Live Shopping in times of Inflation
What does this mean for retailers or brands?
A downturn is NOT a time in which brands or retailers should decrease efforts around keeping strong customer relationships. In times of inflation, brands and retailers need to make sure they are delivering value to customers while maintaining prices that don't drive them away.
It's the time when customers need even more trust in their brands. Live and Social commerce allow businesses to create a sense of urgency, drive engagement and offer a personalized shopping experience, all of which are important in uncertain economic times.
With engagement rates of up to 90% and Conversion Rates of up to 37%, Social Commerce is the perfect combination of effective customer retention and loyalty activities for brands and retailers.
Launching live and social entertainment formats will:
- Show Customer Care & Loyalty
Livestream Shopping can help brands and retailers demonstrate that they care about their customers during times of inflation. It enables real-time interaction between brands and their customers and build a sense of community and connection. By engaging with customers and addressing their concerns, brands can strengthen their customers' loyalty and make them feel valued.
Livestream Shopping can also be used as an educational tool to help customers make informed purchasing decisions. By providing detailed information about products and offering demonstrations, businesses can show that they are committed to helping their customers make the best possible choices.
Livestream Shopping can also be a fun and entertaining experience for both customers and brands. It can feature engaging content such as product demonstrations, Q&A sessions, and special guests. To create a sense of excitement and anticipation they can also offer exclusive deals and promotions during livestream shopping events. Including gamification in Livestream Shopping events as for example interactive quizzes, polls, and other activities can add an element of fun and competition to the shopping experience.
Livestream Shopping allows customers to interact with their brands and other customers in real-time, which can create a sense of community and connection. This social aspect of livestream shopping can be especially valuable during times of isolation and social distancing.
- Give trust:
Livestream Shopping can also be a powerful tool for building trust and loyalty with customers. It allows brands to showcase their products in a live setting, which can help establish authenticity and build trust with customers. Seeing products in action and hearing from real people can be more convincing than static images and product descriptions.
- Increase organic Growth by lower CAC:
Livestream Shopping can also be a strong tool for tapping into organic growth mechanisms and saving on new customer acquisition costs (CAC). By leveraging mechanisms like social sharing, user-generated content, influencer marketing, and cost-effective advertising it can help to acquire new customers at a lower cost and build a loyal customer base over time.
A Powerful tool for these special economic times
In conclusion, live and social commerce have become powerful tools for brands looking to thrive in uncertain economic times. By engaging with customers, offering educational and entertaining shopping experiences, leveraging the power of social interacting, and providing convenience, brands can increase sales, build brand awareness, and maintain customer loyalty. As inflation continues to rise, businesses need to stay ahead of the curve, and live and social commerce offer a promising solution.
Newsletter Sign Up
Want to stay updated on all things social commerce?
Sign Up to Our Newsletter