QVC for the digital age: why e-commerce brands need to lean into live shopping in 2023
Pioneered in China, live shopping is dominating the online marketplace. Leanne Fitz of Freim Studio explains why, encouraging brands to adopt a more interactive strategy in 2023.
Live shopping offers a fun, digital and interactive extension of your brand / Mariia Shalabaieva via Unsplash
Originating and applied extensively in China, live shopping (or live commerce) is a way for brands to generate sales and connect with their customers. It allows shoppers to interact with a host or presenter through video and chat in real time. The host showcases products and offers helpful advice, enabling customers to ask questions and get answers instantly.
With live shopping applications and software, shoppers can also make purchases directly within the live stream without ever leaving home.
When we talk to people about live shopping they immediately think of the successes of TV shopping like QVC. We like to think of live shopping as the social media generation’s equivalent. More interaction, more innovation, more fun; QVC of the digital age.
Live shopping has landed
Although live shopping is still a new concept to many in Europe, in the last few months we've seen a shift in understanding and engagement. It is increasingly considered an emerging trend, and is becoming a strategic focus. Managing partner at M&C Saatchi Performance, Jonathon Yantz, predicts live shopping to be one of the biggest trends in 2023. Big brands such as M&S, Walmart, KitKat and Nordstrom are all jumping on board.
In 2021, worldwide live stream purchasing rose by an average of 76%. Europe had the highest rise in live stream shoppers during this period, with a growth of 86%. As a whole, the global live shopping market is projected to grow to more than $2tn by 2025.
Brands reaping the rewards
Live shopping platforms provide a convenient and easy way for brands to reach their customers and promote their products.
They also offer a great platform for live shopping events, which can create excitement and drive sales. Some platforms are even implementing their own live shopping functionalities, like TikTok Shop, making it more accessible.
Live shopping in Europe is also driven by the increasing availability of data. As more brands use data to better understand customer behavior and preferences, they can tailor their live shopping events to meet customers’ needs. This helps to create more personalized shopping experiences, in turn driving sales (and if your e-commerce brand doesn’t want to drive sales, you've got a problem).
We’ve all seen how the digital economy has forced brands to implement new sales tactics they would have never dreamed of before. Take language learning platform Duolingo, which is now making wildly popular content on TikTok. This is driven by its audience’s love for original and quirky short-form content. We can see this taking place with live shopping, where consumers themselves are driving this change.
Consumers make or break e-commerce businesses; brands must ensure that their marketing strategies align with the needs and wants of target customers. This means providing personalized experiences, offering relevant content, and implementing strategies to keep customers engaged. Live shopping hits the nail on the head, providing all these things in a new (and fun) way.
Reasons to take the leap
As live shopping continues to grow, brands must be alert and reactive. Brands now have the opportunity to build deeper relationships with their consumers. They can engage in real-time conversations, and provide more personalized shopping experiences, helping to create a more loyal customer base as customers ask questions and receive immediate answers.
There is an opportunity to showcase products in a more interactive way, allowing customers to get a better understanding of their features and reach new customers that may not have been aware of the brand's product before.
At Freim, we know that live shopping is a journey. You won’t necessarily start out and reap all the benefits straight away. You need to experiment, innovate and commit to learning over time. If there is a time for brands to start experimenting, it's now.
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A digital studio specialized in video and live shopping content that aims to join brands and creators to craft amazing campaigns. We are FIRST Live Shopping niche agency worldwide offering the FULL LIVE SHOPPING SERVICE, from beginning to end and everything in between to help your retail company succeed in this phygital world! At FREIM StudioFind out more