Lindsey Garibaldi, SMM at eyezon
While COVID has accelerated many changes in the retail industry, the reinvention of modern retail actually started in 2016, when Alibaba was the first to launch live commerce with Taobao Live. But it has since exploded in popularity far beyond the Chinese market. In the US, livestream commerce generated $6B in sales in 2020, $11B in 2021, and is expected to reach $26B in 2023, according to Statista. If you haven’t already joined the live future of ecommerce, it’s not too late. Keep reading for everything you need to know about live commerce and how your store can become live with eyezon, in just 30 days.
What is live streaming? What is live commerce?
Live streaming is a live video feed transmitted over the internet that allows users to watch in real-time. It is a broadcast, one-to-many streaming format such as TV broadcasts, video game streams, social media feeds, etc.
Live commerce is a live video feed where users can instantly purchase featured products. Live commerce can be both a one-to-many live streaming format and also one-to-one. Live commerce streams are hosted by influencers, celebrities, and sales assistants, among others. They can be a live video shopping event like Singles Day or Black Friday, a new product launch, or a personal shopping session. McKinsey estimates live commerce sales could account for 10-20% of all ecommerce by 2026.
What are the different types of streams?
Broadcast, or one-to-many streams, consist of one host filming a live video watched by an unlimited amount of viewers. Viewers typically interact with the host via chat. Broadcast streams may take place over a designated platform like Twitch, or a social media site like Instagram. Many refer to broadcast shopping as “QVC 2.0.” One-to-few streams are similar but with a limited number of viewers.
One-to-one streams consist of one host and one viewer for a private stream. An example of this could be a stream hosted by a shop assistant in-store, initiated by an ecommerce customer at home. Streams can be launched from a retailer’s website, a marketplace, an advertisement on or offline, or a social media site. Viewers have more opportunities to interact with the host, using the chat function, by connecting their microphone and/or their video. eyezon live streams can be both one-to-one or one-to-many. Customers can also invite up to 5 friends/family members to join their stream for a collective purchase decision.
What is the value of live commerce?
Live commerce in all forms creates an exciting shopping experience for ecommerce customers. They can participate in a special brand event or have a private shopping session with their own personal shopper. Live commerce makes online shopping engaging and entertaining. It captures viewers' attention for much longer and can take them through the entire shopping journey from awareness to purchase, during just one stream. According to McKinsey, live commerce also results in conversion rates up to 10x higher than traditional ecommerce.
It can also provide an opportunity for brands to form new connections with customers and potential customers. By connecting customers with a brand representative, especially during a one-to-one stream, retailers can communicate their brand values, establish themselves as experts in their industry, and stand out amongst the competition. In addition to driving website traffic and sales, live stream viewers become loyal, long-lasting customers.
What types of businesses is it for?
Businesses of all sizes, across all industries. Really. Live commerce allows businesses to reach a wider audience without geographical limitations. Larger brands may use live commerce to provide an exciting shopping experience, like connecting customers to a special event in their flagship store. For smaller brands, it is an opportunity to connect ecommerce customers with knowledgeable sales associates. For businesses with no physical location, it is a cost-effective way to build trust by letting customers see the products live. For brands with products in a large department store, live streaming can connect customers with a brand representative in a showroom for a thorough product consultation. eyezon client Volkswagen Belarus just sold the first car online using live streaming. More about that here.
What types of customers does it attract?
Customers who are looking for a unique shopping experience, to resolve concerns, to browse the store from home, or for personalized recommendations before making a purchase.
Demographically, the majority of live shoppers are Gen Z or millennials but there is also a growing audience of middle-aged and senior consumers.
The eyezon analytics team takes anonymized recordings of all streams, translates the sound into text, then collects, processes, and shares the resulting data with the retailer. This allows retailers access to honest, real customer insights from one-on-one shopping sessions and a deeper understanding of their customer demographics. More about how this works here.
What markets is it in?
Live commerce originated in China but quickly spread to the West. eyezon has clients across CIS, Europe, and now South America. Major brands that have adopted live streaming include Alibaba in China, Douglas in Germany, and Tommy Hilfiger in Europe/North America. According to McKinsey, almost ¼ of adults outside China said they would like to discover new products via live streams featuring an influencer or a brand representative.
How can I launch live commerce?
With just one smartphone, the eyezon app, and a powerful internet connection. Live streaming is accessible for brands of all sizes with different technological capabilities. The eyezon in-house tech support team ensures a smooth launch in as little as 30 days. For brands with no physical retail space, eyezon showrooms are a turn-key solution. eyezon provides everything, from hiring and training professional streamers to providing the physical space and all of the technological equipment.
How is eyezon live streaming different?
eyezon live streams are unique because they are completely flexible, shopping experiences created by the customer, not the retailer. They are initiated by the customer at any touchpoint in their shopping journey, on or offline. eyezon was also the first to launch live captioning, making live shopping accessible for customers with hearing impairments. It also increases shopping occasions by allowing customers to experience a stream even in noisy environments. eyezon live streams create human connection in the digital age, build long-lasting loyalty, and boost conversions. But don’t just take our word for it, request a demo here and find out why every 3rd eyezon live stream results in a purchase.