Updated: Jun 1, 2021
Introducing livestream: the latest trend for video ecommerce
For a lot of 2020 and 2021, brands have had to rethink selling strategies in the face of a 'storeless' economy.
Now, brands are starting to realise the potential of livestream for making big digital sales after noticing the popularity of shop live technology in China. It was quoted that in 2019, China’s live-stream shopping market was worth 451.3 billion yuan [$66 billion], and is expected to show even more growth. This doubled to almost 1.2 trillion yuan ($170 billion) in 2020. For the rest of the world and particularly the US, this is expected to take off. By 2023 the market is set to be worth $25 million in the US alone.
Customers are loving live shop experiences because they provide an exciting, real-time shopping experience without leaving home. Hosts upload products they want to display to a player before streaming live. Product popups then display alongside the stream for customers to purchase direct. Viewers can communicate with hosts in a chat bar, connecting them to their favourite brands and creating a community feel.
Virtual shopping events are made possible by exciting new apps.
As a result of this new shopping craze, there are now several apps that can help your brand create a live shop.
Smartzer: The accessible app helps large and small businesses to create shoppable livestream and on-demand video. Viewers can shop directly from the stream and make last minute purchases even after it has finished. Repurpose your stream as on-demand content on ecommerce landing pages for anyone who has managed to miss your virtual shopping events.
ShopShops: Livestream portal app that works with a combination of in-house staff, curated influencers and certified experts. Based in Asia and growing in the US, the app has 800 people running ShopShops in 60 cities. The average customer spends 44 hours a year on the app!
Popshop Live: An app aimed towards independent retailers and ecommerce businesses. Streams are accessible to shop live from the app. As a prospective seller you will need to fill in an application that will be reviewed.
Bambuser: Bambuser is an app used by brands to stream to multiple customers at once or for one-on-one virtual shopping events. The app lets brands set up personalised consultations with customers to create a bespoke, one of a kind experience.
Hosts are fuelling the live shop mania and are in high demand.
With virtual shopping events kicking off, brands are looking to partner with top influencers to get themselves noticed. After all, a poll among Millennial subscribers found that 4 in 10 believe their favourite influencer understands them better than their friends! This means that hosts can be used to brands advantage to build brand loyalty and customer trust.
Big personalities are constantly being recruited to generate hype for streams, turning them into exclusive events. Chinese influencer Viya Huang, hosted a livestream shopping event with Kim Kardashian on Taobao and sold 15,000 bottles of perfume in minutes.
However, not everyone needs to be a celebrity to host a livestream. Customers still like to see the face behind the brand, even if it's a store associate! Alex Ayaub, a beauty content creator with just a few thousand followers hosts a weekly Newness show. After a year of streaming on the platform, Ayaub makes hundreds of dollars a month from fan tips and brand deals.
For more information about creating shoppable livestream visit smartzer.com