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Consumers are spending more time on the internet than ever and therefore digital awareness is growing rapidly. In the US alone, the livestreaming e-comm market is expected to hit highs of $32 Billion this year, according to consumer market research group Coresight Research creating an entirely new ecosystem and opportunity for brands to sell to their consumers via live shopping .
The benefits of live shopping are clear, both for the retailers and consumers. Retailers can use live shopping to showcase their products in a dynamic and engaging way, while also gathering real-time feedback from their customers. This has been a proven success with Forbes reporting it to be one of the biggest trends in 2023 as brands look to recover from the overall decline in e-commerce in 2022. On the other hand, consumers benefit from the ability to see and interact with their products in real-time, which can help make more informed purchasing decisions.
One of the key reasons for the success of live shopping is its ability to provide a more immersive and interactive shopping experience. Unlike traditional online shopping, where customers simply browse products on a website, live shopping allows customers to interact with the product in real-time and ask questions directly to the host. The level of engagement can help build trust and community between the retailer and the customer, making the shopping experience more personal and enjoyable.
Another reason for the success of live shopping is its ability to create a sense of urgency and scarcity. When products are being sold in real-time, customers are more likely to make a purchase due to the limited availability of the product. Retailers can also use this sense of urgency to offer special deals and discounts, which can further drive sales.
In addition to the success in boosting sales, live shopping has proven to be an effective marketing solution for retailers. Compared to traditional forms of advertising, live shopping is relatively inexpensive.All that is required is a phone and a ring light which can set a brand up to produce content that is highly effective in reaching large audiences. Retailers can also use live shopping to gather valuable customer information, which can be used to improve or re-target their audience.
To round up, live shopping is creating exciting new ways for retailers to speak to their audiences. We might all think about the QVC type content, but this avenue is a wonderful opportunity for customers to get to know their brands more. With the evolution of social commerce, platforms such as Smartzer have added key engagement tools so your audiences can feel more attached to your brand.