China is the best place to start if you want to predict how live streaming shopping will impact eCommerce’s future.
Alibaba’s live streaming selling platform Taobao Live boasts nearly 40 million users. Last year’s Singles Day shopping festival, which was billed as the largest 24-hour online sales event in the world, saw the Taobao marketplace make $7.5 million within the first 30 minutes. This is a 400% increase on the previous year.
It is not a new trend to live stream shopping. In 2019, $60 Billion was generated worldwide by the format. As you can see, live streaming shopping has been a popular choice for Asian consumers for many years. The market is poised for a breakthrough year thanks to an increase in at-home video consumption and rapidly digitizing consumer shopping habits.
Live streaming events hosted on Wix Video can help you attract shoppers and increase traffic to your online store.
What is live streaming shopping?
Live streaming shopping is when someone, brand, or company uses streaming videos to sell something to a live audience.
Live stream shopping usually uses eCommerce websites such as Wix eCommerce and shopping apps. Social commerce platforms or apps such TikTok are also available.
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Two key differences exist between live streaming shopping events and the traditional HSN broadcast approach.
The first is that the live streaming of a shopping event happens over the internet. It allows viewers to interact directly with the host, usually via chat or “reaction” buttons.
Live streaming shopping is unscripted and spontaneous. Viewers can ask questions and voice their concerns in real-time, rather than calling in to purchase an item being shown.
A compelling live stream shopping event is made up of four components. These are:
- The platform or website that will host the event. A business can host a live streaming video event on their website. Or, they could use a dedicated streaming platform or one of the many social streaming options offered by companies such as YouTube, TikTok and Facebook.
- The show will need a charismatic host. To host your live stream event, you’ll need Bob Circosta. Nowadays, celebrities and social media influencers are the most popular hosts of live stream events, at least for those with the financial means to do so. A live stream shopping event can be hosted by anyone, so it’s easy for small businesses to reach shoppers.
- You need something to sell. You will need to have at least one product for a live streaming shopping event. You can showcase anything from handmade soaps to athleisurewear. You can also sell luxury goods via live streaming (think jewelry and high-end cowboy boots).
- Hook. Live streaming your products can be a great way for shoppers to interact with you, but it will also mean that you will have to compete with other merchants and businesses to get their attention. You can create buzz by offering a contest, giveaway, special offer or guest to get people to tune in and watch your live stream over your competitors.
What are the main benefits of live streaming shopping?
No matter what screen you are on, live streaming shopping is being accepted by all the players in the commerce industry. By year’s end, the U.S. live streaming market will exceed $11 billion and will be nearly twice as large by 2023. These are some concrete benefits that live streaming can offer merchants:
- It drives digital sales – Live stream shopping is entertaining, educational and interactive, which results in more digital sales. Brands can immerse customers in the shopping experience, and speed up the customer’s buying journey. Live stream shopping conversion rates can be 10x higher than traditional eCommerce.
- It fosters human connection – While eCommerce is convenient and easy, it’s not the best channel to build a relationship between businesses and consumers. Live streaming shopping is a great way for businesses and brands to connect with customers ‘human-to-human’.
- A live streaming shopping event is cost-effective –If you don’t use a well-known and expensive influencer, it doesn’t take much. A charismatic sales associate can host the stream, which you can then broadcast on your website or social media.
- The youth love it – Live streaming shopping is popular among two key demographics: Gen Z and millennials. 55 percent and 62% of the former say they are comfortable buying from brands’ live streams.
What China has to teach us about live streaming shopping
Taobao Live uses celebrities to move goods. Austin Li Jiaqi, a popular Chinese influencer (known as China’s Lipstick King), has more than 40 million followers on Douyin (China’s TikTok). He generated over $145,000,000 in singles’ day sales.
The Singles’ Day event saw the top-selling categories include skincare, feminine hygiene and household cleaning.
Businesses who wish to increase eCommerce sales in 2022 should consider China’s success with live streaming shopping. Already there are signs that live streaming shopping will continue to be popular in the new year. The Lipstick King sold $1.7Billion of goods in just 12 hours during a promotional event to launch this year’s Singles Day Festival.
