Livestream shopping is quickly taking off, especially now that customers can now purchase products directly from the platform. With livestream e-commerce, you can combine live video content and two-way communication to allow viewers to buy or save products as they watch.
The US livestreaming market is expected to hit $11 billion by the end of 2021 and $25 billion by 2023, according to Coresight Research. Going forward, livestreaming is becoming a key strategy for retailers to expand their audience, engage customers, and increase overall sales.
Expand Your Audience
By offering livestreams for your products, you’re able to reach a larger audience who may not have engaged with your store otherwise. Hosting a livestream attracts viewers and expands your brand’s demographic.
In addition, some potential customers may be unable to visit a store in person or are more comfortable shopping from the comfort of their own home. Livestream shopping allows them to interact with your brand and product while providing an informative, immediate way to make purchases.
Livestreaming content can also be applied to your marketing strategies. After the livestream, the videos can be repurposed. This could include an archive of past events on demand or breaking the footage into smaller segments to share on social media.
Compel and Engage
Livestreams offer viewers a way to learn about your store digitally, as well as letting them interact with the products that they find the most compelling. Holding livestreams about a wider variety of topics relating to your product can capture your viewer’s attention, making it more likely for them to find something they’re interested in. Consider new ideas to bring into your livestreams, like a walk-through of your store, product demonstrations, sessions offering ideas and inspiration, or holiday themed events.
Livestream experiences can engage your audience by bringing the store closer to the customer. Seeing the store, learning about the brand, or watching someone interact with the product all make viewers see the product as more concrete and applicable to their lives.
Livestreams serve to grow your audience, capture attention, promote sales, and expand your company. With the livestream market expected to skyrocket over the next few years, it’s the perfect time to start livestreaming for your business.