Livestream Shopping Platforms are Game Changers for the Business Sector

Carissa Hills

31/10/2023

Livestream shopping

Can you imagine looking at all the features & specs and asking about your favorite product on a live video before deciding to buy it? Livestream platforms give you the chance to connect online from anywhere in the world with influencers and take your shopping to the next level. The business sector is hugely benefiting from livestream shopping marketing by attracting worldwide customers.

It’s a brand-exposed livestream shopping feature that enables consumers to discover the brand’s products on the live event, through the host. This new form of e-commerce allows brands and retailers to present their products and services to a larger audience through hotels live events.

What Is a Livestream platform?

Livestream technology is almost similar to live TV where you can create, share and watch videos live. Brands and businesses use livestream platforms to curate content and exhibit their products and services. A livestream is not pre-recorded and edited, they are uncensored and live.

Live shopping events are hosted by influencers on the brand’s website and they allow users to interact with the influencers. Live shopping events are hosted by influencers and they allow shoppers to interact with them and shop in real time, along with other shoppers in the community. Shoppers can shop live with the major display and demonstration of products. Also, shoppers can comment and share emojis and gifs on the live chat.

How Will It Change the Business Sector?

With brand exposure livestream shopping the live social shopping industry is expected to grow rapidly with U.S livestream expected to reach $25 billion by 2023.This is likely to result from increasing consumer demand for convenient shopping experiences to shop with influencers online and the increasing number of retailers looking to expand their online presence. 

With a growing online population and a livestream platform more businesses are participating in the real-time venture of connecting with audiences. At buywith, we offer a content creator  marketplace with a community of multifaceted influencers to join and host live events on the brands’ website through our platform.

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Benefits of Live Social Shopping

  • Boost sales: Increase conversion by discovery, through the influencer host and the community of shoppers in the Live shopping event. Present shoppable features to make the purchase process fast and seamless.
  • User acquisition: Unlock access to new customers – generate a database of shoppers from each livestream shopping event, utilize the influencers followers to reach new target audience and enrich your database.
  • Increase engagements: Connect with your customers in real time and elevate the communication with interactive and gamification features.
  • Decrease return rates: Increase trust and close the gap of uncertainty when buying online by product demonstration and discovery in the Live shopping event. Reduce return rates and create a more sustainable way to sell online.
  • Monetize influencer activity: Get access to insightful metrics that will allow you to monetize your influencer activity.

Disadvantages of Live Social Shopping

  • Technical errors: Technical errors can occur while streaming live. If the internet connection is slow on either end, then the video will buffer and the quality will be compromised.
  • Timing: Unmatched timing is one of the cons of livestream because if you are catering to worldwide customers, there are different time zones and timings may not match. Also, it can be difficult to decide when the right time is to stream.

How businesses can effectively use livestream?

  1. Engage with Customers:
    The most important advantage that brands can have is to engage with customers and be more informative about its brands’ products and services through leading influencers online.
  2. Monetize Influencer Activity:
    Influencers can monetize their promotional activities and get paid by the brand. This can bring them more online fans and earnings.
  3. Build trustworthiness:
    Brands are always looking to build trust with customers. Shopping platforms can help brands build trust by providing detailed product descriptions/product photos and transparent vendor information.

  4.  Increase Conversion: |
    Livestream improves conversion rate effectively because it drives businesses higher than traditional platforms. Livestream platforms help brands promote their sales.

  5. Reduce return Rate:
    Brands can reduce return rate by improving customer experience through livestreams and boost sales at the same time.

  6. Engage with customers:
    Livestream shopping platforms can help brands engage with customers by exhibition of the products and services through famous influencers.

Key Takeaway

When it comes to e-commerce, social media has always been a significant player. With so many active users, social media can be a powerful way for brands to connect with their customers. Livestream platforms have emerged as an excellent way for brands to increase conversions.

Carissa Hills
Senior Customer Success Manager at buywith

Carissa Hills is the Senior Customer Success Manager at buywith, a leading live shopping platform and creator marketplace. Her diverse industry experience spans across live commerce, retail, social media, and influencer marketing. Carissa has helped successfully launch the livestream efforts of countless retailers, providing each with attentive guidance in order to achieve their livestream goals. She is dedicated to building lasting client relationships and applying her enthusiasm and knowledge to ensure the utmost success of her clients and partners at buywith.

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