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Why Live Shopping Is a Growing Trend for 2023

Why Live Shopping Is a Growing Trend for 2023 Image Credit: Burdun/BigStockPhoto.com

Live streaming allows customers to ask questions and receive answers in real-time, which can help them make more informed purchasing decisions. It also offers brands the opportunity to showcase their products in an authentic way and build a stronger connection with their customers.

Live streaming has become a critical component of e-commerce strategies for brands worldwide, and for good reason. More and more international labels are adopting live commerce into their strategies in 2023 because it has been proven to be impactful in several ways. In this article, we will explore how live streaming strategies can be a game-changer for businesses, how consumer behavior is shifting towards buying online and via live video, the benefits of interactive and engaging e-commerce, the evolution of e-commerce, and trends for 2023. We will also delve into the importance of multi-CDN (multi-content delivery network) and video player optimization, as well as the usefulness of first-party data.

Live streaming: a game-changer for businesses

Market data shows that live video has become a powerful tool for brands looking to connect with their audience, build trust and loyalty, and boost their e-commerce sales. According to a recent report by Coresight Research, global live commerce sales are expected to reach $171 billion USD in 2023, up from $60 billion USD in 2019. This highlights the growing importance of live streaming in the e-commerce industry.

One of the reasons for this growth is the shift in consumer behavior towards buying online and via live video. The COVID-19 pandemic has accelerated this trend, as people are now more comfortable with online shopping. According to a survey by Nielsen, 60 percent of consumers have increased their online shopping frequency since the pandemic began. Live streaming offers a level of interactivity and immediacy that traditional marketing methods cannot match, allowing brands to provide a seamless shopping experience to their customers.

The benefits of interactive and engaging e-commerce are numerous. Live streaming allows customers to ask questions and receive answers in real-time, which can help them make more informed purchasing decisions. It also offers brands the opportunity to showcase their products in an authentic way and build a stronger connection with their customers.

The evolution of e-commerce

The evolution of e-commerce is happening at a rapid pace, with new technologies and trends emerging every day. Brands that stay ahead of the curve and embrace new technology trends are likely to succeed in the long run. In 2023, we can expect to see more sophisticated and immersive live streaming experiences that provide an even more engaging and interactive shopping experience for consumers.

The growth of social commerce outside of China has meant that e-commerce platforms need to quickly implement and make available solutions to their retailers and brands without losing time on development and upgrades.

With the growing importance of localization of data in countries like India and Vietnam and compliance with GDPR has meant that live streaming solution providers need to have options in the type of CDNs they can build for and go live quickly.

Multi-CDN and video player optimization are critical components of a successful live streaming strategy. Market data shows optimizing video performance is essential to providing a seamless live streaming experience. According to a report by Conviva, viewers will abandon a live stream if it takes more than four seconds to load, and buffering is the number one cause of viewer frustration. By using multi-CDN, brands can ensure that their live streams are delivered quickly and reliably to customers worldwide. Video player optimization ensures that the live stream is presented in the best possible quality to customers, regardless of their device or internet connection.

First-party data is also a vital component of a successful e-commerce strategy. Market data shows that personalization is essential to providing a seamless shopping experience. First-party data allows brands to collect valuable data about their customers, which can be used to personalize their shopping experience, provide more relevant product recommendations, and improve their overall customer experience. The ability to offer the right kind of offers to a grocery shopper at the relevant time means better basket size. Analyzing the video completion rates can provide a gold mine of information on the intent of the consumer. This is missing when you depend on marketplaces such as Amazon or Flipkart or for that matter social media apps.

In conclusion, market data supports the use of live streaming as a powerful tool for brands looking to connect with their audience and build trust and loyalty. It is imperative for platforms exploring live commerce as part of their product offerings to partner with solutions providers who are able to understand their requirements and bring in insights from having worked with hundreds of implementations globally.

Author

Sunil Nair is the newly appointed President of BeLive Technology. Sunil achieved a Master’s Degree in Management Sciences from the University of Pune and is a certified systems analyst from National Computing Centre, UK. He has over 15 years of senior management experience, including a decade of strategic development and plan execution at global video and technology companies. As president of BeLive Technology, his responsibilities include strengthening channel partnerships, developing strategic alliances, and expanding the company’s international sales presence. Sunil is a mentor and advisor to early-stage startups in India and is an active investor.

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