Gone are the days when retail therapy was an outdoor affair and window shopping through a plethora of showrooms was every shopper’s regime. Every time a shopper wants to purchase a product online, a hefty amount of time goes into it. They check it out on digital channels and read endless customer reviews to gather as much information about the product as they can. This sounds like a tedious over-investing task! Now, forget about those long hours of researching a product. Thanks to retail digitalisation that has exponentially transformed the ways of shopping, we have new avenues of enhancing the shopper’s experience including virtually via Shopstreaming.
Shopstreaming allows customers to stream live extensive 360-degree product videos and gather all the details they need at a single click. Let us understand it more in detail:
What is shopstreaming?
Shopstreaming is taking the retail omnichannel world by storm. It is the latest trend where brands show customers their products by live broadcast, allowing them to buy it instantly. Blending tow words - ‘shop’ and ‘live streaming’ - shopstreaming helps the shoppers get a detailed look at the product, gain more information about its features and make a purchase swiftly. While the pandemic saw a sharp rise in online shopping, the ability to offer in-person unique experiences to shoppers also took a center stage for brands to stay ahead in the market. As a retailer, shopstreaming your products, especially in the digital age, strengthens your digital marketing cause and quickly grabs shoppers’ attention. In this process, the customers also connect with the products more efficiently and resolve their queries and concerns.
Who’s using shopstreaming?
Western countries like the US are slowly picking pace by adopting shopstreaming, but it is undoubtedly flourishing in APAC. China remains a major player in the live streaming landscape. As per Forbes’s report, Chinese TV is entirely state-owned. It influences Chinese buyers’ purchasing decisions in real-time, driving a more emotional connect. It also makes the customers feel empowered by giving them an immersive experience where they can raise queries and engage freely with the retailers.
Chinese e-commerce brands are using shopstream for several years now and it has worked out well for them. One such example is Taobao, founded by the Alibaba Group based in China, which has over 400 million viewers across all of its live streaming shows.
Maybelline, a global cosmetic retail giant, paired up with a video-sharing app Meipai in China for shopstreaming its products. More than 10,000 lipsticks were sold in two hours, making the live streaming an instant success.
South Korean brand LF Corp combines live streaming with real-time chat and one-click purchases that deliver a seamless shopping experience. This also led to a 30% Year-over-Year increase since 2015.
Amazon experimented with live streaming in 2019 by launching Amazon Live. Kohl’s adopted live streaming very early on in 2015 by streaming the LC Lauren Conrad Runway show, using the app Periscope. The shoppers had the option of buying any clothing that the models wore during catwalks through a portal. It garnered attention from shoppers as it offered a unique and exotic real-time shopping experience like never before.
The rise of shopstreaming services in the digital age
Digital marketing has given rise to influencer marketing. According to a Lightspeed report, 63% of social media users are primarily between 18 and 34 years and value the influencers’ recommendations. As this trend keeps growing with many social media apps like Facebook and Instagram making way for live streaming, brands are heavily leveraging this opportunity to build their presence.
Another important aspect is the rise of social commerce that is selling products online. According to a Hootsuite report, social commerce is projected to grow by $604.5 billion in the next seven years. It also points out that 81% of shoppers these days prefer to check out a product on Facebook and Instagram, while 60% discover new products on Instagram. This creates a huge opportunity for retail brands to expand their social media engagement by shopstreaming. Additionally, with TikTok and Instagram reels stealing the limelight on social media, clickable videos of products for retailers is proving successful as a video marketing strategy.
Why should your retail business adopt shopstreaming?
Shopstreaming is here to stay. With people still scared to go out and shop, selling your products directly to customers using social media is a powerful way to engage them better. It creates better loyalty, brand pull towards your products, and remains an effective tool to interact with your audience more often. Consider shopstreaming your products complemented by influencer marketing and it will help you grow your purpose. Amidst the pandemic, Instagram and Facebook adopted live streaming to show and sell products in order to boost the digital retail market. Here are some of the reasons why, as a retailer, you should opt for shopstreaming for your retail business.
- Enhances product information for shoppers : It helps the shoppers get accurate and relevant information from the product experts.
- Connects better with the audience : It allows retailers to communicate better with the audience and offer unique in-person experience.
- Drives foot and virtual traffic to store : Your shoppers are watching the live streaming on social media channels, increasing your web traffic while driving to the brick-and-mortar store for potential purchases.
How can brick-and-mortar stores adopt shopstreaming?
You can continue expanding and enhancing your physical store while diving into omnichannel retailing. This will help build your brand presence on social media, while also adding multiple revenue streams to your business. Adopting interactive video streaming options with your shoppers using numerous digital platforms will also increase the footfall at your physical store. As shoppers crave a personalised and innovative experience all the time, the desire to buy intensifies when they see a product and its benefits on live streaming. To engage and enhance shoppers’ journey of buying your products, retailers must create more opportunities like shopstream for a long-lasting impression. The sooner you use it, the sooner your brand will get noticed.
Are you ready to take the jump?
Shopstreaming can be a game-changer for retail business. Not only will you provide the audience with effective shoppable online content, but you will also be driving the customers to your physical store by engaging them with informational product videos. Understanding your target audience, their needs, and shopping behaviour will give you a better perspective before creating digital content. iRetail Suite is your one-stop solution to get hands-on exclusive consumer insights. It has a robust framework that helps you analyse customers’ buying behaviour, and create dynamic personalised campaigns and offers. So, what are you waiting for? Request a demo now!