Instagram plans to kill off live shopping in March, a feature that has been broadly available to US businesses and creators since 2020. We want to ask ourselves: what does this mean for live shopping?
Live shopping does not live and die on one application. Since 2020 the live shopping ecosystem has escalated so quickly that brands can now find a host of different ways to connect with their customers.
One of the biggest benefits to Live Shopping is that it is an affordable way to enhance product discovery and brand awareness. This occurs alongside the benefits of getting to know customer shopping habits, whilst improving their overall online experience.
As brands move forward into the realms of live shopping, it is important to remember that one should not place too much emphasis on instant conversion as they start to explore the benefits.
So, where can you start?
Consistency
We are creatures of habit. If you are a Game of Thrones fan then you remember moving everything aside on Sunday evenings (Monday for UK viewers) to watch the latest episode. You would spend the week anticipating this moment and tune in on time to make sure you did not miss a minute.
There is something to be said about consistency within live shopping as well. With consistency we have seen regular patterns that will increase click through rate, engagement and ROI when a schedule is kept to.
Consistency also helps build a brand's community and makes it easily accessible to a wider audience. It offers functionality like “sharing” to be conducted in a manner that is quick and easy. “Oh did you see X goes live every Thursday at 1pm? They have some great deals on.”
The host of the show will be extremely important when it comes to building a community. The host is responsible for maintaining authenticity when customers have questions about the products.
Authenticity
I am a plus sized person, so to have the ability to ask my questions, that I might find uncomfortable to ask in a store, is a great way to feel connected to my favourite brands.
Being authentic is so important to an audience and having that direct connection with a brand can really help push product discovery and sales. Live shopping offers that 1:1 opportunity to ask questions but to an audience of many.
Equally, being authentic also offers the chance for live demonstrations of products within a live shopping experience. This opportunity brings customers closer to conversion because they get first hand, real-time exposure to the product.
The host will play an important role in connecting audiences to product discovery. It's an welcomed opportunity to invite audience members to comment and interact using social features embedded within the platform.
Additionally, the host might want to bring the product closer to the camera or if the camera is operated then bring the camera closer to the product to provide the viewer with an almost in-person shopping experience.
Themes
Having an engaging, authentic host is vital,
but the content of live shows is equally important. As confidence grows with brands going live more regularly, it can be important to group this content into underlying themes.
These can help to target specific consumer types and have a more direct approach to conversion and product discovery.
Week ONE might be a live show about sustainability
Week TWO might be a live show about product discovery.
Week THREE may be a masterclass.
Week FOUR may be a sale.
Themes can be anything but it requires patience and research on your customer interests and habits. Consistency and patience will play a key role in the development of the live shopping delivery.
The host will also be integral to educating your audience in the features interactivity holds, showing customers how to shop, where they can view products and promoting upcoming events based on a consistent schedule.
Take your time
Last but not least, time will be the deciding factor. Live shopping has been on the edge of people’s lips for 3 years and yet, still requires time to get the community built right. Those that have succeeded do so 8 X their ROI when they use Smartzer’s Live Shopping technology.
So how do brands succeed within live shopping:
Consistency - Build your audience and improve your average viewing time
Authenticity - Increase your engagement within the show through comments and interactions
Themes - Educate your audience on the interactive features
Time - Start to see conversions
Smartzer’s live shopping tool allows brands to create their own success story. Within the initial stage of the journey, brands will start to see an increase in conversions if they concentrate on developing their online audience first. The focus should be on the community.
In today's digital age, customers are increasingly turning to online shopping for convenience and flexibility. With the rise of shoppable video technology, businesses now have the opportunity to provide an even more seamless and interactive shopping experience for their customers. Here are some reasons why brands should consider making their video content shoppable to stand out from the crowd in 2023.
1. Increased Customer Engagement
The interactive format of shoppable video content encourages viewers to engage with a brand’s content in ways that are not possible with standard video content. Customers are enticed to click on hotspots in videos in order to learn more about the products or looks on show, helping to inform the viewer further on these articles. The exciting format captures the attention of the customer, furthering the desire to learn more about a brand’s products.
