The digital world never ceases to surprise us. If we thought that the format Teleshopping He had already passed away years ago, China goes, rescues him and turns him into absolute trend in ecommerce. Of course, he changes the name to Live Shopping (which sounds better) and changes the scene: from television sets to social networks and websites.
The result? A somewhat strange hybrid the first time you see it, but seeing the multi-million dollar figures it seems to work: in China it is already a 20% of online sales and according to a report from Snoop Consulting Live shopping is expected to generate more than $100 billion in revenue by 2024.
All digital oracles agree that this sales format will continue to grow by leaps and bounds in 2023 and will spread little by little throughout the West. In our country, brands such as Lush, Colvin, Laagam or Menorquinas Popa have already joined live commerce, and it is expected that more and more will bet on this revolutionary format every day.
According to the study 'The potentials of live streaming ecommerce' of AliExpress –a platform that opted for live shopping before anyone else–, the search for new online shopping experiences is growing in Europe, and the shoppertainment (purchasing streaming products) is already of interest to 78% of Spanish consumers. Almost 8 out of 10 people. Not bad, right?
Seeing this data, it is not difficult to deduce that those brands that arrive before their competition in live shopping They will make a difference and will be able to significantly increase your sales.
Advantages of Live Shopping
- It enhances trust and closeness in the purchase by trying to recreate the sales experience of a physical store in the digital space.
- It allows you to focus on segmented audiences.
- Create a non-invasive relationship between the brand person (creator, influencer, streamer...) and the potential buyer.
- It goes beyond descriptions, images or videos and allows you to show products in action and in detail.
- Allows you to choose between the social network that best suits your brand: YouTube, TikTok, Instagram, Twitch or Facebook. Or directly on the website.
- It has been proven that the sales power of live videos is greater than that of canned videos thanks to the connection established between brand and buyer
- It allows you to apply characteristics of physical sales to online sales thanks to the human component that does not occur in other formats.
Whichever social network you choose for Live Shopping, consumers should always land on your website, hence the importance of having your sales channel fully implemented for quick acquisition and sales.. How to further boost sales during live shopping? Try using discount codes or flash promotions so your brand can achieve higher sales conversions.
At Midrocket we think…
That live shopping is a full-fledged commercial opportunity. We do not always witness such a resounding trend and it would be a shame if brands did not take advantage of its full potential. Furthermore, it is a format whose application does not require large investments, it is only necessary to have a good ecommerce and decide which person is going to make the live sale and what the staging will be (let's not forget the importance of branding and convey brand values).
If you have any specific questions about Live Shopping or are still not sure if it is the ideal platform for your business, ask mid-rocket!