The Future of Online Shopping - Live Commerce Transforming Retail Industry

Globalization has brought the world closer; everyone has access to anything across the world. Almost all the functioning processes in all kinds of working sectors are turning into online programming partially or completely from education, shopping, accounting, and everything. The next step to online shopping is here now. That is LIVE COMMERCE. Live commerce is e-commerce that includes live video streaming and shopping with the ability to interact with sellers and buyers. This exciting new way of online shopping is already extremely popular in Asia, and it is beginning to make waves in the US. Live commerce can be defined as a service where consumers purchase products in real-time while watching products in action and interacting with a host of a live show. 

In online shopping, the customers usually do not have too many choices, or they couldn't express their needs to sellers; they can only choose from the options whatever the seller puts online; it is completely a one-way shopping. If the customers get the chance to express their requirements regarding certain products, they can get extremely benefitted and so the sellers. If they could directly put forward their doubts and certain needs to the sellers and so get those exactly required products at their favorable costs instead of wasting too much time and energy searching of items, which are just available but could not be found as he/she is not searching for them in the right place, that hassle-free shopping is facilitated by the live commerce. 

Irrespective of the type of products, like selling an actual product during a live stream or cultivating support from a social community.

Live commerce gives the customers the same experience as the traditional experience of shopping at a store but at their own convenience.

Live commerce is already gaining popularity in Asia, and the future of the retail industry is turning online. The usage of mobile phones impacts the retail industry. The online business segment is exploding, and smart devices account for $175.4 in retail sales as per the Forrester analysis. Fashion is recorded as the second-largest sector after grocery, and the global online fashion purchasers numbers are expected to reach 911 million by 2022. AI-driven technologies are destined to keep your data safe and personal.

Following are the benefits of Live Commerce

• Wider reach of audience

With the help of live streaming, different formats are applicable to create content. Hence the way to reach the audience is also diverse, and it allows a wider reach. Audio, video, text, picture, and live chat; all formats are interactive enough to grab the attention of the target audience. Moreover, it is simple to repurpose or reorganize the content to serve the requirement of the target audience and present it in a manner that can increase deliverables. The audience can get back to the content as it will be available in the form of pre-recorded video. 

As a wide audience engages, the constraint of location is also overcome. Even the costs of attending live commerce shows are eliminated through live streaming. Hence, the clubbing of live commerce with streaming is an ideal one from an eCommerce point of view. The logic behind the whole idea is also simple. If the customer can buy the product from anywhere in the world, then they should be able to be a part of the event too.

• Get Analytical View

The online industry is largely dependent upon tracking tools to emerge successfully. The same thumb rule is applicable for Live Commerce. The Analytical tools will help to track and assess the success of the live commerce. Analytical dashboards are robust and aid in the steadfastness of the evaluation process. The users can easily and effectively monitor the number, behavior, and engagement of the target audience. It will initiate the process of consumer familiarization that will pave the way to get brand loyalty. 

• Convenient

No coding skills are required to indulge in Live commerce; it is simple and convenient. The basic requirements to initiate a successful live streaming platform are a strong internet, appropriate audio and video equipment, an impressive streaming platform, and an encoder. The users will get exposed to live broadcast, and finally, live commerce will emerge as a user-centric format. Monetization ideas are also available in such platforms, and the users can make use of the same to enjoy the benefits. 

• Impressive Tech Support

A competent technical team of the service provider (live streaming) platform can deliver great solutions. Any problems that the users face while availing the live shopping network can be resolved easily with the help of the techniques available. So don't forget to keep a technical team active and acquaint it with all the services that you impart to the audience. 

Conclusion

Broadcasting eCommerce events will achieve impressive results through live streaming channels. Lead generation will pave the way for engagement that will deliver profits through a sale for the eCommerce platform. Hence, the business model will help in transforming its sales graph. Potential prospects will become customers, and technology will play a pivotal role in achieving such results. Moreover, feedback from the customers will be direct, and flexibility of the business model will enable quick end-to-end solutions for trading. As we step into the age of technology, making such changes in our day-to-day life will add convenience quotients to our lifestyle.