Live streaming and e-commerce exploded during the pandemic. They gave us ease, efficiency and entertainment when we needed it most. But put the two together and they become a force to be reckoned with.
Live stream selling and one click buying is the future of e-commerce. It opens the door for your brand to build deeper connections with your audience, show something new and creative and deliver your products/service right to your customer. Asian marketers are already reaping in the success of it. There’s no reason why it can’t work for Western marketers.
Just how Profitable is Live Streaming?
Very. Live stream in Asia is estimated to be a 281 billion dollar market by 2023 with 60% social commerce. Asian platforms were built to support live stream one click buying with stickers and emojis, and consumers are able to buy anything from consulting to cabbage. During the Pandemic on Taoboa Live, an Asian live stream platform, farmers used livestreaming to sell their produce directly to consumers, department store beauty reps began channels to sell products, and the list goes on.
How powerful can this actually be? Well let’s consider Kim Kardashian selling out her entire line of perfume in minutes. She reached 13 million viewers on a Chinese live stream platform, without even leaving her room at the Ritz. Taobao Live offered Chinese viewers and retailers a lifeline during the Pandemic.
Why Live Streaming is Popular in Asia, and not in The West, until Now
Historically western audiences have distrusted a one click buy- until the pandemic. As consumers have become more open to purchasing through digital and social media platforms, there’s been new ways for them to buy. Long form video content arrived in a climate where brands and buyers needed to connect in another way. Outside of television channels such as QVC and Home Shopping Network, there was no frictionless connection between ecommerce and video, until platforms started recognizing demand for instant buying.
Western brands looking to connect and follow China’s lead are testing their own channels, events, and productions, especially in beauty and fashion, and showing real revenue gains.
- German beauty retailer Douglas, streams several shows a week and reports conversion rates of up to 40 percent
- Tommy Hilfiger recently moved programs to Europe and North America, following a show that produced the sale of 1,300 hoodies in two minutes
- Walmart tested a livestream that brought seven times more viewers and yielded a 25 percent increase to its TikTok follower base.
With these numbers, you can understand why platforms, brands, and marketers are scrambling to go live, but how accessible is going live really?
Who is poised to be the next live selling MEGA platform?
Amazon, of course. Amazon has consumer confidence and it has a studio. Unlike Tik Tok, Facebook, and Instagram who are adapting one click selling capabilities, but are a bit clunky and without consumer confidence, Amazon has always made buying gloriously simple. They are currently producing Making the Cut, a sponsored reality show with the America’s Top Model fan favourites where you can buy and watch.
Amazon is poised to lead the way in live streaming sales because they already have the technology and consumers trust, however another platform, deftly repositioning itself and poised to change ecommerce is Squarespace.
For consultants who want to forego websites and sales processes, Squarespace developed integrations that broadcast live streams on Facebook and allow users to book consulting time, which works with salons, dining, or any other consultant service. There are BIG revenue rewards in live streaming and even if you are new to live streaming, hiring creators and building a studio for content is an investment well worth it.
If you can dream it, you can stream it
Brands can start streaming on a number of platforms that accept donations or on Amazon.
- Big beauty brands such as Johnson & Johnson and Procter & Gamble have begun producing original programming,
- Gucci Live has created its’ own virtual luxury shopping experience to connect more deeply with their audience and recreate the in store experience, complete with white gloves
- Every day brands can create content and accept donations via Twitch accounts.
While not every brand has the budget for a big tear jerking Hallmark Movie style program, sponsored by Johnson and Johnson No More Tears, streaming can be as uncomplicated as hiring creators to vacuum a floor or just talk about products or perform services. If your brand has already mastered social commerce, then you’re halfway there. Think about how live social selling can fit into your social media strategy. Get creative with your content and connect with your audience.
