The retail environment has changed dramatically as a result of worldwide lockdowns and a surge in digitalization. Retailers that were previously slow to embrace digital technologies to attract consumers are now racing against the clock to stay relevant. In retail, the next 10 years will witness some catastrophic rifts that embrace new selling trends. Digital transformation will serve as a foundation for delivering new sales channels that can use the potential of live video shopping.
What do the implications of live video shopping imply for retailers?
In a nutshell, Livestream shopping allows you to showcase products to an online audience while allowing them to freely engage within the live experience.
To replicate in-store experiences, the expert may interact with consumers through video and chat, eliminating the needless response times associated with contact forms or live chatbots.
Livestream shopping enables businesses to take a more personalized approach to particular consumers or target audiences.
To satisfy the changing expectations, retailers may rethink the consumer journey and offer productive experiences. According to a recent study, 40% of respondents ranked customer experience as their top priority for digital transformation.
With Live Shopping in the USA, businesses can provide a compelling online experience that puts their expertise at the centre of digital touchpoints. As a result, leveraging a Live Commerce platform can detect customers’ requirements and provide a highly personalized experience to them leading to product sales.
In China, this format is asserting its supremacy. Social commerce, as it is sometimes called, accounts for about 9% of China’s e-commerce industry. It is now expected to be worth 15-20% more.
Live Shopping in the USA works especially effectively for high-consideration goods. Platforms like Channelize.io Live Online Shopping Platform eliminates the customer’s uncertainty and instil a level of confidence that was previously impossible to acquire while shopping online.
Providing customization tools to retailers
Customers’ expectations of personalization have been shaped by rapid e-commerce growth and highly-personalized options. According to a study by GBH Insights, 80 percent of consumers want shops to personalize their experiences.
However, according to the World Retail Congress study, just 23% of customers think merchants are doing a good enough job at personalization. Live video shopping simulates in-store experiences by allowing the expert to do a live needs-based analysis and suggest products.
Selling live via live stream shopping opens up possibilities for not just personalizing the experience but also building genuine consumer connections.
Why should businesses embrace live video shopping?
Finding the appropriate technologies to help with digital transformation is a challenge for many businesses. According to the World Retail Congress study, 67 percent of companies do not have enough technologies in place to implement scalable customisation.
Another 41% stated it was difficult to locate the right solution partner. This puts retailers under pressure to find quick-to-market solutions to meet the ever-changing demand in customer behaviour.
To offer human-like online services, retailers must take a stand on a technology-led strategy that is Live Commerce. Based on consumer feedback, it is obvious that yesterday’s best practices no longer match current business requirements. People nowadays seek to preserve their uniqueness by personalizing the environment around them.
While customers are slowly returning to physical shopping, they will struggle to recover to pre-Covid levels. Nonetheless, there was a social awakening for internet shoppers during a period of social famine.
They want to get one-of-a-kind, customized service, and they want to buy goods with confidence. In a world where data use is becoming more ambiguous by the day, merchants must adopt creative methods to properly and efficiently utilize data.
Both consumers and sellers can benefit from Livestream Shopping in a number of ways.
Brands can leverage livestream shopping to tell their brand storey to their viewers in a far more personalised way. Consumers may learn about brands and their offerings. As a shopper, you may see real-time product demonstrations and get real-time answers to all of your questions, which can help you make better purchasing decisions.
Live streaming shopping platform offered by Channelize.io paves the way for a new age of online commerce by fusing experiences to create an altogether new environment for your customers. Contact info@channelize.io for further information and to get started with live stream shopping instantly.
