Anatolii Labinskyi is the Founder & CEO of Golden Stream Media where he leads e-commerce entrepreneurs to generate 7-figure results.
Livestream e-commerce shopping isn’t the future of e-commerce. It’s the present. E-commerce sales across the globe have increased incredibly since the Covid-19 pandemic. Expectations are that this growth will double in the next four years reaching $10.87 trillion dollars by 2025.
My prediction is that livestream shopping will be a major strategy for making this impressive jump in e-commerce sales possible. This strategy has the potential to change the course of the game when it comes to audience building and brand scaling to create a massive brand in the shortest amount of time possible.
With growing audiences online and increased sales potential, now is the time for business owners to implement livestream shopping.
What Is Livestream E-Commerce Shopping?
Using the livestream feature available on numerous social media platforms enables users to purchase your products like never before.
With a catalog of products prepared on the social media platform of your choice, you’ll be able to showcase products live. This enables audience members to get immediate answers to their questions and buy the product with a sense of exclusivity. The checkout process is no longer a winding path of tasks unrelated to your brand. In just two clicks, viewers can purchase your product without leaving the livestream.
Business owners can use livestream shopping events to create buzz for new products, connect with customers one-on-one in chat feeds and give audience members an inside look at how a product looks, works and fits.
Why Retailers Should Consider Livestream Shopping
At Golden Stream Media, we’ve seen several small brands experience a big boost thanks to livestreams. The average revenue of these live shopping events has generated $300,000 of sales without any additional advertising methods. Isn’t that awesome? This e-commerce strategy has been shown to be a brilliant way for business owners to create an experience and increase sales dramatically.
Livestream shopping is not a new, untested sales strategy. Big brands from Alibaba and Amazon to Louis Vuitton and Prada are getting in on the livestream shopping trend. But livestream e-commerce isn’t just for huge corporations. It’s accessible to even the one-man retail shop.
Whether you’re active on Facebook, Instagram or Tik Tok, livestream shopping is a feature you can get started with immediately. And in a time when in-person contact has drastically decreased, the power of interaction in live shopping sessions can’t be underestimated.
China has been at the forefront of this sales strategy, with a livestream shopping industry worth an estimated $66 billion. Experts predict that this trend will only continue to grow in China and across the globe.
Businesses of all sizes will find a new and exciting way to connect with customers, showcase products and increase sales with livestream shopping.
How To Start A Live Shopping Video
Launching a livestream shopping video is no complicated task. Here’s an inside look at the process to begin a live shopping video on the social media platform of your choice.
1. You’ll need your business page set up and integrated with your online store. Your account will require admin access to prepare and launch the livestream.
2. Add your products to your business page catalog several days in advance to be presented in the livestream. Your products don’t have to be immediately available for purchase. In fact, teasing products before they’re available is recommended.
3. Enable live shopping and choose the playlist of products you previously added to your catalog to showcase.
4. Now, you’re ready to go live!
Livestream Shopping Without A Large Audience
If you already have a sizable audience on social media, you’re all set for livestream shopping success. But that doesn’t mean a large audience is required. Businesses of all sizes can find success from livestream shopping with the right approach.
For retail businesses without an existing audience, influencer partnership offers the perfect opportunity to share products with relevant and ready-to-purchase customers. By offering influencers a percent of sales or compensation, you can gain a brand ambassador that will bring an audience to your business and your livestream.
When you create a partnership with an influencer and send them your products for a live shopping video or product preview, they will effectively be sharing their audience with you and warming that audience for purchase. As their audience starts following you, this not only kick starts your audience numbers but also your sales. You’ll then be prepared to sell to that audience again and again. Just make sure to find an influencer with an audience of people who are likely to be interested in your products and prepared to make a purchase.
Once you’ve built up your own high quality audience, you won’t need the influencer boost to promote your livestream shopping events. After using this strategy to build your audience from the beginning, you’ll have set yourself up for income-generating livestreams in the long run.
How To Take Live Shopping To The Next Level
Showing off your products is key as it brings your product to life for viewers better than a picture ever could. Depending on your business, this may mean bringing in models or testers so viewers can see what you offer live and in motion.
Livestream shopping videos are similar to the incredibly popular Youtube unboxing videos except that you have the chance to show the product on a model or in use and can answer questions in the live chat feed.
On live shopping videos, you can bring your product to life. Your customers are no longer limited to a picture on a screen. You have the creative freedom to show your product in new ways that will help customers visualize using and enjoying your products.
What we tell our clients at Golden Stream Media is that every single retail brand must have an online store to succeed. Imagine how livestream shopping could bring your brand to life and get out there to kickstart your next level of online success.