From Hype to Reality: Separating Fact from Fiction in Live Shopping
Join us as we dive into the exciting world of live shopping and uncover the truth behind common myths that might be holding your business back. Live shopping is a rapidly growing trend in the world of social commerce and this article will reveal the truth about common misconceptions.
We'll also explore how businesses of all sizes can embrace live shopping as a strategy to boost their customer experience and sales, and why it's worth considering regardless of your industry or budget. So, let's dive in and bust some myths about live shopping!
Live Commerce Only Happens on Social Media Platforms, Right? Wrong!
Contrary to popular belief, live commerce is not limited to social media platforms alone. Many large brands and retailers are now pushing back against relying solely on social media for their live commerce strategies. Instead, they are increasingly prioritizing driving traffic to their own websites, where they can have greater control over touchpoints and customer data.
Just take a look at Facebook - only 6% of their advertising revenue comes from the top 100 global brands, and their Facebook Shops, which includes a live shopping feature, is primarily targeted at small brands. This shows that brands are looking beyond social media to tap into the full potential of live commerce.
But wait, there's more! Traditional e-commerce platforms are also catching up on this trend. Brands and retailers have started to integrate social experience elements, such as live shopping, directly into their own websites, offering customers a more personalized and interactive shopping experience than ever before. What's even more exciting is that when you do live shopping on your own website, customers have a seamless path to purchase. With LiSA’s platform, your customers can now buy a product in a live event without leaving your website or your live shopping event, just as they would on social media. Plus, with the picture-in-picture feature, customers can continue to watch the show while they add a product to their cart or purchase it.
The pandemic undoubtedly accelerated the need for businesses to pay closer attention to their customers' digital experiences. In 2018, a staggering 64% of U.S. consumers believed that companies had lost touch with the human element of the customer experience.* This sentiment was echoed in 2019, when a whopping 82% of consumers expressed a preference for watching live videos of brands over reading social media posts.**
“As consumer expectations evolve, a seamless transition, such as from content to purchase, is now considered a basic expectation.” – Sophie, CEO of LiSA
It's important to note that these changing consumer demands were evident even before the onset of the COVID-19 pandemic. However, the pandemic has brought the digital experiences of customers into sharper focus for the retail industry. It's clear that these evolving desires of consumers are not just temporary trends, but are here to stay.
To stay ahead in today's competitive market, businesses must acknowledge the shift in consumer expectations and prioritize human-centric experiences that seamlessly integrate content and purchasing opportunities. LiSA’s products are perfectly designed to help businesses create customer experiences that truly connect with people on a personal level and meet their evolving needs. After all, satisfied customers are the key to long-term success in the ever-changing landscape of customer experience.
Live Commerce is Only Relevant for Gen Z
Don't fall for the misconception that live commerce is only for Gen Z. The appeal of live commerce has proven to cut across all generations.
Live commerce has gained traction among various demographics, including millennials, Gen X, and even baby boomers. For instance, the popular beauty brand Charlotte Tilbury hosts live makeup tutorials on social media platforms like Instagram, attracting a wide range of viewers, from young makeup enthusiasts to older beauty aficionados. Similarly, beauty retailer Charlotte Tilbury leverages live streaming to showcase their latest collections and provide personalized styling tips, catering to a diverse audience of fashion-conscious shoppers.
Moreover, live commerce has found relevance beyond the realms of beauty and fashion. For example, home shopping network QVC has long utilized live streaming to showcase a wide range of products, from electronics to kitchen appliances, to a loyal customer base with an average age of 50 years old.
Home improvement retailers have also embraced live commerce, offering DIY tutorials and project demos to engage with homeowners aged over 30. By using their own staff of varying ages and expertise, from a 20-year old sales assistant to a 54-year old grill master, viewers of all different ages feel welcomed and a wide spectrum audience are attracted to join the event.
Live Commerce is Only Suitable for Lifestyle Products
Let's debunk the myth that live commerce is only suitable for lifestyle products. The truth is that live commerce offers unparalleled flexibility and versatility, meaning you can sell a wide range of product categories, from beauty and fashion to jewelry, furniture, consumer electronics, and even B2B DIY marketplaces.
