The pandemic has changed the whole dynamic of the retail industry, the retail industry has become more digital. We can observe that with the rise of online stores. And this has eventually led to retailers struggling to gain consumers’ attention in a crowded and chaotic online environment.
The solution to this problem is similar to streaming services. Combining online purchasing and storytelling we now have “Live Shopping” or “Live Stream Shopping”. It is a fundamental mixture of utility and entertainment.
Social media platforms are already all-in with major brands. Walmart is hosting live stream shopping with TikTok. While Facebook is featuring Sephora and Abercrombie & Fitch on their Live Shopping Fridays. Instagram has a dedicated Live tab in the shopping section, and Amazon has also recently launched Amazon Live.
Why Live Shopping is the Game Changer?
Here are the reasons why live shopping may be the next big thing and why this is the right time to get in on the live shopping game.
Live shopping is making e-commerce more human
Mission-driven brands need a story behind what they sell to emotionally connect with their audience. This is a critical problem online. Physical stores are falling behind the retailer’s strategies. Due to this, it is important to have an honest and human element to it.
Because of the pandemic, Retailers have to change their strategy while doing business online. They should integrate the brand’s values, culture, and interests along with the product information. In simple words, they need to tell captivating stories just like top brands do.
This is where live shopping plays a huge role. In live stream shopping, hosts can tell their stories, demonstrate the products, interact with the audience and answer questions. This creates a new type of connection between the brand and the audience. Live shopping helps to create a more authentic image of the brand than any glossy ad campaign. The informality of the whole event allows consumers to see the brand as real and approachable.
Live shopping helps to create FOMO
Most brand not only competes on products but also on innovations, which can get copied by competitors. But live shopping events are the key to building something entirely different and driving up value.
Live shopping is best to create scarcity. Offering limited edition releases and limited stocks with limited time to buy them can create the real fear of missing out on the consumers. Live shopping is an event that can make consumers feel that this is a once-in-a-lifetime opportunity to buy the products.
Live shopping also allows brands to explore new product ideas and niches in a less risky way. They can get live customer feedback on what works and what does not.
Live shopping is more than just mere shopping. It is a source of entertainment that can delight and inform consumers. It also provides convenience to the consumer, they can tune in anytime, listen to influencer stories that matter to them, and just with a few clicks have the product shipped to their home. This is hard to beat by just online shopping.
Due to the pandemic, the whole dynamic of the retail industry has changed. Retailers now have to struggle for consumers’ attention in a crowded and chaotic environment. This is where Live shopping can be the game-changer in the retail industry. Read the article to know why it is the next big thing.