Hosting Livestream Shopping Events
in This Economy
Livestream shopping is a way for content creators to encourage buying products. While streaming, these hosts (usually celebrities, content creators and influencers) elevate the online shopping experience with shoppers. They then test or review the products live.
Livestream shopping events are rapidly rising in popularity as companies realize their marketing value. Also, buywith offers a seamless virtual shopping platform for shoppers worldwide.
Who Do Livestream Shopping Events Appeal To?
Think about shopping channels on television. It’s like next-gen QVC. Despite broadcasting on obscure channels or at unfavorable times, they remain successful. The niche of livestream shopping is similar but for younger audiences. While older generations stick to television, Millennials and Gen Z are dominating the internet.
Live video shopping compares to product review videos but with more interactivity and no heavy editing. Shoppers can chat, ask questions, and enjoy live demonstrations. This is more engaging than leaving a comment on a video from two years ago. The lack of editing also provides a sense of authenticity instead of feeling staged.
buywith.com is a unique platform that allows content creators to call followers by their names while engaging with them. We believe that the opportunity to directly communicate with an influencer or celebrity also adds excitement.
A final comparison to livestream shopping is group shopping. While this activity remains popular, it is drastically declining with malls. Livestream shopping offers an alternative from within the home. Shoppers virtually shop alongside the host and other potential buyers. As the influencer displays a product’s webpage, shoppers have access to as much information as they need.
What Are the Benefits of Livestream Shopping Events?
Part of the reason why livestream shopping has grown so rapidly is due to having almost no drawbacks. It is one of the few e-commerce options that help everyone involved. These are some of the benefits for three main groups: customers, content creators, and businesses.
- Shop while chatting with people worldwide
- A sense of community with returning shoppers
- Ease boredom while learning about new products and deals
- A safer and more convenient alternative to window shopping
- Exclusive discount codes and giveaways
- A chance to talk with influencers, celebrities, and experts
- Vicariously test the items in real time before you buy them
- Support their favorite content creators
- A way to discover smaller brands
- Increase their audience through more traffic and engagement
- Connect with their audience in a more personal, direct way
- Receive free products to try
- Promotion by the companies they work for
- Build business relations
- Boost their resume by working for major companies
- Generate revenue
- Dramatically reduces return rate
- Increases conversion rate
- User acquisition
- Promotion via influencers
- Keeps the brand relevant—even people who are only watching for the influencer will still learn about the brand and products
- Maximize sales during promotional periods, such as Black Friday or Labor Day
- Increases brand appeal and differentiation
- A way to market less popular items alongside top sellers
- Livestream platforms are available globally, spreading outreach without creating separate campaigns
- Can archive livestream events to continue promoting products after the event ends
- Can use clips from livestreams in other promotional materials
- Incredibly cheap marketing option depending on select factors
How Do You Host Livestream Shopping Events?
Hosting one of these events is easier than it sounds. Most influencers use their phone to record themselves and the screen. With decent lighting and audio quality, a content creator can stream from anywhere and at any time.
The biggest component of hosting is the livestream shopping platform. Some platforms are more popular than others and there are many different platforms in the market that offer different solutions. Check out buywith.com for a real-time interactive event with your favorite content creator.
A company should also consider who they want to host the livestream. Should they choose a social media influencer, a reputable field expert, or a store representative? The answer to this will depend on the company’s budget as well as the product.
How much it costs to host a livestream shopping event depends on several factors. The biggest one is who you choose to be your influencer.
An industry expert or high-profile influencer would be the most expensive. Rising and medium-level influencers are the next-priciest. The most affordable third-party option is hiring a freelancer. However, a freelancer is unlikely to have a following and may not be available for consistent work.
The cheapest host option is someone within the company. An insider knows the products better and can market the overall brand more successfully. However, one of the appeals of livestream shopping is the sense of authenticity from a fellow consumer. An insider is also unlikely to have their own following.
Another factor of cost is the platform. Some platforms are free to use, such as Twitch and social media. These are good for practice, but it is difficult to build an audience on these sites. Consumers would have to specifically search for livestream shopping, which is still a largely unknown phenomenon in the West.
buywith.com is a platform designed specifically for livestream shopping. It allows visitors to browse current streams and set reminders for upcoming ones. As innovators in the market, it’s easy to schedule streams at a time when no other brands are live.
We help companies see profits during its first event and our popular influencers have sold thousands within a single livestream. There is huge potential for this trend to grow as it spreads across the world.
Some brands are more successful than others. The fashion and apparel brands account for 36% share in live commerce and every company has a chance to benefit with the right marketing strategy. The most important factors are understanding your audience, your influencers, and the platform you use.
When is the Best Time to Host Livestream Shopping Events?
To maximize profits in a single stream, we encourage brands to promote the most during sales events. These may include holiday sales such as Black Friday and Cyber Monday. They can also involve smaller events, such as clearance sales and pre-order discounts.
Regardless of promotional events, a livestream can be hosted throughout the year. People typically tune into a livestream when they’re bored, which means there’s always someone watching. Also, we like to use lulls in the year to promote more obscure items and save the big sellers for the holidays.
Meta Description: Boosting marketing and sales is difficult during this age of global competition. How do livestream shopping events fare in our current economy?
Reviving Social Shopping: Insights from buywith Co-Founder and CEO Adi Ronenat The Lead Innovation Summit 202315/07/2023
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