2023 Live Commerce trends to watch out for

eCommerce is transforming. With the emergence of 5G connection, internet speeds are accelerating, mobile traffic has surpassed desktop traffic, and social media platforms are growing rapidly. These advancements are being used by live commerce to close the distance between the product and the customer.

What is the purpose of this new eCommerce strategy? Is all the hoopla worth it? Let’s explore.

Technology has had a significant impact on the development and growth of live commerce. Here are some ways technology has affected live commerce:

Ensure that your live commerce setup is equipped with the latest technology, such as high-speed internet, high-quality cameras, and reliable streaming software.

Make sure your live commerce events are designed to deliver a high-quality and engaging customer experience, with interactive elements and real-time customer engagement.

Develop a content strategy that focuses on showcasing your products and building a strong brand image, while also delivering value to your customers.

Make sure you have systems in place to engage with your audience in real-time, such as live chat or Q&A sessions.

With the increasing use of mobile devices, make sure your live commerce setup is optimized for mobile viewing, with a user-friendly interface and easy navigation.

Utilize technology to collect and analyze data on customer behavior and preferences during live commerce events, and use this information to make informed decisions and improve the overall shopping experience.

By taking these steps, businesses can be well-prepared for the future of live commerce and leverage the benefits it offers to reach and engage with their target audience.

Gizmott is a live commerce platform that can help businesses transform their online presence by leveraging the power of live streaming to reach and engage with customers. Here are some ways Gizmott can help:

Live commerce, in contrast to conventional advertisements and banners, is all about obtaining results right away. Customers-to-be are linked in real-time to the influencer or event where they may observe the product in use. When done correctly, the qualities and advantages of the product are immediately highlighted, encouraging customers to “purchase now.” Additionally emphasized is the Fear of Missing Out (FOMO) element.

Smoother purchasing is encouraged by in-app livestreams, live events, and in-video advertisements using popups or buttons. The user journey can be greatly shortened by sending a single message to make a reservation or by sending a few clicks to make a transaction. Payment barriers are lower, therefore there are more opportunities for impulsive purchases. Customers find live commerce convenient, and convenience increases conversions.

Businesses can lower their expenditure in paid campaigns and other pricey promotions by utilising influencers and live events. When goods are sold directly to customers, live commerce also reduces overhead expenses, resulting in more efficient processing and quicker distribution to customers. These significant upgrades assist in reducing operational costs and streamlining overall expenses.

Live commerce provides instant feedback from customers, which can help businesses better understand their audience and make real-time adjustments to their products and marketing strategies.

Live commerce provides instant feedback from customers, which can help businesses better understand their audience and make real-time adjustments to their products and marketing strategies.

Live commerce allows customers to see products in action and interact with the host, which can create a more personal and enjoyable shopping experience.

Live commerce can be a cost-effective way for businesses to reach a large audience and showcase their products, as compared to traditional brick-and-mortar retail stores or TV shopping channels.

By providing an interactive and engaging experience for customers, live commerce can help businesses connect with their target audience and create a strong, positive brand image. Additionally, live commerce can reach a large audience in real-time, helping to increase brand exposure and visibility. By providing a platform for businesses to showcase their products and interact with customers, live commerce can help build brand awareness and create a more memorable shopping experience.

The value of live commerce is increasing due to several factors:

Live commerce, often referred to as Livestream eCommerce, makes use of real-time events and livestreams to provide one-click purchasing of highlighted goods. Due to their built-in capacity to support video streaming, viewing, and sharing operations, social media and video platforms like TikTok, Facebook, YouTube, and Instagram are the best venues to carry out this prospective approach.

Live commerce includes the widespread usage of influencers, whose popularity is leveraged with paid sponsorships that automatically boost exposure, in addition to producing livestreams and demonstration videos.

By 2026, researchers predict that live shopping sales will account for 20% of all eCommerce transactions. Additionally, it is expected that the livestream eCommerce industry will grow thrice from 2021 to $35 billion in 2024.

Live commerce is employed by 78% of businesses to forge closer ties with their audience since the majority of consumers worldwide want their brands to become more digitally creative. Livestream selling has resulted in a 30% increase in conversion rates for brands. The results here are ten times better than those from traditional eCommerce. According to a different study, livestreaming the sale of premium products generated conversation rates of 70%.

In China, the live commerce craze spread like wildfire. The innovator of so many ground-breaking products is now also the trend-setter for live commerce.

If we go back to 2016, the Chinese e-commerce behemoth Alibaba successfully held its first livestream shopping event.

(And by huge success, we mean generating a transaction value of $7.5 billion in the first 30 minutes.)

Could we go back a little bit further, though? Who else has memories of the QVC Home Shopping Network? One could argue that television home shopping networks like these laid the groundwork for live shopping in the 1990s.

One-to-one live commerce connects a customer with a product-matched specialist one-on-one rather than via a broadcast with unlimited viewers. Customers get a customised consultation and the in-store expert’s undivided attention.

One-on-one encounters frequently work well for expensive transactions or ones that call for extra thought, and they also offer a better chance to upsell. Other advantages include how simple these are to complete and the ease with which client satisfaction can be tracked.

