Live commerce is the latest innovation for online shopping, and it’s already making an impact. In fact, businesses report that livestream shopping conversions are 10 times higher than those delivered by traditional ecommerce avenues.
Especially among younger generations, live shopping options are becoming increasingly popular, allowing brands to connect directly with consumers and highlight the solutions a great product can offer.
Experts predict that live commerce could account for 20% of all ecommerce by as early as 2026. There’s no time like the present to find out how livestream shopping can work for you! Here’s what you need to know.
Understanding Livestream Shopping
Livestream shopping is a form of live video shopping that allows businesses to broadcast real-time video content that convince consumers to buy fast.
Despite often large audience sizes, live shopping approaches focus on engagement and personalization. By allowing consumers and business owners to communicate directly, livestream shopping fosters relationships that help to instil trust in buyers.
A livestream shopping event might even provide an opportunity for influencers and content creators to get involved and show off key product features that make it more appealing to your ideal target market. Live video content allows retailers to demonstrate product functionalities and allow audiences to ask questions and receive personal responses instantly.
That’s not all. In some cases, livestream shopping shows are used to drive more traffic to other sales channels, like a website or online shop. On some live streaming tools, users are able to shop products natively within the social media platform to reduce friction in the buyer journey and fast-track sales.
Getting Started
Are you interested in the potential livestream shopping functions can provide for your business? Getting started is easy when you know where to begin!
First, think about where you want to host your live video shopping event. Which social media platforms do you use regularly, and where are your followers most likely to tune in and buy products?
A few popular live streaming tools to consider include:
It’s also a good idea to think about your goals. Is there a specific product or campaign you want to focus on? Are you keen to build hype or anticipation for an upcoming release? These decisions can help you develop a hook that makes people want to watch your live video content.
When you have a clear plan and the right tools on your side, you can easily produce an effective and impactful live shopping experience. This can help you offer great value for your customers while working to scale your business and keep up with the latest tech advancements. Win, win, win!
Crafting a Compelling Livestream
Crafting a compelling livestream is critical if you want to engage your audience and get people interested in the live shopping opportunities your brand offers.
Before you go live, plan ahead and consider:
• Your topic: Ensure your livestream is focused on a singular, specific topic, ideally informed by your audience and what content they want to see from you.
• Your talking points: While we don’t recommend writing out a word-for-word script, having a clear structure and list of talking points for your live stream can help to keep you on topic.
• The length of your live stream: Are you planning to go live for 15 minutes, a full hour or more? Practice your broadcast ahead of time to estimate the length of your stream.
• Your ‘ask’: What action do you want users to take after watching your broadcast? Be sure to include a clear call to action that makes it easy for users to follow through and make a sale. Hot tip: why not offer an exclusive discount code to those who tune into your live broadcast to inspire fast sales at scale!
Take time to understand your audience and the social media platforms or software tools you’re working with. Make sure you know how to take full advantage of the live shopping feature in a way that speaks meaningfully to your target audience.
Need help getting started? Dive into our complete guide for how to use Instagram Live as well as how to go LIVE on TikTok.
Building a Loyal Community
As always, the key to social media success is building an engaged and loyal online community that truly cares about your brand and its mission. The same is true when you’re hosting a live stream!
Before you can benefit from the many advantages of live video shopping, it’s important to start building your virtual community.
How? It all comes down to fostering a consistent social media presence that invites active participation from your audience. That means:
• Using interactive stickers on Instagram Stories to inspire engagement
• Resharing user reviews to your social channels to spotlight loyal customers
• Reposting user-generated content to your feed to celebrate your past shoppers
Loyal followers are likely to become loyal customers. When you focus on curating a fantastic community environment, you can win people over before they start to shop. When you do step into the world of live shopping, you’ll have an active, engaged audience eager to support you.
Analyzing and Optimizing Performance
When it comes to livestream shopping, the best way to improve results is by analyzing event performance. This can provide you with valuable information that will help you structure your next live shopping event.
Pay attention to how users engage with your live shopping event, and notice which products tend to be most popular among audiences who tune in to watch live. You can use this information to target user demographics more directly and boost the right batch of stock.
Most of the time, your live shopping platform will provide you with access to clear metrics and insights related to your event, such as the number of attendees and whether viewers are new or returning. Assess audience engagement stats, alongside website clicks and sales data. What’s working well, and where could you improve?
You also have the opportunity to communicate with your social followers using posts or stories. This can be an excellent resource for market research, helping you understand what users want to see more of and what they love about your brand.
Remember, the more you learn, the more effectively you can optimize the online shopping experience you deliver, giving both new and existing customers a reason to choose and keep choosing you.
Overcoming Challenges
Live video shopping does pose some challenges! Preparing for these ahead of time can reduce their impact and ensure that your event goes off without a hitch.
Before your live video stream begins, get to know your technology and check that everything is working as it should. This will help you steer clear of disruptions and glitches that could risk deterring buyers.
If you struggle to generate a large audience or convert viewers to buyers, don’t panic! Sometimes, livestream shopping takes time. Avoid pressuring online shoppers, and instead focus on how you can improve your events and address consumer pain points.
Struggling with attendance? Make sure you actively promote your broadcasts at least 2-4 weeks ahead of your event with regular feed and story content. Harness countdown stickers, teaser posts and broadcast previews to give users a reason to save the date and tune in.
As you continue livestreaming ecommerce events, you’ll gain a clearer perspective on how best to communicate with a live audience and achieve the best livestream shopping outcomes.
Success Stories and Case Studies
When pandemic restrictions became a barrier to in-person shopping, many brands began to explore the power of livestream shopping shows. Among them, Walmart hosted its first live shopping stream on TikTok in 2020.
As part of this event, Walmart invited ten popular TikTok creators to be a part of the live shopping experience. The brand also made use of in-app live sales tools to get people to purchase natively. This included both in-stream product features and an end-of-stream wrap-up list.
For 60 minutes, relevant TikTokers shared their favorite Walmart products and participated in fun, engaging dances and challenges. The results? The event was 7 times more successful than expected, and Walmart’s follower count soared by 25%. Live shopping made a big impact on the brand and its buyers alike.
Today, live shopping is a critical part of Walmart’s strategy. The brand even has a live shopping webpage where customers can find out about upcoming events and watch replays from past streams.
Future Trends and Innovations
As online shopping continues to dominate the business and retail spaces, livestreaming is set to become a valued tool for digital commerce.
Live selling has already risen by 76% since 2020, and by 2024, the US market alone is predicted to be worth a whopping $35 billion.
In 2024, we expect content creators to be more involved in live stream shopping events. If you’re looking to stay ahead of the curve, why not team up with creators in your niche to co-host live broadcasts and shopping events?
Plann For Success
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Sign up for a FREE 7-day trial of Plann, and start curating your social content. Alternatively, visit the Plann blog for more tips and tricks.
