Live Commerce What it Could do for Your Brand
Have you ever bought something based on a product review? How about after watching a product review video? If you haven’t you are in the minority. According to studies, 93% of consumers say reviews have influenced their purchases (Source: Podium) and two thirds of consumers say online video has given them inspiration for purchases (Source: Google).
So what’s the next natural evolution of video and reviews? Live shopping.
Live shopping combines reviews, influencers, and product demonstrations to help make a brand and product as appealing as possible. Given the rise in mobile, increased broadband speeds, and platforms like TikTok this is now more possible than ever. Currently, 30% of China’s eCommerce is based on live shopping purchases. (Source: McKinsey). Last year in the US Facebook had live stream Friday. Amazon has an entire section of the site dedicated to live shopping (Amazon Live).
Live shopping can include tutorials, interviews with users, or behind-the-scenes looks into how the product is made. The best uses depend on your brand and audience, but this approach isn’t just limited to fashion and apparel. Companies are reporting conversion rates of up to 30% which is significantly higher than “traditional” eCommerce conversion rates. There are platforms and extensions that can be used to help like Popshop.live or Bambauser.
This is certainly still an emerging trend in the US, but as brands consider ways to increase their appeal and leverage the opportunities technology presents, live commerce can certainly fit that bill.
Subscribe to Stay up-to-date with blogs, tips & tricks and more.