A blend of entertainment and shopping offers distinctive experiences for customers. Live-stream shopping will take over the future of shopping.
As the first trend popular in China, live stream shopping has attracted the most significant number of online shoppers worldwide. Key Opinion Leaders (KOLs) go on a live show via a mobile app to test, model, and describe products for audiences. Audiences watching live streams will enjoy the enjoyment from hosts. Additionally, audiences could ask about any concerns about the products. Live stream shopping has surfaced recently and is expected to grow globally.
According to a recent report, live stream selling will make up 20% of eCommerce sales by 2026. The live stream shopping eCommerce market will reach $35 billion in 2024, a three-times increase from 2021. A large number of shoppers want brands to be more digitally innovative. About 78% of live-stream shopping experiences help businesses build stronger connections with target audiences. Brands have adopted live stream selling, a 30% increase in the conversion rate. That is ten times higher than traditional eCommerce results. The article will overview a great fusion of entertainment and shopping. Now there are lots of mobile app development companies which offer custom software development services. There is a lot to wait for live stream shopping.
What is Livestream shopping? & How it overweighs traditional shopping
Definition: What is Livestream shopping?
In the 4.0 technology involution, live stream shopping allows audiences to interact directly with the hosts in real-time. Potential customers can ask questions and comment while the hosts can address them. A mobile app development company realizes the demand for online shopping, especially live-stream shopping. Thus, IT outsourcing companies start developing mobile apps for eCommerce to enhance online shopping experiences.
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How it overweighs traditional shopping
Offshore development teams develop live-stream shopping platforms with gamified content such as promotions, giveaways, etc. Live stream selling has become an effective way to enhance shopping experiences with a sense of urgency. Live stream shopping can attract a wide range of audiences. However, the larger the audience watching is, the higher the fear of being left live-stream.
Live shopping statistics: up-to-date figures on moving fast
Live stream selling allows businesses to organize real-time virtual shopping events. Brands showcase and sell their products to potential customers. Explore more industry trends for live stream selling statistics to know in 2022.
- The live stream market expects to be worth $35 billion in the United States by 2024.
- The live-stream shopping market in China would reach $171 billion in three years from $3 billion. Live stream shopping in the United States still saw an earlier stage, however, it has made a huge wave in China.
- Live-stream shopping events for apparel and fashion are the most common live-stream events, 36%. It is followed by beauty at 8%, fresh food at 7%, consumer electronics at 5%, etc.
- Youtube is the most popular live-stream shopping platform in the United States, with about 30.2% of businesses using Youtube in 2021.
- About 78% of businesses take advantage of live-stream shopping experiences and build close connections with target customers. They can be like making videos more accessible 66%, social media engagement 57%, customized brands 59%, and higher conversion rates 28%.
- Companies use live stream selling strategies in their operation, which leads to a conversion rate of up to 30%. It is 10 times higher than the average conversion rate.
- Live stream shopping has a 70% conversion rate higher for luxury goods.
- During the pandemic, there was a 76% increase in the live stream shopping sales (Astound Ecommerce).
Related Article: A full list of online marketplaces for selling your products
Future of shopping: Live eCommerce trends to watch out for 2023
Live stream selling has rapidly increased in 2022, and there are lots of live eCommerce trends on the way to the next year, 2023. Explore the current trends that can give readers an intensive idea of what’s in the live stream shopping.
One-to-one online shopping experiences: an await trend for shoppers
If live-stream shopping does not work for your brand, businesses explore one-to-one live shopping experiences. Each consumer will directly connect with a product specialist, so they can get personalized consultations and talk to in-store specialists. This works best for luxury items or something requiring more consideration. Realizing this trend, eCommerce companies invest more in mobile app development companies to create mobile apps.
Some eCommerce firms find one-to-one online shopping experiences a great and cheap way to upsell. Additionally, they can use KOLs and develop eCommerce software by hiring mobile app development companies. Especially during the pandemic, one-to-one shopping has become more popular.
Rising social commerce – reach up to $ 1.2 trillion by 2025
Social commerce will grow three times faster than conventional commerce worldwide, up to $1.2 trillion by 2025. About 62% of eCommerce industry growth will be driven by Millennials. The younger generation has gravitated towards online shopping experiences on social media and social networking apps.
Voice of consumer solutions – emails, SMS, or even bot
Integrating consumer voices allows brands to collect customer feedback promptly. The voice of consumer solutions provides insights into their needs, expectations, and pain points in the marketplace.
Lots of brands hire mobile app development companies to create mobile apps for the eCommerce industry. Offshore development teams help brands to include a voice of consumer solutions as a part of live-stream shopping experiences. It gathers targeted insights and improves online shopping experiences.
Live stream shopping examples: What formats to follow
As you might know, social commerce has gained popularity recently compared to traditional business globally. Younger generations like Millennials and Gen Z would prefer online shopping via networking and social apps, which integrate live shopping into brands’ strategies. Realizing live-stream shopping trends, brands hire offshore development teams in a mobile app development company to design and develop mobile apps for online shopping experiences.
As a live-stream shopping example, it’s Taobao, a Chinese app. This app earns over $400 billion in sales from live-stream shopping in 2021. However, social and networking apps like Instagram and Tiktok are catching up rapidly. Tiktok not only gathers marketing KOLs but also partners with well-known brands and retailers. In 2020, Tiktok collaborated with Walmart for holiday shopping experiences. As a result, it increased followers for Walmart by 25%.
Related Article: Social shopping 2022: trending apps for network connection
How to build a platform: essential features and advanced ones
How to build an eCommerce website: which essential features to include and what are the costs? Every eCommerce platform has lots of features to make users satisfied. Also, these features will affect costs for website applications.
Essential or MVP features for a live-stream shopping website
- Signup: allows users to choose among the registration options: emails, phone numbers, and social networks like Facebook. Also, there should be such a function as “forget password” to make it more user-friendly.
- Add personal data: share personal information: interests, hobbies, and links to social networks.
- Start/finish broadcast: start or finish streaming which allows sharing the streamer’s location, category, and comment on the broadcast.
- Real-time chat: have a chat to share thoughts with others and streamers while watching a live stream.
- Search: users search for videos by categories, streamers, and so on. Also, users add lists of recommendations.
- Settings: make eCommerce platforms more user-friendly. For example, offshore development teams develop website applications or mobile apps to support users to set private or public statuses, block users, turn messages, etc.
- Admin panel: manage users effectively.
- Design: users expect to interact with an intuitive and user-friendly interface.
Advanced features for Livestream shopping platforms
- Nearby broadcasters
- Push notifications
- Share on social media
- Top trending broadcasters
As an IT outsourcing company, Adamo Software is ready to provide business consulting services for some industries: Ecommerce, Social and networking apps, etc. What makes live-stream shopping experiences personalized and convenient for consumers? We are here to help. It will bring the human connection to digital commerce, which is different from traditional online shopping experiences. Live stream shopping is more than just a trend, which brings benefits for both retailers and customers.
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