Having taken OFF in China, live stream shopping has the potential to be BIG in Europe and the US. But, in order for this to happen, we need to discuss strategy 😎
The live shop industry has been pumped with capital over the past year and a bit. Largely thanks to the pandemic. This year in China alone, shoppers are expected to spend $300 billion on products featured in live shop streams. An astonishing figure brought on by an increasingly online retail space.
So what makes up a successful stream? And could it be possible for Western audiences to start spending billions on broadcasts? 💰
Anything is possible, but to start from the beginning, let's take a look at the key anatomy of a live shop broadcast...
1. The video stream itself 📽
In basic terms, this is simply the video the viewer sees on their desktop, mobile or tablet device. The hosts show their products and talk about their brand through the stream to a limitless audience.
For interactive video platform, Smartzer, live stream shopping events are streamed into the shoppable editor using third party streaming apps like OBS or Larix. They can be easily connected using the stream key and RTMP link.
2. Featured products with handy links to shop 🛍
As the brand live streams, the appropriate products will be displayed as product popups on top of, or alongside the broadcast. When clicked, viewers can see exciting details such as descriptions, sizing and price. They can EVEN click to add the item straight to their bag.
3. Chat function allows viewers to communicate and interact 💬
A chat bar encourages viewers to ask hosts questions. This opens a new channel of communication for online shopping, replicating the benefits of shopping in-person, virtually. Some chats have a reaction button function that allows viewers to share the love and appreciation.
So, what can marketers learn in order to harness the power of live stream shopping?
Do some research into live stream shopping event content and consider how your audience might engage 🔎
If you have a solid social media following, you will be able to generate hype in the run up to your event to encourage audiences to attend. Content can be super engaging, demonstrating products in action, showing the creation process or hosting a Q and A. Ask yourself, do my customers respond to product video formats?
Do consider the costs and rewards of using live shopping 🏆
The beauty of live stream is that it is super cheap to create. Broadcasting real time content means that although scary for some, content doesn't need editing or producing at a high level. It may cost money to use a live shopping platform, however, with brands appealing to impulse buying behaviour, it could be possible to sell hundreds in seconds. Even if you aren't selling hundreds of products, you could still have the opportunity to boost revenue through this unique, memorable and exciting shopping format.
Do keep an eye on the competition 👀
With the growth of live stream popularity, it is likely that similar brands to yours are branching into virtual shopping events. Check out what others are doing, what content are they focussing on? Don't forget to watch their audiences reaction as a way to gauge how yours might respond.
Fail to plan, plan to fail. Don't jump in blind 🙈
Make sure you have researched platforms, social sharing options and costs. Low quality live streams are frustrating to watch, if you haven't planned equipment, scripts for hosts, products to show, WIFI boosters, lighting, setting, date and time it will look unprofessional.
Don't leave your audience in the dark! 👎
Let your audience know when and where your live stream shop is happening. Ensure you are talking about it on socials, blogs, email newsletters and on website landing pages. Spread the word!
Broadcast hosts should be putting every effort into interacting with the audience and engaging their attention. Loyal customers love to see the face behind the brand so don't forget to let that personality show!
Do consider drawing your customer in with time sensitive, exclusive live stream offers 💯
Attract an audience with exclusivity. Debut new collections through ticketed events to make your viewer feel special. You could even offer one-off discounts for stream viewers to encourage impulse buys and quick decisions.
Do check out interactive video platforms like Smartzer! ❤️
Smartzer shoppable live stream helps brands to create seamless live shop experiences for their customers, generating incredible results. The simple editor allows users to add an interactive overlay to streams that viewers can shop from. Customers can add to bag without leaving or pausing the stream leading to high conversion rates. Brands can even repurpose recorded streams as on demand shoppable video content on Ecommerce and social.
For more information click here!