely be worried about cost. Live shopping is here to shade away all your worries. Live stream shopping is a cost-effective solution for converting your users into potential buyers. All you need to do is spend a few bucks on the host who is ready to showcase your product.
Businesses can save their budget on paid marketing such as Google advertising, remarketing, etc. Simply put, advertising costs will probably be eliminated while improving conversions. Live video streaming is a cost-effective approach to generating fruitful results.
Enabling quick and effortless shopping
Purchasing a product can be a time-consuming process. You need to spend time browsing the right product, reading the product description, checking reviews, checking images and later adding the item to the cart. Sounds like a lengthy process. With live video shopping, your customer purchase journey will become quicker. Because customers will watch the video and then proceed to purchase straight away. No hurdles in between. Your customer can place an order and get it delivered to their doorstep with ease.
Wrapping up
Live is on the race! Live video shopping is booming in the market. In fact, live stream shopping will become the primary stream for e-commerce growth. With live shopping, customers can watch and shop for the product. This is a simple and convenient way of shopping. In fact, customers around the world are showing interest in purchasing their products through live streaming. There are several benefits of live video shopping. It includes improving sales, cost-effectiveness, increasing website traffic, reducing returns and more.
If you’ve not introduced live video shopping in your e-commerce business, it’s high time to get into the picture. Stay competitive and never miss a chance to lose your customers.
