The pandemic has altered a lot of our daily habits - the way we communicate, work, relax, etc. Shopping is one of our habits that has greatly adapted to a different world too. Consumers have embraced the virtual world more spontaneously than ever before, since 2020, with live streaming emerging as one of the many trends in this modern retail world.
What is Live Streaming?
Live streaming uses product videos to provide information to shoppers and interact with them actively. Live streaming can be in varied forms like events, auctions or online marketplaces, all in real-time. While many brands have jumped on the bandwagon, including QVC, HSN, and LG TV, Facebook has only quite recently dipped its toes into the new trend.
Why is Facebook launching a series of Shopping Live Streaming videos?
To give its e-commerce step a real push, Facebook has launched Live Shopping Fridays. With this, the platform aims to provide live videos of various products to its shoppers and encourage them to ask queries in real-time. The live streaming series started in May and will continue up until mid-July.
According to Retail Dive, Facebook partnered with Annie Klein to debut the live streaming series. The aim was to reach tech-savvy consumers who are hooked to video content. Each promotional sale offered limited offers that could be purchased through the in-store app during the live event.
Other retail giants that Facebook is partnering with in the live streaming series include Sephora, Abercrombie & Fitch and Clinique. Each of these brands will communicate with their audiences in real-time to improve their online engagement.
How will Facebook as a platform enable engagement?
Facebook uses live interaction as a critical factor to promote e-commerce growth, and they have identified video content as the best way to achieve that. It offers customers a personalised in-store-like experience that allows them to connect to brands directly from the comfort and safety of their homes. For the brands associated with the events, Facebook has provided an undeniable advantage to help them reach their target audience. Brands also gain customer profiles during these live sessions, such as contact details to further understand buying behaviours and attract more footfalls with loyalty programmes and customised offers
Perks for retail brands
Live streaming is quickly becoming the future of shopping. According to Business Insider’s report, the US live streaming market will grow to $25 million by 2023.
America-based Whatnot raised $20 million by expanding its live streaming categories. According to Techcrunch, Talkshoplive, another live-streaming start-up, has raised $3 million in seed funding. Live streaming has created quite a buzz not just in the US, but in the Chinese market too. Alibaba’s Taobao Live is one most prominent examples of success in the Chinese market of live streaming, as it has gained over 400 million viewers. As the number of active social media users soars with each passing year, the consumption of shopping content via video is projected to grow steadily in the coming years.
Is your business ready to make a move?
Being at par with digital trends has become increasingly important in the recent past for retailers, for them to ride the tide of time. A robust digital presence with relevant and engaging content are key factors for the success of retailers in the world of new-age retail. Having followed social media content consumption, it is evident that content across various formats and platforms like video and audio-visual stories have become quite common and popular in the retail world. Hence, delivering unique experiences through live streaming, live video content and real-time participation with customers, has become the need of the hour for retailers.
To be able to engage retail customers efficiently, it is important to start with the basics. Understand your demographics and then your audiences’ preferences, to be able to carve out a solid digital portfolio for your brand. To do so, the iRetail suite of services offers a one-stop solution that helps retailers with customer insights, a robust reporting framework and personalised campaign management. So Book a demo now to know more right away!