Live commerce has emerged in recent
years and is anticipated to expand globally. By 2026, researchers predict that
live shopping sales will account for 20% of all ecommerce product trends 2023 transactions. Also, the
livestream ecommerce product trends 2023 market is expected to triple in size between 2021 and
2024, going from $10 billion to $35 billion.
Live commerce is employed by 78% of businesses to forge closer ties with their
audience since the majority of consumers worldwide want their brands to become
more digitally creative. Livestream selling has resulted in a 30% increase in
conversion rates for brands. The results here are ten times better than those
from traditional ecommerce. A different study found that livestreaming the
sale of high-end products led to 70% conversion rates.
Live Shopping Trends to Watch in 2023
to Stay Ahead of the Game
The advantages of live shopping
The following are some of the main
benefits that live commerce offers.
Better Participation
It can be difficult to make your
material distinctive. Ads are continuously being thrown at your customers. As
audiences' attention spans are getting shorter and they demand more
personalized experiences, brands need to keep them interested.
People are more inclined to engage
with video content than the majority of other content mediums, and they are
also twice as likely to share it with their peers. Users can chat with you in
real time when shopping live. These elements must be taken into account if you
want increased engagement rates, which will lead to more purchases.
Increased sales quickly
If done correctly, a live shopping
event may quickly introduce your brand and goods to a large number of
individuals. Additionally, while viewers are having fun, they are more inclined
to invite friends to join in.
On the video shopping website NTWRK
in 2020, a celebrity jeweler sold $120,000 worth of gold-colored vacuum sealers
in just five seconds. It amply demonstrates the effectiveness of live commerce.
Therefore, if you conduct your live shopping properly, the benefits will be
abundant.
increased awareness of the brand
If you want to effectively increase
brand awareness, you must approach your target market. Live shopping networks
are excellent for just this purpose. If your audience gets to know you through
the participatory aspect of live streams, they will probably remember you. Have
a celebrity or influencer present at your live shopping event to improve things
even more. This might increase client popularity and brand recognition for your
company.
Encourages impulsive purchases.
It's advantageous for businesses to
persuade clients to make impulsive purchases. To do this, you need to get them
really involved in a digital shopping experience.
Live shopping facilitates the
emergence of this requirement. Anyone else buying goods during the live show
will be visible to the audience. If the product is only discounted while the
live event is happening, the demand is increased. Additionally, if the person
endorsing it is someone they look up to, you may be certain of a sale.
Trends in Live Commerce to Pay
Attention to
Live shopping experienced a meteoric
rise in 2022 and gave rise to ideas that companies should focus on implementing
through 2023. Here are some current trends that can help you better understand
what the future of live commerce holds.
Individual shopping encounters
You may want to investigate
one-on-one live shopping, in which each customer is immediately connected with
a product-matched specialist, if streaming and selling to a broad audience is
not consistent with your brand. They will be able to speak with an expert
in-store who can focus on them and receive individualized consultations.
This works best when selling
expensive goods or making deliberate purchases. Additionally, it offers a
simpler chance to upsell. Sellers can quickly track client happiness because of
how simple it is to put this up.
Additionally, it costs less to
operate, particularly when influencers are being used by other streams. Given
that people were exploring for new methods to purchase during the pandemic, it
is not surprising that one-to-one live shopping increased in popularity.
Because consumers have grown to adore
its flexibility, its popularity is still growing. To find their products, they
are no longer required to travel to actual retail locations or search the
internet from top to bottom. They can simply get in touch with professionals
who are well-versed in the products and have received special training to market
them right away.
Using influencers
Influencer live streaming first took
off and gained popularity in Asia. Celebrities like Kim Kardashian and Taylor
Swift presented streams from the renowned "Singles Day" in China. Kim
broke all previous sales records by selling 150,000 perfumes in the first nine
minutes of the stream.
Live streaming with influencers
eventually gained popularity abroad as well. For instance, consumers were able
to buy things featured in livestreams and have live chat conversations thanks
to Shopify's new partnership with TikTok. They can also communicate live with
their hosts.
Live shopping works because
influencer marketing helps the host and the customer feel like they really know
each other.
Product Introductions
A unique and interesting method to
introduce a product or campaign is through live shopping. Livestreaming the
launch of a new product is a good way to generate hype and monitor user
participation. Additionally, it offers a chance to leverage influencer
marketing.
