There’s no denying it—live commerce is here to stay and with good reason. Brands that incorporate live commerce into their sales strategy are seeing a 30% rise in conversion rates. That’s 10x higher than what is seen in conventional e-commerce.
Big brands are not letting this phenomenon pass them by—stellar brands like Target, Netflix, and MTV are creating binge-worthy live commerce content right now. And here’s the thing, 66% of shoppers want to see more live commerce options from their favorite brands. So give the people what they want!
Let’s dive into the trends that are shaping live commerce and take a look at what’s up and coming.
1. Marry live commerce with influencer marketing
Because what goes better with e-commerce than the perfect brand ambassador? We’ve seen amazing pairings in the live commerce industry that have brought together strong brands with like-minded influencers—from Gordon Ramsay and HexClad to “Love is Blind” power couple Lauren and Cameron, and Target.
Why does influencer marketing pair so perfectly with live commerce? Because live commerce is all about building a connection with your audience. Working with an influencer who already has an authentic relationship with their audience is giving you a leg up—you’ve already got a group of people who trust the face of your live stream.
When looking for an influencer, find someone who has a similar target audience to you but who wouldn’t be considered a direct competitor. For example, if you’re a beauty brand, working with an influencer who already has their own beauty brand isn’t going to be the most effective way to go.
2. Make the most of your product launches
Getting ready to launch a new product, line, or collection? Then you should be leveraging the power of live commerce. It’s a memorable way to launch something new and gives you the unique ability to connect and engage with your audience as they experience your new product for the first time.
With a live commerce launch, you can drum up excitement with teaser ads before the launch, and easily track your engagement, sales, and other key metrics in one place. MTV’s Wild ‘N’ Out held an interactive live special to launch their 16th season—fans were able to vote in real-time, choose games for the participants to play, and buy exclusive merch. Their launch generated more than 1 million views to date.
3. When social commerce and live commerce come together
As more and more social networks start to add e-commerce capabilities to their platforms, we’re only just on the cusp of how powerful social commerce and live commerce will be when they come together.
Shopping on social channels brings an exciting element to live commerce—it lets consumers shop where they are. They don’t need to leave their favorite apps to make a purchase, it’s all in one convenient place.
With Stage TEN’s multistreaming capabilities, you can amplify your message across a variety of social channels—Facebook, YouTube, Twitter, Twitch, and LinkedIn are all at your fingertips.
4. The phygital shopping experience
If you’re new to the term “phygital”, it was coined by McKinsey & Company and represents the merging of a physical and a digital experience simultaneously. It gained popularity during the last few years when going to physical brick-and-mortar stores became more difficult.
With live commerce, consumers get the experience of a physical store without ever leaving their home—the engagement and attentiveness we experience from in-person salespeople are mirrored when you execute live commerce well.
Even as we transition back to a more “normal” pre-pandemic life, it’s unlikely that brick and mortar stores will ever get back to their same level of foot traffic. So finding ways to replicate that experience is essential for businesses looking to grow.
5. Make it convenient and exciting
There is something about online shopping that has always been convenient—you don’t have to leave your home, heck you don’t even have to get out of your pajamas to pick up the latest drop from your favorite brand.
But there is something undeniably exciting about going into a store and physically shopping—it gives you a dopamine hit like no other!
That’s what is so powerful about live commerce. It takes the convenience of online shopping and sprinkles in the excitement of physical shopping—it’s the best of both worlds!
You get the same thrill of discovering new products, exploring how they work, and seeing them live. Live commerce allows you to level up your customer experience and therefore your customer’s satisfaction, helping you to build long-lasting relationships with your audience and customers.
6. 1-to-1 live shopping
While the live shopping that we have come to know and love usually involves an unlimited audience, 1-to-1 live commerce connects a single consumer with a product specialist. This allows consumers to have a personalized consultation and direct attention from someone who is a subject matter expert.
These kinds of 1-on-1 experiences are great for high-ticket purchases that may need a little extra consideration. They’re also a great way to upsell and allow you to easily track customer satisfaction.
While they logistically may pose a few new challenges to work through, it’s a great way to get consumers shopping conveniently in a way that feels more familiar to them.
Ready to make waves in the live commerce arena? Then we’re ready for you! Sign up today for your FREE Stage TEN account and see how adding live commerce to your streams lets you earn more revenue and interact with your audience.