Is Live Stream Shopping the next big thing in e-commerce business?
Considering its rapid growth and popularity in some of the big global markets like China and the U.S, and India being considered as the potential 3rd largest market for live stream shopping, the answer is absolutely yes!
A research from WATInsights states that 69% of online shoppers likely to shop during live stream of products on video commerce platforms
Today, India has a large number of internet users , heavily attracted towards video contents. This, along with the rapid growth of the Indian e-commerce market, has given rise to a new format called Live stream shopping. Currently, there are around 146 million video commerce shoppers in India who have purchased & transacted on video commerce platforms.
A recent report published by RedSeer Consulting predicts that the gross merchandise value of live commerce through short videos would touch $5 billion in India by 2025.
Considering the above facts, big e-commerce platforms like Flipkart and Myntra have already planned to start the live stream shopping on their platforms in near future.
Live streaming commerce in India is becoming popular and it can help brands, retailers, and marketplaces to accelerate conversion, improve the brand appeal and create differentiation.
A recent report published by RedSeer Consulting predicts that the gross merchandise value of live commerce through short videos would touch $5 billion in India by 2025
With all the above details it is important to understand what exactly live stream shopping is and why every business should consider switching to it before it's too late.
Livestream shopping, or simply live shopping, is a marketing strategy wherein a host, usually in-store experts, promotes and describes a product through a live video. It is similar to home shopping TV shows where a person demonstrates how to use a product, but all engagement between the host and the audience is, as the name implies, completely live, it increases the viewers' traffic over the website.
The difference between livestream shopping and traditional online shopping is that the Live Stream shopping is unedited, with the audience interacting with the host in real time. Unlike traditional online shopping, potential customers can ask questions or comment, and the host or hosts can address them as they review a product in real time.
Benefits of Live Stream Shopping :
The core benefit is the users' ability to get interactive descriptions of products independently curated by experts they can trust and identify with while getting instant advice on various aspects like styling, fitment, product quality, and material," the company explained.
80% of frequent shoppers only shop with brands that offer a personalized experience. And live video shopping is the closest brands can get to replicating the personalized experience customers get when they shop in-store. This new live streaming option finally bridges the gap between virtual and personal.
An article in Forbes India states ‘Live commerce can make shopping exciting and immersive, allowing brands to have deeper engagement with users. Integrating innovations could change shopping online from an activity to a form of entertainment for digital natives and newbies’
Importance of having Live Stream shopping in e-commerce business:
Live commerce enhances e-commerce with live interactive streaming videos or events. This in turn bridges the gap and combines the personal help of in-store shopping experiences with online convenience