The Next Big Thing in E-commerce : Exploring the Benefits of Livestream Shopping

The retail industry has gone through numerous transformations in the last few decades, from brick-and-mortar stores to e-commerce websites. Now, we are witnessing another significant shift in the retail landscape – the rise of livestream shopping. Livestream shopping, also known as live streaming retail or live commerce, is a trend that has taken China by storm and is slowly making its way to other parts of the world.

In this article, we will explore the benefits of livestream shopping, how it works, and the key players in the industry, including the emerging platform buywith.

What is Livestream Shopping?

Livestream shopping involves live broadcasts, often hosted by influencers or retailers, where viewers can purchase products in real-time. It's like a QVC program but online, and with a much wider reach. Viewers can interact with the host and ask questions about the product, while the host can demonstrate how the product works, provide styling advice, and more.

The concept originated in China, where it has become hugely popular. According to a report by iiMedia Research, China's livestreaming e-commerce market was worth $66 billion in 2020 and is expected to reach $170 billion by 2022.

Why is Livestream Shopping So Popular?

There are several reasons why livestream shopping has taken off in China and is now gaining traction in other parts of the world.

  • Real-time Interaction : Livestream shopping allows consumers to interact with retailers or influencers in real-time. This makes the shopping experience more engaging and personalized, as viewers can ask questions about the product and get immediate responses. 
  • Authenticity : Livestream shopping also adds an element of authenticity to the shopping experience. Viewers can see the product being used in real-time, which can help build trust in the product and the retailer. 
  • Convenience : Livestream shopping also offers a high level of convenience, as viewers can make purchases without leaving their homes. This is particularly appealing in the era of COVID-19, where many consumers are hesitant to visit physical stores. 
  • Entertainment : Finally, livestream shopping is also entertaining. The hosts often bring a level of energy and excitement to the broadcasts, which can make the shopping experience more enjoyable.

How Does Livestream Shopping Work?

Livestream shopping involves several key players, including the host, the platform, and the audience. Here's how it works:

  • The Host : The host is typically an influencer or retailer who is showcasing a product or range of products. They will interact with the audience and demonstrate the product, providing information and answering questions. 
  • The Platform : Livestream shopping platforms are the technology behind the livestream. They enable the host to broadcast the livestream, and they provide the infrastructure for viewers to make purchases in real-time. 
  • The Audience : The audience is the group of viewers who are watching the livestream. They can interact with the host and make purchases in real-time.

Increased Use of Augmented Reality

Augmented reality (AR) is already being used in livestream shopping to allow customers to see products in a more immersive way. This technology allows customers to virtually try on clothes, see how furniture would look in their homes, and even see how makeup would look on their face. As AR technology becomes more advanced and accessible, we can expect to see even more use of this technology in livestream shopping. This will create a more engaging and interactive shopping experience, allowing customers to see products in a more realistic way before making a purchase.

Emergence of Influencer Livestream Shopping

Influencer marketing is already a popular trend in e-commerce, and we can expect to see more integration of influencers in livestream shopping. Influencers have large followings and can help promote products to their followers through livestream shopping. This can lead to higher sales and increased brand awareness. Retailers will also be able to partner with influencers to create more personalized and targeted livestream shopping experiences.

Expansion to B2B Market

While livestream shopping has mainly been used in the B2C market, we can expect to see more adoption of livestream shopping in the B2B market. Livestream shopping can be used to showcase products to other businesses and make sales in real-time. This can be especially useful for industries such as manufacturing and wholesale, where large orders are common.

buywith

buywith is a popular livestream shopping platform that allows retailers to showcase their products and interact with customers in real-time. buywith offers several features, including real-time analytics, customizable templates, and integration with social media platforms. Retailers can also use buywith to create their online store, making it easy to manage inventory and process orders.

Bottom Line

Livestream shopping is the next big thing in e-commerce, offering several benefits such as increased engagement, higher conversions, and real-time feedback. Livestream shopping platforms such as buywith are already gaining popularity and offer several features such as real-time analytics, customizable templates, and virtual try-on features. As livestream shopping continues to grow, we can expect to see more integration with social media platforms, increased use of augmented reality, the emergence of influencer livestream shopping, and expansion to the B2B market. Retailers that adopt livestream shopping early will be able to create a more engaging and immersive shopping experience, leading to increased customer loyalty and higher sales.

Disclaimer : The information contained on this website is for general information purposes only. buywith will not be liable for any losses, damages, or costs, whether direct, indirect, incidental, special, or consequential, arising from the use of or reliance on any information contained on this website.

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