Live commerce has proven to be a game-changer for enhancing a brand’s reach which in turns leads to the following:
- Improves sales conversion rate
- Boosts buyer engagement
- Converts viewers to customers
Some Facts About Live Commerce
With numerous benefits associated with live video commerce, it has the potential to replicate a physical shopping experience. With the world suffering from the repercussions of the Covid-19 pandemic, it has found its market place around the globe. Following are some of the most crucial facts about live streaming e-commerce:
- Live streaming e-commerce was started by a Chinese e-commerce platform, Mogujie. It combined live streaming and e-commerce to target its audience in order to increase sales and gradually Alibaba’s Taobao followed the same trend.
- Alibaba’s Taobao started gaining massive popularity and led to monetary gains. It generated over 100 billion RMB that equals about $14 billion through live video commerce.
- AliExpress Live, which is a subsidiary of Alibaba, reported 320,000 products added to carts per one million views. This led to a massive conversion rate.
- In 2018, Alibaba had 617 million active mobile users. This had generated $768 billion, averaging up to a 28% increase in their transactions.
- Live video commerce grew from $66 million to $170 million in China from 2016 to 2020 respectively.
- Singles’ Day, which is considered to be a major shopping holiday in China, generated $61 billion in sales through live streaming e-commerce. This was expected to reach $129 billion in 2020.
With the changing marketing trends, monotonous marketing strategies are also being replaced by other advanced strategies and one of such marketing strategies is influencer marketing.
So, what is influencer marketing? Is it worth the cost? Can it be used to gain monetary and non-monetary benefits through live streaming e-commerce? Let’s find out.
Influencer marketing is a fundamental strategy of marketing whereby the people who have a significant amount of social media following represent or promote a brand.
They can either be experts in a particular field or celebrities or even brand advocates.
Influencer marketing is a unique marketing strategy that has proven highly successful for several brands around the world. According to a study by Tomoson, “influencer marketing yields a $6.50 return on investment for every dollar spent”.
Why Should You Opt for Influencer Marketing For Live Commerce?
In present times, people aren’t interested in reading boring product descriptions and then making purchase decisions. This type of online shopping is non-engaging and offers one-way communication between a brand and its customers which can lead to trust issues.
Live stream e-commerce has been successfully overcoming such challenges of online shopping and one of the best ways to do so is by having influencers or celebrities in your live stream.
Here are the following reasons why you should opt for influencer marketing for your live stream:
1. People trust Influencers
When influencers host a live streaming session and introduce or try certain products, it gets easier for viewers to trust those products. They offer a sense of connection between a brand and its customers.
Influencers are best in the game when it comes to brand collaborations. The brand could hold a collaborative live streaming session where the products or services could be discussed. It could also be a review streaming where an influencer would give honest feedback.
2. Influencers bring their Credibility
Influencers generally have a massive following on different social media platforms. When such influencers collaborate with other brands and be a part of a live stream session, they bring instant credibility to that brand.
For example, if a known or popular influencer is a part of live commerce, they bring their following to a live stream. This not only increases viewership but also enhances the reach and awareness of that brand.
As viewers have already seen the journey of such influencers or watched them in other streams, they easily trust a brand they’re endorsing. This increases conversion rates, resulting in more profit.
Blend of Influencer Marketing & Live Streaming Commerce
Are you trying to reap the benefits of influencer marketing by the means of live commerce for your business? Following are some of the tested methods:
Influencers with a loyal following can be invited for live steam to address audiences which can boost engagement and make a session more entertaining and informative. Hosting How-to’s could be a great idea to showcase the usage of a product in real-time. This method is highly beneficial, especially for beauty and cosmetic brands.
b) Deals and Discounts
Special discounts and deals could be announced in a live stream via influencers. Such offers could be made exclusive for a limited time-frame to generate buzz around products. Such discounts and deals help to attract potential customers thus sky-rocketing sales.
c) Behind the scenes glimpse
Influencers can also host behind-the-scenes tours wherein they can interact with the team behind a brand and show the audience the culture of a brand. This helps to connect with viewers on a personal level which possibly increases conversions.
Now that you have understood the importance of live stream e-commerce and how influencer marketing can successfully complement it, it’s time to choose the best channel for you.
The live streaming solution by Channelize.io can kick-start your e-commerce company or D2C brand as it has the following benefits:
- Boosts viewers’ engagement through the power of real-time video
- An effective way to share expertise on a subject
- Helps to build a community around a brand
- Increases awareness about a brand
- An impactful way to gain new customers and re-engage the old
Channelize.io live streaming solution significantly reduces the time and expense of designing an entire streaming solution. Not only will it help your brand achieve your goals but also help in increasing the profit.
Channelize.io has also launched its Live Streaming App for Shopify. Now the Shopify store owners can offer their buyers an in-store experience and boost their sales, that too for FREE.