Live video commerce: what is live video shopping?

Picture a bustling virtual market: sellers pitching their wares live on-stream, customers popping questions in real-time, and instant purchases being made. This isn't an excerpt from a Sci-Fi novel; it’s today's reality - through live video commerce. 

Live video commerce, live video shopping, live commerce, and live video shopping are all different names for this same concept. This phenomenon is here to stay: by 2026, sales from live commerce are predicted to reach $55 billion in the US (Statista). 

In this article, we’ll explain what live video shopping is, what the benefits are, and how to leverage video commerce for online sales growth. 

What is live video shopping? 

Live streaming shopping, in essence, is a synthesis of real-time video content and eCommerce. 

These live video sessions let brands showcase their products live while interacting with customers in real time, creating an exciting and engaging shopping experience. 

All things considered, think of it as a modern-day social media version of QVC (a televised shopping network) capable of reaching a wide audience spread over different locations.

Now, contrasting this with traditional eCommerce, differences become quite evident. Traditional eCommerce is solely transaction-focused without leaving much room for human interaction. 

Live streaming shopping, undoubtedly, brings in a breath of fresh air by adding an interactive layer to the online shopping experience, making it feel more real and more human. The result? A highly engaging and intriguing customer journey that fosters stronger brand loyalty.

The rise of live-streaming shopping

The concept of live-streaming shopping is making waves, and for good reason. It is soaring in popularity - and the statistics bear this out. As of June 2023, e-commerce live streaming was the leading type in China, attracting approximately 526 million users (Statista). This represents about 48.8 percent of the internet users in the country.

But it's not just limited to China. The global market is also embracing this innovation, with platforms like Amazon rolling out Amazon Live. In fact, a live-streaming shopping event hosted by Amazon during the 2020 Prime Day had millions of viewers, with top influencers participating.

Through these examples, the potency of leveraging live-streaming shopping is underscored. It's not about merely jumping on the bandwagon; it’s about meeting customers where they are and providing them with an experience that's authentic, interactive, and entertaining.

The benefits of live video commerce

Live video commerce revolutionizes the traditional shopping experience by enabling real-time interaction between sellers and buyers. This allows a level of personalization and immediacy that static and asynchronous eCommerce platforms cannot match.

Real-time interaction and engagement

Consider this scenario: a customer is examining a product on an eCommerce website. With text descriptions and still images, they can only glean so much about its features, usage, and quality. 

Now imagine the same scenario on a live video commerce platform. The seller is presenting the product live, demonstrating its features, and answering questions as they come. Not only can buyers make informed decisions, but they also feel valued - they have a voice, and it's heard in real-time.

This simple interaction significantly enhances the shopping experience, forging a connection between the seller and buyer. It's like bringing the intimacy and immediacy of traditional, physical shopping to the online setting.

Trust and transparency

Live video commerce thrives when trust and transparency are at the forefront. Seller transparency is not a new concept. However, live video commerce takes it a step further, transforming it into an interactive process.

Live demonstrations are a powerful strategy here. As sellers showcase their products in real-time, customers can observe, ask questions, and receive clarifications instantly. This genuine interaction creates a sense of credibility and instills confidence within the consumer about the product.

Consider Q&A sessions during live streams. Here, customers have the opportunity to have their queries answered instantaneously. For instance, a customer might be skeptical about a product's quality, its compatibility with their needs, or its post-sale service. With live Q&A, these doubts can be assuaged on the spot.

Towards the end, such strategies contribute to stronger customer relationships and foster business growth. Not to mention, they also significantly improve the chances of shopping cart conversions and repeat purchases. By using live video commerce effectively, businesses can not only increase customer trust but also transparency in their operations.

Exploring top live video commerce platforms

Now that we’ve discussed the benefits of live video commerce let’s explore two popular live video commerce platforms: Bambuser and Goswirl. 

Bambuser

Bambuser is one powerhouse of a live video platform, increasingly becoming a go-to choice for businesses worldwide. 

What's exciting about Bambuser is its interactive 'Live Video Shopping' technology. Bambuser's live video shopping feature combines what users typically love about online and in-person shopping: convenience and real-time, human interaction.

Not only does it support live chat, but it also comes with powerful analytics that go deep into viewer behavior to help businesses curate better content and drive sales. 

Businesses will appreciate Bambuser's mobile-first approach, which aids in capturing audiences who primarily shop via their smartphones.

Given the exponential rise of mobile commerce, Bambuser may well be your gateway to success in the live video commerce industry.

Goswirl

Transitioning from Bambuser, we turn our focus to Goswirl - another noteworthy live video commerce platform. 

Goswirl sets itself apart from the rest of the notable players in the market with its emphasis on customization and personalized user experiences.

At its core, Goswirl offers an interactive live video shopping experience. But where it truly shines is its ability to offer businesses flexibility and deep customization to match brand aesthetics and create an immersive shopping experience. 

