Live commerce, also known as shoppable video, is a new trend that has been gaining popularity in recent years. Live commerce allows consumers to purchase products directly from a live video stream, providing an immersive and interactive shopping experience. This new shopping format has the potential to revolutionize the way consumers shop and the way retailers sell their products. In this blog post, we will explore how live commerce creates value for consumers and retailers alike.
Improved Customer Experience
Live commerce creates a more engaging and personalized shopping experience for customers. Customers are able to see the products being used in real-time, providing a more realistic sense of how the product works and looks. The live video also allows customers to ask questions about the product, which can be answered in real-time. This improves the overall customer experience and builds a stronger relationship between the customer and the brand.
Live commerce has the potential to increase sales for retailers. The ability to showcase products in a live video stream can help build interest and desire in the customer. The real-time interaction also creates a sense of urgency and exclusivity, leading to an increased likelihood of making a purchase. Live commerce also allows retailers to showcase a larger variety of products that may not have been as accessible through traditional shopping methods.
Reduced Returns and Improved Customer Satisfaction
Live commerce allows customers to see products in use before making a purchase. This helps reduce the likelihood of returns due to customer dissatisfaction or misunderstanding of the product. Customers are also more likely to be satisfied with their purchase as they have a better understanding of what they are buying. This reduces the overall cost of returns for the retailer and improves customer satisfaction.
Increased Brand Awareness and Loyalty
Live commerce provides an opportunity for brands to create a stronger relationship with their customers. The real-time interaction and personalized experience helps build brand loyalty and awareness. Customers are able to see the brand’s personality and values, making a stronger connection with the brand. Live commerce also provides an opportunity for brands to reach new audiences through social media sharing and word-of-mouth recommendations.
Data Collection and Analytics
Live commerce provides retailers with valuable data on their customers. Retailers can track engagement metrics, such as click-through rates and viewing times, to gain insights into customer behavior. This data can be used to improve future live commerce events and make more informed decisions about product offerings.
Live commerce is still a relatively new trend, providing an opportunity for retailers to gain a competitive advantage by adopting this new technology. By providing a more immersive and interactive shopping experience, retailers can stand out in a crowded market and attract more customers.
Live commerce creates value for both customers and retailers through improved customer experience, increased sales, reduced returns, increased brand awareness and loyalty, data collection and analytics, and competitive advantage. As the trend continues to grow, it is important for retailers to consider adopting this new technology to stay competitive and provide a better shopping experience for their customers.