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Live commerce as a sales tool



Kirjoittanut: Emil Makkula - tiimistä SYNTRE.

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Live commerce as a sales tool

 

 

Introduction

 

Live commerce is a relatively new trend that has been gaining popularity in the world of e-commerce. It involves using live video streaming to sell products directly to customers, allowing them to interact with the seller and ask questions in real-time. This essay aims to explore how live commerce can be used as a tool to sell more, providing statistics and graphs to support the discussion.

 

Benefits of Live Commerce

 

Live commerce has many benefits that can help businesses sell more products. One of the main advantages is that it allows customers to see the product in action, which can increase their trust in the product and the seller. This may seem almost absurd to older folks, because they are used to i.e. buying clothes from the brick and mortar retail shop, which is basically the same thing as live shopping. But in today’s world e-commerce has taken over the classical brick and mortar shops and that’s just how it will go. According to a survey conducted by Woosuite, 78% of businesses use live commerce to build deeper connections with their customers. (Woosuite, 2022)

 

Live commerce can also help businesses reach a wider audience. By using social media platforms such as Facebook and Instagram, businesses can broadcast their live streams to many people, potentially increasing their customer base. According to Facebook, people spend three times longer watching a live video compared to a pre-recorded one, which indicates that live commerce can be an effective way to engage customers and keep them interested in a brand.

Another benefit is that people already scroll through the social media. Live commerce is a great way of advertising, even though the viewer ends up buying nothing. They will still spend time watching your product being displayed. And what’s best, is that it’s all free, organic advertising.

 

 

Examples of Live Commerce

 

There are many examples of businesses that have successfully used live commerce to sell more products. One example is Tmall, a Chinese e-commerce platform that launched a live commerce feature in 2016. Tmall’s live commerce sales increased by 200% in 2020 compared to the previous year, indicating that live commerce can be a powerful tool for businesses in the e-commerce industry.

 

Another example is QVC, a television shopping network that has been using live commerce for many years. QVC’s sales increased by 22% in the first quarter of 2020 compared to the same period the previous year, despite the COVID-19 pandemic affecting many businesses. This suggests that live commerce can be an effective way to sell products, even during difficult times.

 

Statistics on Live Commerce

 

There are many statistics that highlight the effectiveness of live commerce as a tool to sell more products. For example, according to Statista live stream eCommerce sales in the United States have over tripled in the past two years, and the forecast in 2026 is 55 billion USD, which means that it will triple itself once again. (Statista, 2022)

 

Another statistic comes from a report by Woosuite, which found that 60% of shoppers who tried Livestream shopping said it improved their shopping experience. This suggests that businesses can use live commerce to increase their sales by providing customers with an opportunity to see the product in action and ask questions in real-time.

 

Conclusion

In conclusion, live commerce can be a powerful tool for businesses to sell more products. It allows customers to see the product in action, provides an opportunity for businesses to showcase their products in a more interactive way, and can help businesses reach a wider audience. There are many examples of businesses that have successfully used live commerce to increase their sales, and there are many statistics that highlight the effectiveness of live commerce. As the world becomes increasingly digital, live commerce is likely to become even more important in the e-commerce industry. Therefore, businesses should consider incorporating live commerce into their marketing strategies to stay ahead of the competition and reach more customers.

 

 

Sources

 

Brian (2022) Live commerce statistics, Woosuite. (read on 29.4.2023)

https://woosuite.com/stats/live-commerce/

 

Chevalier, S. (2022) Live e-commerce sales in the U.S. 2020-2026, Statista. (read on 29.4.2023)

https://www.statista.com/statistics/1276120/livestream-e-commerce-sales-united-states/

 

 

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