Their 'Golive' video platform not only supports live-streaming but also product display, live interactions, and instant purchases, all happening simultaneously.

One standout feature that Goswirl offers is its comprehensive back-office management system. This feature allows businesses to simplify and improve operations whilst gaining valuable insights into customer behavior. 

Leveraging Goswirl's platform can empower businesses to create a brand affinity, resulting in a loyal customer base and increased revenue streams.

By mastering the use of platforms like Bambuser and Goswirl, businesses can stay ahead of the live video commerce curve – a sector that's rapidly reshaping the eCommerce landscape. High-performing platforms like these serve as an excellent stepping stone into the next generation of digital commerce, aligning eCommerce businesses with future trends and technologies.

Top live video commerce trends

Upcoming trends demonstrate a shift in consumer behavior towards immersive and engaging shopping experiences. Continuous technological advancements are paving the way for the expansion of live video commerce.

Changing consumer behavior

The digitization of commerce has significantly reshaped consumer behavior. Rather than merely seeking products, today's consumers desire experiences. They're more inclined to interactive, engaging shopping journeys. Nowadays, a wide range of consumers crave real-time interaction, personalized product demonstrations, and instant feedback - all features encapsulated by live video commerce.

Live video commerce amusingly provides the verisimilitude of physically being in a store, browsing through the offered goods, receiving personalized assistance, and getting queries answered instantaneously. This exceptional form of shopping experience underlines the profound influence of live video commerce on revolutionizing consumer shopping experiences.

Technological advancements

The growth and sophistication of live video commerce owe much to rapid technological advancements. The introduction of high-speed internet and cutting-edge smartphones has created a conducive environment where live video commerce can prosper.

Advanced algorithms and artificial intelligence (AI) play a critical role in enhancing the user experience within live video commerce. They facilitate personalized content recommendation, process real-time analytics, and improve various other essential sector functionalities. Even more exciting, the integration of AR (Augmented Reality) and VR (Virtual Reality) into live streams can offer consumers an unprecedented, immersive shopping experience.

Looking at the current tech trends, we can safely forecast augmented adoption of live video commerce in the future. With the advent of 5G technology, AI becoming more intelligent, and VR/AR maturing, live video commerce is set to define the future of eCommerce, offering an unmatched, experiential, and engaging shopping experience.

How to leverage live video commerce for your business

Understanding your audience and choosing the right platform are vital steps for successful live video commerce. Your success also relies on planning and effectively executing an engaging live stream.

Understanding your audience

Knowing your audience is the first step towards creating compelling live video commerce content. It’s not only about who they are, but why they choose your brand and what they value. The better you grasp these factors, the more pointed and effective your live video commerce can be.

Invest time exploring your audience's demographics, interests, and buying behavior. Use this data to design content that resonates with them and drives engagement. Don't hold back from soliciting feedback or running brief surveys to gather direct insights. It could be invaluable in fine-tuning your strategy.

Choosing the right platform

Finding the right platform for your brand's live video commerce isn't just about popularity. It's about matching a platform's features, user demographics, and adaptability to your target audience’s behavior.

Research multiple platforms, compare them, and don’t shy away from trial and error to find one that matches your needs. Consider points like video quality, interactivity features, access to analytics, and usability. Also, look at where your competitors and the majority of your target audience are. 

Planning and executing a successful livestream

A successful live stream is the result of efficient planning and execution. To make it count, start with a clear, well-defined purpose. Whether it’s educating your audience, promoting new products, or strengthening your brand story, keep that goal central to your plan.

Anticipate technical difficulties and develop a contingency plan to ensure the show goes on, irrespective of glitches. Script your content but leave ample room for spontaneity. Interaction drives live streams, so encourage viewers to ask questions, share feedback, and comment in real time.

Remember, the key to live-streaming success is consistency. Establish a regular schedule to foster audience trust and enhance brand loyalty. Additionally, measure your performance, analyze viewer patterns, and continually refine your strategy for optimal outcomes.

In brief, incorporating live video commerce is more than just a trend; it's a powerful move to boost your business. Armed with a keen understanding of your audience, the right platform, and a foolproof plan, your live video is set to surge ahead and make significant strides.

Conclusion

Live video commerce is rapidly reshaping the eCommerce horizon, integrating real-time consumer interaction and personalizing the online shopping experience. It's an evolution that’s not just about flashy tech or trend-following - it’s a strategic leap forward.

Why does this matter to you? Every business owner benefits from embracing the market's shift and adapting quickly. Live video commerce can extend your reach, boost your conversions, and create loyal customers who feel genuinely seen and understood.

But what’s the immediate step? Start exploring how you can infuse live video elements into your eCommerce strategy. Consider hosting a live explainer video about a new product release or perhaps a real-time Q&A session addressing popular customer inquiries.

Remember, live streaming shopping is both enhancing customer connection and boosting sales.