It seems that the trends in the e-commerce industry don’t have any end. In the recent corona-virus outbreak when the whole world was fighting with this deadly disease, a new platform came into boom “Live Streaming E-commerce”. In fact, as per a report, the live streaming trends has surpassed the valuation of $61 billion worth of transactions across the globe. In the corona epidemic, physical stores were forced to shut down due to the lockdown, hence the shop owners were having only the live streaming medium to showcase their products to their customers. As per a report of Alibaba, in February, its live-streaming platform Taobao Live saw a surge in its first-time merchants by 7 times.
In this article, we are going to learn in-depth about the live streaming platforms, and how they are helpful in the e-commerce industry?
What is Live-Streaming E-commerce?
In live streaming e-commerce, the live media use it to sell products and services. A lot of owners of e-commerce mobile applications are finding the different ways for leveraging live streaming to boost their sales. With the live streaming features, the online shopping sites can engage customers for product demonstrations, live interactions, answering questions, or also getting the feedbacks or testimonials from the customers in real-time. At the customer, they have the feel of a TV channel like Home Shopping which is selling through a live telecast. As an e-commerce owner, you can benefit from Live-streaming e-commerce for selling your products where the audience watches online just like a television channel.
This high popularity of live streaming could be the result of the intimacy it creates between online customers and e-commerce owners. When the products get a human touch, the sales skyrockets. A fully integrated, live streaming e-commerce application comes with a seamless online shopping experience. If you haven’t yet integrated live streaming feature on your e-commerce mobile application then we at Amplework can definitely help you in this.
Why is live streaming and e-commerce such a good fit?
The growth rate and valuation of e-commerce are increasing by each year. For e.g. in the US alone, in 2018, the e-commerce industry surpassed the threshold of $500 billion in 2018. Here are some of the other interesting statistics:
- People spent a lot of time online. An average internet user spends nearly 6 hours and 42 minutes online per day.
- Now the customers want to navigate through stores more easily without moving their bodies. They want to pay quickly without standing in long queues, which increases e-commerce growth.
- Most people who are online watch online videos. For e.g. an adult American spends an average of 25 minutes per day watching online videos.
- Live streaming is making shopping quite easier. As people are quite habitual to watching videos, live streaming when done by experienced salespeople can be highly beneficial to your e-commerce store.
- Live streaming is not just personalized but also personal. Live streams can easily become conversations where the viewers’ opinions are heard and valued.
Stats About Live Streaming
Here are some other hard-core live streaming stats that will blow your mind:
Major Apps that leveraged Live Streaming
Taobao is the subsidiary of major e-commerce marketplace group Alibaba. It has also launched its own live video streaming platform. The live streaming platform benefits by giving the conversion rate of 32%. It shows that for every 1000 views, 320 products were added to the cart of online shoppers. If you are a small e-commerce site owner you can replicate this example onto your e-commerce site.
Kohl’s is one of the first online retail chains who starts leveraging the live streaming feature on its platform. But there was no way to sell the products directly by just a stream. To overcome this flaw, the company decided to introduce an instant purchase feature by its live streaming platform. Its first initiative was a live stream through Periscope, that shows the New York Fashion Week.
On Facebook, the video content is seen 3 times more than the regular content. The commenting also is 10 times more on the live videos in comparison to the regular content. There are advance features like live filters, reactions and others which makes the stream more interesting for the users. You can also save the live stream videos and replay comments after the broadcast.
Instagram is the most popular among the younger generation. It is having nearly 700 million monthly users with a dominant user base of women. The Live feature of Instagram has become a part of the recent stories feature. You can also go live with a friend now which makes Instagram stand out from the other platforms that provide live streaming.
You must have understood the importance of the Live Streaming feature in an e-commerce application. It has been estimated that by 2021 video content would account for 82% of internet traffic and the live video would be accountable for 13% of this video traffic. At Amplework Software, the best mobile app developers have expertise in implementing all such features and functionalities. Just tell us your requirements and we will deliver you an e-commerce mobile application at affordable rates.