Live stream shopping: 9 ways to make the most of it in 2022
Although most businesses cannot afford to hire the Lipstick King, or replicate Alibaba’s huge reach, small businesses can still incorporate live streaming shopping into their eCommerce strategy for 2022.
These are just a few of the many options and approaches available:
NTWRK, a mobile-first video-shopping application, is available. NTWRK targets Gen Z and millennials and allows sellers to communicate with viewers in real-time to sell products. Live video shopping events can be hosted by businesses and feature product drops. Interviews and brands can also be combined in events that create a festival-like atmosphere.
02. Buy with
Buywith allows brands to leverage experts, celebrities and influencers to host live streaming shopping events. These events can be hosted on the brand’s website without the need for a third party app download. Live shopping sessions allow viewers to interact with the host and use shopping tools like an “addto-cart”, (e.g. “Want”) button.
Brandlive provides a private and branded location for meetings, events, and product content. You can access the showroom from any device, including desktops, mobiles, and shared (physical). The showroom features a catalog-style interface and live event features such as integrated surveys and questionnaires that encourage engagement and interest.
TalkShopLive allows brands and businesses to promote their products to viewers through “shows” lasting up to 15 minutes. Although the platform is free, it charges a 10.25 percent +$.30 per item. The platform offers a one-click ordering option, which is a key advantage. TalkShopLive is home to a number of celebrities, including Oprah Winfrey and Dolly Parton.
Facebook live Shopping allows businesses to interact with their customers in real-time. However, you will need a Facebook shop in order to use this feature. (note: Wix is natively integrated with Facebook Shops). This option allows the host to create a playlist, which is a collection all the products that are featured in the video. This playlist allows sellers to tag/feature products on their Facebook shop and provide links to customers so they can purchase the items directly.
Amazon Live allows you to stream live shopping from Amazon (within their platform). Amazon Live, a feature-rich solution for brands and influencers, can be accessed via the Amazon Live Creator app. The service allows shop owners to create and manage live streaming shopping events. It also features prerecorded videos up to five minutes in length. The videos appear on the brand’s Amazon profile (e.g. brand listings and storefront), and on Amazon.com/Live. Shop owners can also use the live stream service to help them sell on Amazon .
TikTok LiveStream Shopping allows users to shop online during live streaming events. As the host shows the products, product pop-ups will appear. To add the product to their cart, users can tap on it. This will open TikTok’s mobile checkout interface. You can either do this live during the stream, or you can wait until the end to browse all the featured items. TikTok has made live streaming shopping a lucrative way for merchants to make money. However, TikTok is working with eCommerce providers such as Wix to improve this.
YouTube Live was launched by a select few creators in 2011. The feature was made available to all users by the end of 2013. YouTube does not currently offer a “shoppable live streaming solution.” However, brands, influencers and business owners have been live streaming successful shopping events such as product hauls and new product launches for years. YouTube is attempting to make live streaming shopping a reality with Holiday Stream and Shop, a live streaming shopping event that will allow a variety of influencers to promote their products and merchandise directly on YouTube. Merchants can livestream YouTube and direct viewers to the relevant product pages of their online store. Shoppers can then make a purchase.
Businesses who wish to stream live video directly from their website can opt for self-hosted live streaming shopping. You can stream many different shopping events by hosting a live stream on your website. Hosting your own live stream event on your website is a great way for your business to build loyalty and connect with customers.
Did you know that Wix offers a built-in live streaming feature for self-hosted live streaming shopping events? Wix video allows users to stream live videos up to 10 minutes per stream (for no charge) right from their website. Wix Premium members have the ability to broadcast for up to three hours per stream.
We have a solution for you if you are interested in hosting your own live streaming shopping event but don’t have an online store. You can make a sale with Wix. Set up your online store now and host live streaming events for the holiday season 2022.
You could take a cue from Aspyngrove Payment, which sells products via live shows hosted on their Facebook page. Their innovative method of streaming live to 103,000 fans on Facebook each day made them one of the most successful Wix stores during BFCM 2021. They then redirect customers to the Wix eCommerce product pages where they can buy the showcase product for a limited period.
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