The Ultimate Guide to Livestream Shopping
April 12, 2022
From China to the Americas, livestream shopping has spiced up the ecommerce industry, and brands and retailers are quickly discovering its benefits. Shopping restrictions due to the pandemic accelerated this mega-trend, and customers are loving it. So, what’s the fuss all about? Let’s dive deeper into live video shopping and how your brand could inspire millions of customers to purchase.
What is livestream video shopping?
Livestream video shopping has been around for decades and now comes with a few modern twists. Much like the age-old practice of TV infomercials (which still thrives today), livestream video shopping features a host who promotes products that customers can buy.
Customers can tune in to watch, learn, chat, and shop from tagged products directly from inside the live video. What used to be shopping from the comfort of your home has now extended to shopping from wherever the buyer is at that moment in time.
There are different types of livestream shopping. One combines advanced technology with social media channels, where customers can interact and purchase products directly from inside the video on their favorite social platform.
An example of this is Instagram Live Shopping. The reach is limited to the users of that social media network and can be a huge opportunity for brands to boost conversions.
One example of a company leading the way with live video shopping is Bambuser, which provides brands with mobile live shopping technology. The company saw an uptick demand amid the pandemic and recently raised a whopping $45 million. This technology can greatly increase add-to-cart and conversion rates for brands and amplify the user experience, if the content aligns with the audience.
Why people love livestream video
Understanding why people are so engaged in live stream video is the first step to appreciating its value to brands. Users gravitate towards creators because they trust their brand and voice. So what actually drives people to tune into these shoppable live streams at a breathtaking pace? Have you ever gone to an event just because you didn’t want to miss out?
Similar to an event–a live video only lasts for a short time, so if you do not attend, you miss out. The “FOMO” is real, and that is the fuel that is firing this trend. Think about TV for a second.
The reason people love watching TV is because it informs them of the latest news, lets them feel connected to the world, people and companies, and gets them excited about fresh content. Online live streaming is no different, just a new and modern way to consume video content that also allows customers to buy when they feel connected and inspired.
How brands leverage live video shopping events
There will always be early adopters of new technology, and brands in the beauty & fashion industry seem to be the trend-setters for livestream shopping.
Ted Baker was one of the first brands to launch their own live video shopping channel, providing a new and exciting customer experience. And Walmart is supercharging its investment into livestream shopping.
Other brands like the innovative L’Oréal Group has also jumped on the bandwagon, integrating a livestream shopping function on their website. Not to forget the influencer Nikita Dragun, who’s livestream event on Instagram had 5000 shoppers add-to-cart. With big brands and influencers like these leading the way, it’s only a matter of time until other hungry players enter the game.
Is livestream shopping here to stay?
Shoppers are still getting warmed up to this new way of buying, and as data shows – they are already loving it. It’s an experiment that gives customers the power, and where brands can learn from each interaction. With other words, livestream shopping is becoming a great friend for retail. Forward-thinking brands are already adopting the trend, with laggards sure to follow. If done right, it’s a superpower with the ability to exert influence on a local and global scale.
Checkout solutions like Bolt are leverageing the livestream trend by empowering shoppers to buy at the point of inspiration. Whether it’s on social media or in an article, you can give your customers the power to buy when they first engage with your brand. Learn more about increasing conversion with Bolt Checkout Everywhere.