Live commerce trends you need to know in 2023

There is no getting around the reality that Live Commerce is not only thriving but also here to stay. Analysts are saying that businesses that incorporate live commerce into their sales strategy are seeing a 30% rise in conversion rates, which is 10x times higher than conventional Ecommerce and that live commerce sales could account for 20% of all Ecommerce by 2026

Plenty of such live shopping statistics show just how rapidly it’s growing, and will only continue to grow. Live commerce, live shopping, live streaming, live chat, etc. are the trending topics when it comes to e-commerce.

Live commerce has bought a drift in the e-commerce industry in the past few years. Top brands are creating binge worthy live commerce content right now. And most of the customers want to see more live commerce options from their favorite brands.

In this article, we’ll examine the current live commerce trends and speculate about the future. Contact us if you’d like to know more information about these trends or a quick rundown of how to integrate live commerce into your business.

Let’s get started with the basics of Live Commerce.

Live commerce, often referred to as Livestream eCommerce, makes use of real-time events and livestreams to provide one-click purchasing of featured products. 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.

For the best user experience, live commerce requires features like live video shopping, live chat, and shopping cart integration.

Adopting live commerce into your business strategy helps your brand stand out from other retailers on the market. Customers are more likely to recognize your brand when they recognize the person behind it or when they see well-known influencers utilizing it.

With Live Commerce, you can expose your products to thousands of people in only a few minutes, boosting your revenue rapidly. Companies that have implemented live commerce have seen much increased conversion rates.

Consumers will want to buy a product while the livestream is active because of the fear that they may miss out on the limited-time great offers. This is especially important for social media platforms like TikTok since viewers can watch other individuals making purchases and adding products to their baskets while the stream continues.

Live commerce enables companies to improve customer interactions. Customers can have a more engaging buying experience thanks to video commerce. In comparison to other forms of content, video content has a greater engagement rate, where people are 2 times more likely to share videos with their connections.

Live Commerce helps you deliver valuable product information in a video format that customers find entertaining and can retain. It brings down the chances of product returns.

Now let’s dive into the trends that are shaping live commerce and take a look at what’s up and coming.

Maximizing your live video shopping with influencer-hosted live streams helps establish a real connection and trust between the customer and the host. Influencer marketing is a great way to attract and engage customers. When looking for influencers, find someone who shares your similar target market.

Live chat discussions and live Q&A sessions plays an important part in your live stream. It promotes engagement and a sense of connection between the brand and the customer. Customers can get their questions answered in real-time, creating a more personal shopping experience.

Enhancing an Omnichannel marketing strategy creates a seamless integration between multiple channels at once. It allows your customers to make seamless purchase transactions and increases customer life time value.

The Virtual Reality (VR) market is already creating the buzz and we see brands jumping into this strategy. A lot of retailers have already adopted VR into their retail strategy. Virtual reality in live commerce gives a more traditional shopping experience, improves customer convenience and acts as a cost-effective prototype.

Live commerce has countless advantages for both your brand and your customers. It’s time for you to join the top retailers in the world that have already implemented live commerce into their business plans. By implementing a solid video commerce solution, you can increase your revenue while giving your customers a unique experience.

Visit flixbuy.tv to find out more about how Flixbuy’s live commerce solutions can help your brand today. Get in touch with our experts right away or drop us a line at info@gizmott.com.