Many take the internet for granted as a permanent immovable fixture in their everyday lives. But technology is constantly changing (cue a Bob Dylan song), and if you’re going to survive in the business world, you’ll have to adapt with it.
A few short decades ago, ordering online felt like a scene from a science fiction novel and using a credit card on a website felt as risky as skydiving. Now global e-commerce is worth over five trillion dollars and no one thinks twice about putting their most sensitive information online.
E-commerce technology never stands still, and the next important trend that your business needs to be on top of is live stream shopping.
Live shopping is where a host, often an influencer or celebrity, showcases a product during a live streaming video. Think of the Home Shopping Network but online and shoppers can buy directly from the stream they’re watching. The marketing strategy is meant to be fun and exciting and engages customers by letting them interact with your live stream host in real-time.
Live shopping, if done right, can boost your sales number, offer new ways to connect with customers, and provide a viable marketing strategy. According to recent Facebook data, 55% of Gen Zers and 62% of Millennials are interested in buying products from a live stream.
So how can you and your business capitalize in the here and now?
Take advantage of your influencer affiliates.
Influencers can be your biggest allies in trying to hold a successful live shopping event. Influencer affiliates bring not only a guaranteed audience with their followers and fanbase but they can also help you hit a specific target audience as well. Additionally, influencers understand the importance of presentation and high-production values when interacting with their audience. Having an influencer host your event taps into their expertise as entertainers.
But it’s important to partner with influencers who are experts in your field of business. The partnerships should feel natural instead of seeking out big names with star appeal but little credibility in your vertical.
Include these elements to help drive up excitement during your live stream.
Live shopping thrives on hype. The more enthusiasm and energy you generate with your audience, the higher your sales will go. Live shopping offers a level of interaction unprecedented in the e-commerce world and you should take advantage of it by offering raffles, giveaways, guest stars or major product announcements and launches that will get your audience hyped.
Live stream shopping thrives when it feels like an event and you want tuning-in customers to feel like they’re getting a good deal and having a great time all at once.
Use Sites that Already Have Live Stream Technology
Now that you have a game plan, you can host your live shopping event on various social media channels. YouTube, Facebook, Instagram, and TikTok have all updated their platforms to hold live shopping events. YouTube even offers detailed plans to make live shopping an easier experience with plans to bring the service to “anyone with a mobile device.”
Live shopping is the newest advertising tool that businesses can use to reach consumers. The digital age offers unprecedented connectivity and interactiveness. But it’s up to you, bold entrepreneur, to brave those waters.
In 2021, Chinese influencer Austin Li drove $1.8 billion dollars of sales during a 12-hour live shopping event for e-commerce giant Alibaba. While you probably won’t be able to replicate his success, it does show the potential that live stream shopping has to create sales for your brand.