Live shopping is already being used
by numerous websites and social media platforms for their product debuts. A
nice illustration is when Mitsubishi Motors debuted its newest vehicle on
Amazon Live. The occasion ended up being one of the most well-known for the
livestream purchasing site.
Cross-Channel Retailing
The goal of omnichannel retail, a
multichannel sales strategy, is to provide customers with a seamless purchasing
experience, whether they are using a computer, mobile device, or physical
store.
In essence, live commerce is the
simultaneous fusion of the physical and the digital, and this aids in creating
a coherent experience that links the two. Retailers need to make sure that
customers receive the same level of involvement and attention when buying
online as they would receive in a real store.
The forced store closings during the
epidemic led to the development of the omnichannel approach. Even as we slowly
come out of it, consumer preferences and habits have altered. When customers
choose to shop in-store, merchants must work to make each visit as valuable as
possible.
AR and VR retail
The market for virtual and augmented
reality is already well-established. In 2021, it brought in $28 billion, and by
2030, it's predicted to bring in more than $450 billion. Retailers have already
used AR and VR in their retail strategies, including Ray-Ban, Macy's, and
Sephora. Recent innovations from Sephora include the "Virtual Artist"
feature, which uses augmented reality to give customers "virtual makeovers."
The combination of live commerce and
AR/VR has enormous spending potential. According to Shopify, including video
can boost conversion rates by more than 60% when compared to customers
interacting with simple photographs. Brands that add 3D content to their stores
anticipate an increase in conversion rates of 94% on average.
Live shopping can be advanced via AR
and VR. But there are some important distinctions to be aware of. AR uses a
smartphone camera to add digital features to a live image, expanding the user's
surroundings. VR, on the other hand, replaces the real world with a
computer-generated one to create a more immersive experience.
Since it gives users a physical,
real-world experience, AR is arguably superior to VR in this regard. They can
view both actual and virtual objects here. If a buyer looking for furniture
online wants to see how a sofa might look in their house or office, this would
be helpful. Retailers with live commerce systems can video-connect their
customers to an advisor in-store. They can view the sofa exhibited in real-time
with the advisor's assistance.
The consumer journey can become less
frustrating with the use of AR and VR. Additionally, it boosts the customer's
trust in the store because they can see the product before completing the
purchase. The advancement of technology allows for online and offline
purchasing to coexist.
Connection to Social Commerce
Globally, social commerce is
anticipated to grow three times more quickly than traditional commerce. By 2025,
it is anticipated to reach a staggering $1.2 trillion. This growth will be led
by millennials to the extent of 62%. Platforms are already attempting to
incorporate live shopping into their strategy as the younger generation of
consumers gravitates toward purchasing on social apps.
Chinese apps like Taobao, which
generated over $400 billion in revenue from live video broadcasting in 2021,
pioneered this. However, services like TikTok and Instagram are swiftly
catching up.
For its live function, TikTok not
only heavily relies on influencer marketing but has also worked with well-known
retailers. 2020 will see TikTok and Walmart team up for an hour-long holiday
shop-along. This occasion contributed to a 25% rise in Walmart's fan base.
The live commerce experience is
unified and enhanced by shopping on social media. Customers may simply add
products to the cart while they are watching rather than leave their favorite
apps to go shopping.
Shopping conveniently
Another key trend in live commerce is
convenience shopping. It combines the fun of in-person shopping with the
practicality of online shopping. Because of the pandemic, a number of
traditional retailers got creative and turned their stores into distribution
centers or concept stores.
Customers will find it easier to
learn about new companies and goods thanks to this. They can watch live streams
to learn more about the products, talk to other people in the community, and
even finish the deal right in the live stream.
Live shopping is improving brand
education, consumer satisfaction, and customer experience in this way. This
fosters long-lasting relationships with the audience by fostering trust in
them.
Solutions for Customer Voice
Brands can quickly get client
feedback by integrating a voice of the customer (VoC) service. In this always
changing market, this offers insight into consumer wants, expectations,
experiences, as well as pain concerns.
Through the use of surveys on their
websites or sent post-purchase through email, SMS, or even a bot, brands may
include VoC in their live shopping experiences. With these methods, ecommerce product trends 2023 experts can get accurate information that will help them change their
strategies to improve the customer experience and increase the number of sales.
Final Reflections
Live shopping succeeds because it
injects human connection and personal touch into digital commerce, which were
absent from conventional internet buying. Live shopping is more than just a
fad; it is a profitable business model for both businesses and consumers.
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