2. Enhanced data collection
By exploiting the increased engagement from interactive video, new streams of actionable data are created. With customers clicking on particular products in videos, brands can build a detailed picture of what an individual’s interests are. These customers can then be retargeted in a highly focused way. Rather than retargeting individuals based on the whole range of products in a video, brands can target each customer with exact products that they have shown interest in. This can help build a deeper connection between your business and your customers, increase customer loyalty, and drive more sales over time.
3. Providing More Opportunities for Product Demonstrations
According to a survey by Crisp, 64% of consumers say they would be more likely to purchase a product after watching a video about it. Shoppable video content provides an excellent opportunity for businesses to showcase their products and services in a more interactive way. By creating videos that demonstrate the features and benefits of your products, with hotspots that help to elaborate upon this, you can help potential customers make more informed purchase decisions. This in-turn can lead to significantly reduced return rates.
4. Creating a frictionless purchase journey
Helping the customer to make informed decisions is a great step, but it is vital that these decisions can easily be converted to purchases. Shoppable video drastically reduces the steps required by the customer to make a purchase. Gone are the days where the customer sees a product they like in a video, then has to search for the product they like, then has to find the product they like… It is 2023. It is as simple as clicking on the product, and clicking add to cart. By creating a simple, smooth purchase funnel, businesses can drive more sales through shoppable videos.
5. Staying Ahead of the Competition
Shoppable video content is still a relatively new concept in the world of online marketing. By adopting this technology early on, you can stay ahead of the competition and offer a more cutting-edge and innovative shopping experience for your customers. This exciting format is a refreshing addition to any site, reminding the customer that a brand is leading the way in adopting the technology of the future. This can help differentiate your brand from others in the marketplace, increase brand awareness, and drive more sales over time.
The benefits of shoppable video are clear to see. Increased customer engagement leads to a wealth of actionable data. Combining the increasingly popular video format with a user-friendly conversion journey can boost your sales. And of course it is important to be technically innovative and keep one step ahead of competitors. Now is the time to exploit this exciting video format.
Updated: Feb 14, 2023
Live shopping has been gaining popularity in recent years, especially with the rise of social e-commerce.
Consumers are spending more time on the internet than ever and therefore digital awareness is growing rapidly. In the US alone, the livestreaming e-comm market is expected to hit highs of $32 Billion this year, according to consumer market research group Coresight Research creating an entirely new ecosystem and opportunity for brands to sell to their consumers via live shopping.
The benefits of live shopping are clear, both for the retailers and consumers. Retailers can use live shopping to showcase their products in a dynamic and engaging way, while also gathering real-time feedback from their customers. This has been a proven success with Forbes reporting it to be one of the biggest trends in 2023 as brands look to recover from the overall decline in e-commerce in 2022. On the other hand, consumers benefit from the ability to see and interact with their products in real-time, which can help make more informed purchasing decisions.
One of the key reasons for the success of live shopping is its ability to provide a more immersive and interactive shopping experience. Unlike traditional online shopping, where customers simply browse products on a website, live shopping allows customers to interact with the product in real-time and ask questions directly to the host. The level of engagement can help build trust and community between the retailer and the customer, making the shopping experience more personal and enjoyable.
Another reason for the success of live shopping is its ability to create a sense of urgency and scarcity. When products are being sold in real-time, customers are more likely to make a purchase due to the limited availability of the product. Retailers can also use this sense of urgency to offer special deals and discounts, which can further drive sales.
In addition to the success in boosting sales, live shopping has proven to be an effective marketing solution for retailers. Compared to traditional forms of advertising, live shopping is relatively inexpensive.All that is required is a phone and a ring light which can set a brand up to produce content that is highly effective in reaching large audiences. Retailers can also use live shopping to gather valuable customer information, which can be used to improve or re-target their audience.
To round up, live shopping is creating exciting new ways for retailers to speak to their audiences. We might all think about the QVC type content, but this avenue is a wonderful opportunity for customers to get to know their brands more. With the evolution of social commerce, platforms such as Smartzer have added key engagement tools so your audiences can feel more attached to your brand.