Retail business has not improved in 2021 while the pandemic is still ongoing. How can retailers discover a way out of this situation? Transforming your business online is one thing, however, incorporating a live stream in your e-commerce can take your brand to heights! Why is live e-commerce the latest retail trend? Learn more as you read through this article.
Live Commerce/Live Shopping is a type of e-commerce that employs live streaming as a medium for marketing objectives. When compared to traditional e-commerce, it offers more interaction and a greater conversion rate. In the post-e-commerce era, this also makes live broadcast e-commerce a new trend.
Even luxury fashion brand Gucci recognized the value of a virtual shopping experience for customers and developed Gucci Live. Established during the pandemic, Gucci Live is a service that allows customers to interact directly with salespeople. Its environment is identical to that of a Gucci boutique, providing consumers the impression that they are in one.
[1] Changes brought about by the pandemic
To begin with, the public’s consumption habits have shifted as a result of the pandemic. The majority of people have switched from purchasing in stores to shopping online because it is safer and more convenient. More consumers are purchasing food, cooking-related household appliances, and other items online in addition to clothing and handbags. Perhaps everyone spends more time at home. Products that encourage people to stay at home during the pandemic are likely to sell well. Consumers, for example, purchase an oven to reduce frying and launch healthy cuisine and meal replacements as a result of their incapacity to go to the gym.
KPMG, a global professional services network and one of the big four accounting firms, recently shared a report on online shopping. According to KPMG’s newest report, Hong Kong has over 70% of respondents who use online shopping more frequently. Meanwhile, over 80% of them say they will continue to shop online in the future.
Second, because fewer people purchase at physical stores, salespeople have a lot of spare time. You may ask your team to use their phones to live stream your products in order to increase sales.
[2] The rapid development of live stream e-commerce
In Asia, mainland China has seen the fastest growth in live stream e-commerce. Live broadcast e-commerce has grown fast in the last five years since its introduction to the mainland market in 2016. The average market size has maintained a growth rate of more than 200%, and the potential cannot be underestimated.
Indeed, as a result of the pandemic, online shopping markets in Asia have grown significantly. However, traditional e-commerce models continue to dominate the majority of them. Live broadcast e-commerce with significant interactivity and a high conversion rate is undoubtedly a new trend that may be anticipated in the post-e-commerce era.
Since the pandemic, the importance of e-commerce has risen dramatically. Many Hong Kong brands that formerly relied on physical store sales have scrambled to catch up with the digital transformation. Hong Kong is currently lagging behind in terms of e-commerce development, but this means there is significant room for development. Therefore, if you begin live stream e-commerce operations soon, you can gain a competitive advantage in the market.
Further reading: Crisis and opportunities brought by live broadcast e-commerce to the retail industry during the pandemic
[3] Consumers have higher expectations for online shopping
The expectations of consumers for online shopping are gradually rising. They even anticipate a more interactive buying experience than standard online shopping. During the outbreak, Hong Kong consumers have become more reliant on electronic channels for consumption, according to KPMG’s latest report. The convenience of online shopping and the capacity to engage with brands through electronic channels are very important to customers. Consequently, highly engaging live stream e-commerce is an appropriate development path.
Live e-commerce is highly interactive and accounts for half of the online purchasing gap. The live stream function of e-commerce platforms such as VIMOS allows customers to engage with salespeople in real-time. Salespeople can immediately grasp customer needs and opinions, resulting in 5 to 8 times higher order conversion than chatbots.
Further reading: Boost your online sales! Know 2 benefits of interactive marketing to e-commerce.
Summary
Although COVID-19 uncertainty has had an impact on the retail industry, it has also provided possibilities and business opportunities for everyone to embrace digital transformation. Faced with an ever-changing e-commerce market and rising customer expectations for online purchasing, now is the best time to improve! Live stream e-commerce platforms like VIMOS has exactly what you need to transform your business. Reach greater heights and open new business opportunities by starting your journey with us now!
Click here to try VIMOS Live Commerce platform’s 7-day free trial.