It may be argued that it is also less expensive to operate, especially when influencers are being used by other streams. As people explored for new methods to shop during the epidemic, one-to-one live commerce experienced a boom in popularity. Since customers are no longer need to drive to store locations or search the internet for their products, it has become attractive for its flexibility. Instead, consumers can get in touch right away with professionals who are educated to sell those products and are well-versed in them.

Influencer-hosted live streams have become more commonplace in recent years. For instance, customers may now buy things that are featured in livestreams, talk with other users in real time, and connect with presenters thanks to Shopify’s new integration with TikTok.

It’s a terrific approach to draw in and keep customers engaged to include influencers in your live video buying experience. A shoe and accessory company named ALDO reported 17,000 page views over the course of five days as a result of their live stream, which was narrated by TikTok sensation Nate Wyatt and celebrity stylist Mimi Cutrell.

One-to-many live videos or even previously produced videos might be a good fit for your influencer video marketing plan.

By 2021, the market for augmented reality (AR) and virtual reality (VR) had reached $28 billion, and by 2030, it was predicted to reach $450 billion. Retailers like Macy’s, Sephora, and Ray-Ban have incorporated augmented reality and virtual reality into their retail strategies. Sephora recently unveiled a “Virtual Artist” tool that uses augmented reality to give customers “virtual makeovers.”

Because it gives consumers a physical, real-world environment where they can view both the actual world and virtual objects, augmented reality (AR) in live commerce is arguably one step ahead of VR. For instance, a customer looking for furniture online might want to see how a sofa will look in their house. With the use of Gizmott’s live commerce technologies, retailers can use video to link customers with in-store advisors so they can watch the sofa being shown in real time.

For merchants, both technologies have a lot to offer. They aid in lowering resistance throughout the consumer journey. They also boost consumer trust because they can see the product before buying it, which allays concerns about staking their money on something only to have to return it later. The gap between physical stores and internet shopping is filled by AR and VR.

Social commerce is anticipated to develop three times more quickly than traditional commerce globally, reaching a staggering $1.2 trillion by 2025, with millennials accounting for 62% of this growth. Many platforms have integrated live commerce into their strategy as the younger generation of consumers gravitates toward shopping on social apps.

Shopping using social media channels improves the live commerce experience since it unifies it by allowing customers to add items to their shopping carts while still in their preferred apps.

If you’re unsure of how to launch your livestream event, live Q&A sessions are the ideal place to begin. These Q&A sessions give the host the opportunity to immediately respond to burning queries while also checking out products or offering style advice in real time.

Through the live chat discussion, viewers can ask questions, and moderators will help answer and record all of the chat’s inquiries. The viewer may be persuaded to buy if they receive an immediate response to a pressing question. Consumers want rapid responses to sales and marketing inquiries, according to 82% of them.

The rise of e-commerce and online shopping has created a growing demand for more interactive and engaging shopping experiences. Live commerce provides a solution to this demand by offering a highly interactive and engaging shopping experience for customers.

Advances in technology, such as high-speed internet and improved video streaming capabilities, have made live commerce more accessible and feasible for businesses and consumers alike.

With the increasing use of smartphones and mobile devices, live commerce has become more convenient and accessible to customers. This has made it a popular and valuable tool for businesses to reach their target audience and drive sales.

Compared to traditional brick-and-mortar stores or TV shopping channels, live commerce is a cost-effective way for businesses to reach a large audience and showcase their products.

These factors, among others, have contributed to the growing value of live commerce and its increasing popularity as a tool for businesses to reach and engage with their target audience.

Technology has had a significant impact on the development and growth of live commerce. Advances in technology have greatly improved the quality of video streaming, making live commerce a more accessible and engaging experience for customers.

The increasing use of mobile devices has made live commerce more accessible to customers, as they can easily participate in live streams from their smartphones or tablets.

Technology has allowed live commerce to be integrated into popular e-commerce platforms, making it easier for businesses to reach their target audience and drive sales.

Technology has enabled live commerce to incorporate interactive elements, such as real-time chat and Q&A sessions, to enhance the customer experience and increase engagement.

Technology has enabled businesses to collect and analyze data on customer behavior and preferences during live commerce events, allowing them to make data-driven decisions and improve the overall shopping experience.

In summary, technology has had a profound impact on live commerce by improving the quality of the customer experience, making it more accessible and convenient, and enabling businesses to collect and analyze data to better understand their target audience and make informed decisions.

To prepare for live commerce in the future, businesses can take the following steps:

Gizmott provides a comprehensive platform for businesses to host and manage their live commerce events, from start to finish.

Gizmott offers a variety of interactive features, such as live chat and Q&A sessions, to enhance customer engagement and drive sales.

Gizmott provides a platform for businesses to reach a large audience in real-time, helping to increase brand exposure and visibility.

Gizmott offers robust data analytics and reporting capabilities, allowing businesses to collect and analyze data on customer behavior and preferences during live commerce events.

Gizmott is optimized for mobile viewing, making it easy for customers to participate in live commerce events from their smartphones or tablets.

By leveraging the power of Gizmott, businesses can transform their online presence and reach a wider audience with live commerce, while also improving the customer experience and driving sales. Visit our website, gizmott.com or drop us a line at info@gizmott.com.