- CAPABILITIES
Live Commerce, also known as ‘’live shopping’’ in more familiar terms, is transforming today’s customer shopping experience. The exponential growth of this tool manifested from the very beginning of Covid-19 when all things converted to digital, even the therapeutic activity of retail shopping. Businesses turned to their social channels and e-comm stores and surged their efforts to maintain above water by following this engaging trend.
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As the name hints, Live Commerce utilises video content to livestream and promote products/services in real-time – giving customers a digital shopping experience with a human touch. Real-time shopping through a ‘’screen’’ as a concept is a blast from the past; remember home shopping TV? The idea of instant purchasing through a screen is nostalgic yet relatable to today’s technology. However, Live Commerce takes an entirely digitalised approach offering vast capabilities (unique campaigns, shopping cart integrations, live chat assistance and more), all of which sellers praise, and shoppers benefit from as a seamless shopping experience. Win-win.
This strategy allows businesses to connect with customers across multiple channels, including online, in-store, and social media, not to mention offline channels such as brick-and-mortar stores as well. The goal here is to create a cohesive shopping experience for customers regardless of the sales channel they prefer to use. To secure this experience, businesses must ensure all channels are integrated seamlessly.
Increased engagement
Live streaming video is a highly engaging medium, as it allows businesses to connect with customers in real-time and respond to their questions and comments. This helps build trust, transparency and establish a personal connection with customers.
Increased conversions
Shopping events have been shown to drive higher conversion rates, allowing businesses to showcase products more interactively and engagingly—boosting customer acquisition and retention.
Improved customer loyalty
Connecting with customers through live shopping events means businesses gain to reach their customers on a personal level, building stronger relationships and improving loyalty.
Greater reach
Promotional campaigns become accessible by anyone anywhere with an internet connection, which means businesses can reach a much broader audience through live commerce events.
Cost-effective
Live events are generally more cost-effective than traditional marketing activities as they require fewer resources to produce and can be easily scaled up or down based on specific needs of the business.
Influencer marketing tool
Influencers have a large and engaged audience, meaning businesses can reach a broader audience via their network of followers. They also bring with them increased credibility as they are seen as trusted sources by their followers – which improves the credibility of the products/services being promoted. Plus, a globally recognised face also lures a bigger audience.
Just like any technology product, e.g. android phones and devices, consumers will always want the latest model. Customers adapt to change, and their demands follow. Live Commerce was once (when you think about it) home shopping TV, the idea of selling in real-time is still there, but the format is new now. Live Commerce is destined to continue its legacy, perhaps in the form of Augmented Reality (AR) or Virtual Reality (VR). By taking the initiative to explore innovative ideas, you will gain a competitive advantage, and this will determine the success of your company. So, to answer this question, will the demand for Live Commerce continue? Yes, but it will evolve as technology develops.
