Live Commerce enables watching (live streaming) and shopping (e-Commerce) simultaneously and is considered popular and the next generation of e-Commerce. Taobao introduced Live Commerce in 2016, and the industry has grown rapidly since then. Find out why live commerce is beneficial to the e-Commerce industry and why it is needed.
1. Real-time Impact
The ability to do real-time shopping is probably the most critical aspect of Live Commerce. Your customers will feel enticed to buy your product when you explain its unique features to them and answer their questions in real-time! Comprehensively demonstrating your products and answering every question will reassure customers about the quality of your products and company commitments. Offer good discounts to encourage immediate purchase when you engage them. Hence, Live Commerce naturally leads to a higher conversion rate.
2. Instant Purchase
Live Commerce shorten customer buying journeys. The purchases are made on the spot – customers tune in, see something appealing, and buy it, skipping most of the complicated consumer decision-making process. It also allows products to be reserved instantaneously as sending a message during a live stream. In some Live Commerce platforms, products can be added to cart and purchased within seconds.
3. Stronger Relationship
Live Commerce add a human element that is easier to form a connection. Millennials like to participate in giving their comments and get direct responses from the Key Opinion Leaders (KOL) who are on the Live Commerce. Direct interaction can lead to greater trust and loyalty among customers. The fact that others are also watching Live Commerce allows them to feel like they are with another shopper. Your customers will feel more connected to your brand if you live stream in real-time. It helps build trust with your customers when they see the person behind the product. Feeling familiar with your brand will make them more likely to return and become loyal customers.
4. Reduce Returns
Live Commerce results in fewer returns because customers who purchase from you already know what to expect. The product's features will be fully presented, and customers will be able to ask questions, to which you will be able to respond and receive their prompt reactions during Live Commerce. Thus, credibility and customer confidence significantly improve while interacting with the KOL in real-time.
5. Improve Differentiation
You don't want to be the only brand still not selling live. You will likely lose customers to those who keep up with industry advancements. To stay competitive and differentiate your brand, you need to cultivate a strong association with your customers, engage them in fun activities, and create memorable experiences on Live Commerce. It's easy to recall and associate something unique and fun, and we buy what we associate.
Final Thoughts
Timely customer engagement.
Consider having Live Q&A sessions - testing products or sharing tips in real-time; these Q&A sessions allow you to answer hot questions straight away. Viewers can ask questions via the live chat discussion, and moderators will help answer and catch all of the questions in the chat. An instant answer to a burning question can be what convinces the viewer to purchase.
B2B companies should think about this - your product may be complicated and require more explanation; it may have a longer buying journey from Sales Influencer to Gatekeeper and eventually Decision Maker. The Sales Influencers are likely the ones who attend your Live Commerce event and learn about your product features, but not the Gatekeepers or Decision Makers. The other stakeholders might have more specific questions that your Sales Influencer might not be able to answer. This is why it is important to stay close and ensure that they can work with you effectively to present their research (in favour of your product) to the Decision Makers and move beyond the gatekeepers. Hence, make sure you use a unified solution such as DSM Suite 2.0+ Omnichannel Support to connect all major messaging channels. So that it doesn't matter what channels your customer use to communicate with you, you'll always receive the message in your inbox and be able to respond right away, timely.
You will enjoy immense growth opportunities if you partner with the right service provider. Get a better start with Zooloo. Our team is happy to assist you with your journey towards digital transformation. Please contact us at sales@zooloo.asia.
- Find some tips on B2B Sales Strategies
- Looking closer at Marketing Strategies
- Read about The Digital Transformation Journey
- Learn more about our “Digital Backbones”
Tags: #CRM #MicrosoftDynamics #digitaltransformation #B2B #digitaladoption #digitalintegration #digitalsolutions #wholesaletradesector #wholesaletrade
