The advantages of Live Shopping for Brands and Consumers
Brands and consumers will benefit from live shopping and video commerce. This article summarises the main advantages of live shopping for brands and consumers, don’t miss out on this innovative way to create closer bonds through video commerce. It may seem overwhelming initially, but with the right tools, you can create an incredible live shopping strategy for your business that will boost your sales.
Live Shopping is an innovative approach to online shopping that has gained significant popularity in recent years. It is a method of shopping that incorporates live video streams and enables shoppers to interact with brands in real time. This new way of shopping has many advantages for both brands and consumers. In this article, we will take a closer look at the advantages of Live Shopping for brands and consumers.
Advantages of Live Shopping for Brands:
1. Better Engagement with Customers
Live Shopping is a powerful tool for brands to engage with customers in real time. The use of live video streams by businesses allows them to communicate with customers, showcase their goods, and respond to inquiries. Through customer interaction, businesses can better connect with their target market, which may lead to greater customer loyalty and increased revenue.
2. Increased Sales
Live Shopping has the potential to significantly increase sales for brands. At Onlive, we have a partner that got a 47% conversion rate in their first live video. Can you believe it? By showcasing products in real time and offering exclusive deals during the live stream, brands can create a sense of urgency among shoppers, leading to increased sales. In contrast to conventional e-commerce platforms, studies have found that Live Shopping events can result in a 10x rise in sales.
3. Cost-effective Marketing
Brands can use Live Shopping as a cost-effective marketing strategy. Without incurring high production costs, brands can use live video broadcasts to highlight their goods, show off their features, and respond to customer inquiries just as if they had their own TV channel. You can create a whole show for your brand for a small investment in camera equipment. This can help save money on marketing and advertising, while still reaching a large audience.
4. Increased Brand Awareness
Additionally, Live Shopping can help raise a brand’s visibility. Brands can reach a large audience of potential consumers who may not have known about their products by showcasing products in a live video broadcast. In the case of a beauty company, they can do a makeup tutorial (which is in the interest of many) and sell their products at the same time. This helps the business gain more popularity and attract interested clients.
Advantages of Live Shopping for Consumers:
1. Personalised Shopping Experience
Live Shopping offers consumers a personalised shopping experience. By interacting with brands in real time, shoppers can ask questions and receive customised recommendations from the brand. This can help shoppers to make more informed purchasing decisions, resulting in increased customer satisfaction. Showing product details, testing them or giving a closer look can allow customers to feel part of the brand and increase their satisfaction.
Customers can buy conveniently using live shopping. From the comfort of their homes, customers can view live video streams and make purchases right there. Since they don’t need to go to a real store, this can save customers time and hassle. And as opposed to standard online shopping this immersive experience will give customers a perfect idea of what to expect as well as allow them to ask questions just as if they were in a store!
3. Exclusive Deals and Discounts
Live Shopping often offers exclusive deals and discounts to shoppers who tune in to the live stream. It is a way to get the best deal while creating fear of missing out on the customers of that brand. It can incentivise shoppers to make purchases during the live event, resulting in savings for the shopper and increased sales for the brand.
Live Shopping is an interactive experience for shoppers. By interacting with the brand in real time, shoppers can ask questions, get product recommendations, and provide feedback to the brand. This can help to create a sense of community between the brand and its customers, resulting in increased customer loyalty.
In conclusion, Live Shopping is a powerful tool for brands and consumers alike. For brands, Live Shopping offers better engagement with customers, increased sales, cost-effective marketing, and increased brand awareness. For consumers, Live Shopping offers a personalised shopping experience, convenience, exclusive deals and discounts, and interactivity. With the continued growth of e-commerce, Live Shopping is quickly becoming an essential tool for brands to reach and engage with their customers in new and innovative ways. If you are considering adding this to your sales and marketing strategy, book a demo with us and learn the power of Onlive’s tool.