Live commerce is getting popular these days, what exactly is Live commerce and how will affect online marketplaces?
Live commerce is a business that uses online and on-site activity to sell products and services.
Some of the key features of live commerce include:
- Customers can access and purchase products on-demand.
- The salesperson is not on the premises.
- The customer does not have to leave home
Live commerce is the new frontier of online marketplaces. It is making online marketplaces more engaging and interactive, where customers can purchase products and services in real-time, instead of just buying them after they are done.
I think that the impact of live commerce will be quite big on online marketplaces. It is because it will help companies to increase their customer base and improve the overall experience of customers by making use of technology such as chatbots and virtual assistants.
Online marketplaces are now shifting from a one-way process, where products and services are sold through websites, to two-way platforms where buyers can buy things right away and sellers can manage their products and services using chatbots.
The impact of live commerce will be seen in all aspects: delivery times, payment methods, marketing efforts etc. Online marketplaces like Amazon India have already started integrating with various ecommerce companies such as Uber for deliveries. This means that you no longer need to wait for your items to reach you; they can be delivered instantly! And if you don't want them anymore, you can return them easily without having to do anything about it! All this has made shopping more convenient than ever before!
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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platforms like eBay and Alibaba are places where users can buy and sell with ease but the concept is becoming outdated and has been replicated by countless other businesses.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.
Live commerce, also known as live shopping or live streaming shopping, is an emerging trend in the e-commerce industry that combines live video streaming with online shopping. It involves retailers or influencers showcasing products in real-time through live video broadcasts, allowing viewers to interact, ask questions, and make purchases directly within the live stream.
Live commerce typically takes place on online marketplaces, social media platforms, or dedicated live shopping platforms. The host or presenter demonstrates products, highlights features, shares personal experiences, and engages with the audience through real-time comments and interactions. Viewers can ask questions, seek recommendations, and receive immediate responses, creating a more interactive and engaging shopping experience.
The impact of live commerce on online marketplaces can be significant. Here are a few ways it can affect the industry:
Enhanced Engagement: Live commerce provides a highly engaging shopping experience by combining video content, real-time interactions, and product demonstrations. It creates a sense of urgency, excitement, and authenticity, leading to increased user engagement and longer session durations.
Influencer Marketing: Live commerce often involves collaboration with influencers or key opinion leaders (KOLs). Influencers leverage their influence and credibility to promote products during live streams, resulting in increased brand exposure, reach, and trust. This can drive more traffic to online marketplaces and boost sales.
Improved Conversions: The real-time nature of live commerce enables immediate purchase actions within the live stream. This can lead to higher conversion rates compared to traditional e-commerce, where customers often need to navigate through different pages and checkout processes. The convenience and instant gratification offered by live commerce can drive impulse purchases.
Product Discovery: Live commerce offers an opportunity for customers to discover new products and brands they might not have encountered otherwise. By featuring a variety of products in live streams, online marketplaces can attract a broader audience and introduce them to different offerings, thus expanding their customer base.
Authenticity and Trust: Live commerce allows customers to witness product demonstrations and testimonials firsthand, fostering a sense of authenticity and trust. The live interaction between hosts and viewers, along with real-time feedback and reviews, helps build confidence in the product and the shopping experience.
It's worth noting that while live commerce presents significant opportunities, it also poses challenges for online marketplaces. Infrastructure requirements, technical capabilities, and maintaining a seamless shopping experience during high traffic can be demanding. However, with the growing popularity of live commerce, online marketplaces are increasingly integrating live streaming features or partnering with dedicated live shopping platforms to capitalize on this emerging trend and provide a more immersive shopping experience for their customers.
