9and9digi...
Posted Sometime Back
HPDs: 0
Topics: 10
Replies: 0
DIPs: 10
Our progressive world is making many updates every second of a minute. In the past two decades, e-
commerce played a vital role in the sales of products all over the world. As we all knew that, nowadays, a kid of 10years old is making online shopping at his fingertips with the mobile phone, iPad, PC, etc. But traditional shopping is quite a different experience that makes consumers feel all five senses like see, taste, touch, listen and smell. To make that possible, many car companies are offering test drives for consumers to experience the whole specs and features of products.
Now a new revolutionary trend has come into the limelight in this digital era where a surge in internet businesses and internet marketing is at its peak. It is Live commerce. Shopping online with live streaming of products is nothing but live commerce. It fills the breach between the product and the consumer by improving the engagement with the customer. With this live commerce, an online bidding feature can be enabled, further increasing the average sales value. As e-commerce lost its modernity, blending live streaming to the online shopping platform, the user will feel the real-time involvement like the user is being there in the mall to buy the wished product. Let’s have a look at some formats of live commerce.
Influencer streaming:
Television advertisements are a major source of promoting a product through a celebrity. But
now it’s a social media platform that is being used for marketing the product. Celebrities are mostly
using social media not only for their engagement with the public but also to promote the brands.
Live streaming from Facebook live, Instagram live is the best platform. According to recent stats,
26% of people are getting influenced by their favorite celebrities to purchase products online
through live commerce.
Live Commerce in Korea and Across Asia Pacific (APAC):
South Korean companies like LF Corp deals with sales, TMON deals with the grocery, travel
vertices, and products. Since 2016, TMON introduced live commerce in mobile devices and thus
increasing its sales revenue exponentially. The role of live streaming in APAC countries can’t be
exaggerated as more than a billion viewers stream and watch videos to buy products from online
malls. It is estimated that around $3.5 billion to $18 billion of revenue has done with online-video
marketing method. Not only South Korea, China too has been growing faster in Asian Live
Commerce market with a compound annual growth rate of 46.4%
The USA’s Live Commerce:
Amazon, the USA-based online shopping platform launched Amazon Live in 2019. Here we can
understand that western businessmen are being Kate in live stream shopping compared to Asia.
Think Home Shopping Network also started digital services by introducing a screen with icons
fluttering on each purchase made by a user. Even new entrepreneurs like Dote also branded as ‘Gen Z
uplifted itself in this trending live commerce. But people of the USA did not welcome live commerce
like any other advancements in technology.
Live commerce in China: Alibaba, the world’s eighth most visited website made it easy for everyone, to add items to their cart
with just a click while watching streaming videos. With a huge market even in the pandemic era, China
stood in 1st place amongst all countries in making effective use of live commerce. It made a whopping
business of a trillion yuan (157.50 billion USD) within a short period only through live commerce.
More than 10 million streams of live commerce were hosted in 2020 in China, said to China
Government.
COVID-19 strike:
This pandemic lockdown situation raised the live commerce business to sky-high. Online shopping
has become the only source to get rid of going out for the customer and even for retailers to sell in
this pandemic time. As people habituated to live commerce, physical malls are still being in
crumbling situations.
It’s a time for store retailers to update their business modules to live commerce. Else everyone has to
wait and watch, how things move to raise in traditional shopping.