A quick guide to understanding and getting started with live commerce for Shopify stores.
E-commerce is a booming industry, and it's one that will continue to grow as new internet users become increasingly connected to the internet. What’s also interesting is that eCommerce is not only growing, but also constantly evolving by the day.
From new shopping cart plugins and payment gateways to inventory management systems, to how consumers interact with their businesses via social media and reviews, we can see the E-Commerce market changing at an incredibly rapid rate.
Today, there are countless ways to segment your audience, make sure you are running an effective ad campaign, and ultimately market your products to your customers.
The latest trend in eCommerce is live commerce.
As a consumer, being able to find and purchase something quickly is an advantage. Because of this, companies want to market their products using the latest technology such as live commerce. However, that doesn't mean that everyone understands exactly how it works and how it can be used.
In this blog, let's take a closer look at what live commerce is all about, what are its uses and its benefits, and how you could use it wisely to cater to your business needs.
What is live commerce?
Live commerce is essentially live video content where viewers can ask questions, share opinions and interact with the brand in real-time. It's one of the hottest trends in eCommerce right now, and it has been growing rapidly since its inception in 2016.
Live commerce allows businesses to engage with their customers on a deeper level than they have been able to before. It also allows consumers to connect directly with brands, instead of just being passive viewers. It’s a new way for brands to interact with their customers, and it’s one that can be a big boost to sales if done right.
If you're looking for a way to reach your customers in a more interactive and personal way, live commerce is the answer.
Live commerce model statistics you need to know
- Live selling has grown by 76% since COVID.
- The live stream market is estimated to be worth $35 billion in the US by 2024.
- Companies report live commerce conversion rates are up to 10x higher than conventional e-commerce.
- China boasts the highest number of live commerce consumers. Here, live commerce sales have grown more than 280% between 2017 and 2020 alone!
- Clothing and fashion are the most popular categories in live commerce today.
Benefits of leveraging live commerce
1. Interactive - increased engagement
Live commerce is all about increased engagement. You can do this by keeping your customer involved throughout their purchase and throughout the purchase process. This means that you need to be able to answer questions quickly, provide feedback and make changes to your website as needed.
It allows consumers to get involved right from the start by engaging with businesses through live chat or social media.
2. Build trust
With live commerce, you can build trust with your customers before they even get to see your product or service. You’re able to build lasting relationships through video or audio calls which are natural ways for people to interact and communicate with each other. This means that the customer gets a better understanding of what your business offers before they ever make a purchase decision.
3. Convenient
The convenience of live commerce is hard to overstate. In the past, shopping online meant having to choose a time when you could be home and have access to a computer, but with live commerce, you can shop anytime, anywhere. This means that you don't have to worry about being stuck on the train or in the middle of a meal.
4. Cost-effective marketing
Live commerce offers a cost-effective way to market your products or services, as it does not require the same amount of investment as other channels.
You can use live commerce to run events for your business or reach out directly to customers via Facebook Live or Instagram Stories with minimal equipment, manpower, etc. Yet, these promotions are highly effective because they also allow you to connect with people who may not have heard about your company yet - something that traditional marketing techniques cannot achieve.
Furthermore, this is effective video marketing that doesn’t take much bandwidth like post-production of videos, for instance.
5. Personalized experience
The beauty of live commerce is that it allows brands to reinvent the customer experience and make it personal. By offering consumers live, on-demand interactions, live commerce enables brands to make every interaction with them more meaningful and relevant. Since the interaction is real-time, you can ask questions, receive answers and interact with people in real-time.
How to get started with live commerce
The first thing to understand is that live commerce is not a technology. It's a business model and a way of thinking about the entire experience of buying and selling. That means you need to build your plan around this framework.
Here are a few ways you can jump on the wagon of live commerce -
1. Dedicated live shopping platforms and apps
Live Commerce is not just a new way to shop, it's also a new way to communicate with your customers.
In order to make the most of this communication and commerce opportunity, there are a couple of dedicated platforms designed specifically for this eCommerce business model. Such platforms can help you handle all your customers' needs in one place in the most streamlined way possible.
Here are some popular live commerce platforms -
2. Social media platforms
The most obvious way to use Live Commerce is through social media platforms like Facebook, Instagram, and Twitter. These are great ways to engage with your customers and get their feedback on product features or pricing plans. You can also use live chat to get instant responses from customers who have questions or concerns about your products or services.
Live commerce trends to leverage in 2023
This is still a pretty new landscape, and there are some big gaps in the market. But we're seeing more and more companies getting started with Live Commerce.
Here are a few things that will be big in this domain in 2023 -
1. Live Q&A sessions
Live Q&A sessions are a great way to engage with your audience and learn about their needs. You can use these sessions to answer questions, share insights and take recommendations on how to improve your product or service.
Live Q&A is also a great way to generate leads for your business because it allows you to connect with prospects in real time. This is especially important when you're selling high-ticket items such as luxury items
Live Q&A sessions make it easier for both parties involved. The presenter doesn’t have to spend time preparing for the presentation because he or she knows the audience will ask questions during the session. The audience also gets more value out of it because they can see how someone uses live commerce in their business and get answers about how it works for them. It’s a win-win!
2. Influencer marketing
Influencer marketing is a great way to get your product in front of potential customers and influencers who can vouch for the quality of your product or service.
You can combine the benefits of influencer marketing with live commerce and boost your sales like never before.
For instance, you can consider hosting a few of your live commerce sessions on a popular influencer’s account instead of your brand account. This will help you reach a larger audience along with due credibility since a trusted influencer in your niche is vouching for you and your products.
Here’s an example from CAIA Cosmetics:
3. Virtual reality shopping
Virtual reality is an exciting new technology that allows shoppers to “try” on clothes, furniture, or appliances before they make a purchase. This is especially beneficial for consumers who are unable to visit a store in person. It also increases the likelihood that a customer will make a purchase, as they can see how the product looks in different lighting conditions and in their home.
Virtual reality has taken off recently due to the rise of social media. People are spending more time on their phones and tablets than ever before, which means they are always within arms reach of their devices when they’re shopping online.
Here’s an example from Nordstrom:
Do you want to explore the live commerce model for your brand?
Live commerce has the potential to be an exciting new way for brands to interact with consumers, particularly those who may be reluctant to make purchases online.
This new category of eCommerce is all about combining the power of live video streaming with the reach and flexibility of the internet. It’s a new way for brands to reach consumers directly and engage them in a meaningful way in real-time.
If you have been considering exploring and leveraging live commerce, you can contact the experts at XgenTech.
Our team of Shopify experts works with Shopify merchants like you to design a store that reflects your brand's personality and caters to the functionalities you require. Whether you want to revamp your existing design or build a new one from scratch, we will help you create a positive shopping experience on your Shopify store design.
Contact us at info@xgentech.net and we’ll help you set up your Shopify store design!
