Is Live Selling the Next Big Thing To Build Stronger Customer Bonds in the Retail Industry?
- Posted on October 1, 2022 by Robert
- Reading time about 6 minutes
We know that brick-and-mortar retailers have built customer relationships locally based on one-to-one interactions. Though some have become quite successful, relationships built only on in-person interactions are not scalable in the long run when you need to cater to several customers at a time. Additionally, unexpected situations such as the global pandemic or the shift of online consumer demand from offline channels can bring a negative impact.
Live selling is one of the latest trends where retailers make use of live video streams and transfer them into shoppable content enabling online shoppers to buy directly by engaging with the video. Though it is still considered a new channel, live selling features with robust Customer Loyalty Software can be a huge advantage for both retailers and customers.
Reasons behind the Growing Demand for Live Shopping
Live selling, also known as live shopping is a practice where retailers showcase their products through live streams enabling customers to buy products instantly. Live selling has been used by many platforms like HSN, QVC, etc. but they are only becoming popular recently.
Some of the main reasons are stated below-
– It is because live selling democratizes an experience that was only possible through large media platforms, which means it is becoming more accessible for smaller brands as well.
– The U.S. Livestream commerce market is gaining popularity and is likely to hit $25 billion by 2023, as stated by Coresight Research.
– The convergence of video and retail is becoming a thing, especially for an audience that is super active on social media channels, etc.
– Only 34% of GenZ customers were interested in shoppable live streams in 2020 but that number increased by more than half in 2021.
Best Advantages of Using Live Selling in Retail Businesses
– Better Way to Engage with audience
One of the best ways to build a stronger customer bond is with the help of regular communication and a live eCommerce shopping platform offers the same where sellers stay connected with customers keeping them engaged, and helping brands to build a loyal customer base.
– Simplified Real-Time Purchase
Another best thing about live stream shopping is that customers have the choice to buy instantly while watching the live video. This also enables brands to offer instant gratification to customers, which is becoming the most demanding feature.
– Build Customer Relationship
Live streaming platforms help in making the best use of the online shopping experience for busy customers who prefer online purchases over physical store visits. Live to sell helps brands retain the human element of in-person commerce, which was lacking in online shopping.
– Lower Product Return Rates
One of the major issues faced by many online business owners is higher return rates of their products after purchase. Live selling enable users to see products in live videos, which helps in lowering return rates. Coresight data says live shoppers are 40% less likely to return an item than other online shoppers.
– Scale Business with Time
Another thing about live selling is that you can easily upscale your business to reach a larger customer base if you set up the infrastructure for a live selling platform.
– Gain a Competitive Advantage
Though people may be aware of live selling platforms, not many businesses offer the same. This can be a huge advantage to stand out from your competitors with live streaming and offer new shopping experiences to customers.
– Increase Conversion Rates
As interaction with customers through live selling is much better than online shopping, conversion rates improved tremendously. Research by Mary Ghahremani, CEO of a live streaming platform provider says conversion rates are as high as 40%.
Tips to Introduce Live Selling in Your Business
Many businesses rely on Retail Loyalty Programs which are quite effective if you offer relevant rewards with personalized interactions. Live selling is becoming a trend where online shoppers get the chance to interact with buyers and clear their doubts at the time before making their purchase. After going through the benefits that live selling platforms can offer, it’s time to consider some of the best tips to start your journey on live selling. Here are some of the best tips that must be considered-
Ensure that you share who you are and your brand details before you start communicating with your audience just like a one-to-one conversation with customers during a store visit. Being an extension of your brand, ensure that you display your brand’s aesthetic in the background while your live video is streaming.
– Fun & Entertaining
To keep your audience engaged in your live session, make sure to keep your content entertaining while selling the products. It is crucial to grab their attention by drawing them in before you start selling. To build a personalized interaction, tell the audience how thankful you are that they tuned in, use the viewer’s name in dialogue and engage with as many viewers individually as you can.
– Build Excitement
To create interest, you can give exclusive offers and discounts that are only available for people who shop during live sessions. Other ways are to organize giveaways or prizes for correct trivia questions or the 50th pair of the dress sold.
As we are aware of all the benefits that a retail business can get with the help of live selling, it’s time to make your business thrive with online streaming, which is becoming the hottest home shopping network for not just Gen Z but also brands with a physical presence. Though using an effective loyalty program can help your brand offer relevant rewards to strengthen customer relationships, using live selling will offer an added benefit & help you utilize both online & offline tactics to increase sales.
Novus is an end-to-end Loyalty Program Platform that can help your brand boost sales by building trust with your customers through the help of a custom loyalty solution & live selling feature for a more personalized buying experience. To know more about Novus Loyalty, book a demo with our experts & see how live-stream shopping can add the personal touch to online shopping, which was missing.