LiSA, a leading live shopping platform, helps brands from a diverse range of industries create live shopping experiences for various product categories, from lipsticks to leafblowers - everything goes! The key lies in how you execute your live shopping events to meet the unique needs of your target audience.
For instance, if you’re a luxury brand, you can create a highly bespoke experience, such as a live Q&A session with one of your craftsmen, or a limited edition drop or trunk show exclusively for selected customers.
It's all about leveraging the interactive and immersive nature of live shopping to connect with your customers, regardless of the industry you belong to. So, whether you sell fashion, furniture, electronics, or beyond, live commerce can be a game-changing strategy to elevate your customer experience and boost your sales – you just need the right tool to help you do it!
Building My Own Live Commerce Channel is Expensive
Don't let the myth of live commerce being expensive hold you back from exploring this exciting and lucrative avenue for your business. It's important to note that success in live commerce isn't solely determined by the number of viewers. Even brands with a relatively modest viewership, such as 100-150 viewers in their shows, can still achieve a positive return on investment (ROI). The key lies in the quality of engagement and conversion rate rather than sheer viewer numbers.
When brands already have a loyal customer base, driving traffic to live events can be relatively easy and cost-effective, as it can be targeted to a specific audience. For brands looking to build a new community, there may be some initial investment required, such as pre-advertising or influencer collaborations, but with consistency and frequency, this can yield a positive ROI over time. The key is to have a well-thought-out strategy and a clear understanding of your target audience and their preferences.
You can also leverage influencer partnerships to amplify your live commerce events. Collaborating with popular influencers in your niche can help you reach a wider audience and generate buzz around your live shows, without necessarily breaking the bank.
Of course, there may be some initial investment required, such as pre-advertising or influencer collaborations, but with careful planning and a strategic approach, you can achieve a positive return on investment over time. The key is to think outside the box, get creative, and tailor your live commerce channel to the unique needs and preferences of your brand and audience.
I Need a Fancy Studio, Equipment & Setup
Live commerce doesn't have to be complicated or require expensive equipment. In fact, all you really need is a live shopping software, mobile phone, an engaging host, and your products to create a successful live commerce event.
Gone are the days when you need a professional studio or high-end filming equipment to conduct live shopping. With just a mobile phone, you can easily connect with your audience in real-time, showcase your products, and engage with your viewers – this article has everything you need to easily start live shopping in 3 simple steps.
Furthermore, you don't need high-end models or fancy props to make your live commerce event successful. Authenticity is key, and user-generated content (UGC) can play a powerful role. UGC, such as customer testimonials, reviews, and unboxing videos, adds genuine and relatable content to your live commerce event, making it more authentic and engaging.
The focus of live commerce should be on the content and the value you provide to your audience, rather than the equipment or studio setup you have. By having an engaging host, showcasing your products, and incorporating UGC, you can create a compelling and authentic live commerce experience that resonates with your viewers and drives sales.
Shoppers Prefer to Shop In-store
The truth - customers don’t prefer shopping in-store unless the shopping trip delivers an experience that transcends the transaction.
76% of people in the US prefer shopping online rather than in-store. Convenience, time-saving, personalization, accessibility, and other benefits of online shopping have shifted customer preferences towards online shopping. Features such as 24/7 shopping, quick checkout, personalized recommendations, and access to a wider range of products have made online shopping the preferred choice for many customers.
Fashion Network reported that 70% of shoppers prefer a hybrid of both in-store and online, meaning that live shopping bridges the gap for those wanting a mix of in-store and online shopping. The product presentation is real and feels like being in the store, but the buying process is online.
The Truth about Live Shopping is…
With the right live shopping platform, building your own live commerce channel can be a cost-effective way to captivate your customers, boost sales, and create a memorable shopping experience.
Live shopping is not just a passing trend but a proven strategy for success, as evidenced by the success stories of our clients across various industries. Brands that embrace live shopping are likely to experience significant benefits in terms of return on investment, customer satisfaction, and brand loyalty.
Any questions to this blog article? Please contact Kathrin Gering - email@example.com