Live commerce is the fusion of live streaming videos and e-commerce. It gives customers confidence and the ability to find answers to their questions that would otherwise prevent them from adding an item to cart and purchasing.
Different types of live commerce:
1. Online marketplaces:Online platforms like eBay and Alibaba are places where users can buy and sell with ease but the concept is becoming outdated and has been replicated by countless other businesses. To keep users engaged when they shop online, new features are being introduced to ensure online marketplaces stay relevant and increase revenue.
This is where live commerce fits in. By offering real-time interaction, buyers and sellers will feel like they’re at a physical marketplace but in the comfort of their own homes.
2. Live auctions
Instead of attending an auction house, buyers and sellers can connect online and worldwide. Live streaming an auction allows the bidding pool to expand which means there’s likely to be more buzz, more bidders and more competitive bids than ever before!
3. Influencer streaming
We’re used to seeing influencers of all types streaming on social media (whether that’s nano, micro, macro or mega influencers) and with the new demand for improved engagement, you will soon be seeing influencers diving into live streaming across e-commerce sites too.
4. Live events
Product launches, retail holidays, limited edition items, although all relevant to the aforementioned categories , are more likely to be held as ‘live events’. Streaming these live events will make for quick and easy coverage, regionally, nationally and even globally. There’s also no consumer limit - which will increase buyer urgency.
5. Interviews and Q&As
As well as reading a Q&A blog, live streaming can also involve holding live Q&A sessions with specialists or frequent product users. This method humanises a brand and invites viewers into a conversation amongst the community.
It's benefits;
Shopping online without assistance can be difficult, and without anyone there to ask how big something is or what colours it's available in can lead to cart abandonment. However, with the virtual presence of a shop assistant or influencer, your questions can be answered right there and then.
Other benefit are;
Improved customer relationships
Improved understanding of what customers want
Reaches a larger audience
Helps businesses to get ahead of competitors
Reduced overheads.
Hope this helps.
