Live commerce is experiencing a massive flow and is projected to keep expanding globally. Experts predict that live commerce sales might constitute about 20% of all online shopping by 2026. Meanwhile, the Livestream E-commerce sector is anticipated to hit $35 billion by 2024, marking a threefold rise from its 2021 numbers.
The rise in live commerce is remarkable, and here's the evidence:
Businesses are actively leveraging live commerce, with 78% using it to make stronger audience connections.
Adopting live video commerce translates to a staggering 30% increase in conversion rates for brands, a figure 10 times higher than traditional E-commerce.
Globally, 66% of shoppers crave more digital innovation from brands and retailers, fueling the rise of live-streaming commerce.
Luxury goods, when sold via livestream, boast an incredible 70% conversion rate, as per a recent study.
Presently, live E-commerce is swiftly gaining momentum and shows no signs of slowing down. This growth trend in live-streaming commerce is set to persist.
This blog delves into the ongoing trends within live commerce and offers insights into what lies ahead. For an in-depth exploration of these trends and more to watch out for, grab our guide on the live commerce trends shaping the evolution of online shopping.
What is Live Commerce?
Live commerce also called live shopping or live streaming shopping, is a part of live ecommerce development. It's when sellers show and sell products live, right away, using video broadcasts. It's like TV shopping but on the internet, where you can interact and buy things easily.
Top Live Commerce Trends in 2024:
Omnichannel Live Streaming for Seamless Shopping
Mastering omnichannel marketing ensures a seamless buying journey for customers. This approach crafts a unified experience across all platforms and gadgets, emphasizing transparency and consistency. Integrating live-stream video shopping seamlessly aligns with an omnichannel strategy.
Implement these tips for effective omnichannel live streaming in the realm of live E-commerce development:
- Distribute live video streams across YouTube, your website, and social media platforms.
- Enable easy sharing options for live stream viewers.
- Simplify purchases during live events for a smoother transaction.
- Repurpose video scraps or chat discussions across various channels.
This approach ensures a cohesive experience, maximizing engagement and conversions across diverse platforms and channels.
Enhancing Engagement and Brand Loyalty
Live commerce catalyzes for businesses to fortify connections with consumers. For instance, in 2021, Canadian retailer ALDO witnessed a remarkable 308% surge in engagement post a livestream, garnering a staggering 17,000 website views within five days.
Insights derived from live commerce prove instrumental for businesses to rectify their approach and pinpoint areas needing improvement. live commerce solutions provide daily reports, empowering retailers to focus on pivotal metrics like customer satisfaction and average call time. By scrutinizing these specifics, businesses streamline their strategy, ensuring staff readiness and proficiency.
Driving Conversion Rates: The Impact of Live Commerce
Live commerce extends its value beyond engagement and innovation; it emerges as a formidable revenue driver for brands. Companies integrating live commerce have observed conversion rates averaging around 30%, a significant leap compared to standard E-commerce rates, nearly 10 times higher.
Bluebash operates prominently within this landscape. Bluebash's live commerce solutions witness impressive conversion rates ranging from 20% to 50%. This substantial increase, nearly 400% from the industry standard of 2.87%, underscores the influential role of live shopping development and E-commerce livestreaming development in expanding conversion rates for brands embracing this dynamic platform.
Virtual Reality Shopping: Brands and the Metaverse
Brands are getting excited about virtual reality shopping in the metaverse. The metaverse is like a digital world where people interact with each other and digital things. You might have heard about it when Mark Zuckerberg renamed Facebook to "Meta."
What are the benefits of live Commerce?
Live commerce leads to sales acceleration
Live commerce strategies generate sales quicker by exposing products to thousands of viewers in minutes.
Drive conversion rates
Live commerce significantly boosts revenue for brands. Those embracing it report conversion rates of around 30%, nearly 10 times higher than standard E-commerce rates. Bluebash's solutions elevate this further, enabling retailers to achieve conversion rates between 20-50%—a striking 400% increase from the industry's 2.87% standard.
Live commerce encourages impulse buying
People may feel more inclined to buy when they are taking part in an exclusive event and fear they may miss out on the limited-time great offers.
Live commerce promotes better engagement
Video content has higher engagement than other forms of content. People are 2x more likely to share videos with their friends than static ads.
Live commerce builds brand awareness
When consumers see the face behind the brand, or beloved influencers using your products, you can bet they’ll start recognizing your brand more often.
Want to transform brands through E-commerce livestreaming development?
Explore the future of live shopping development with Bluebash! Elevate your brand's impact by embracing our innovative live commerce strategies. Drive engagement, boost conversion rates, and foster customer loyalty effortlessly. With Bluebash, you can create a unique and impactful presence in the dynamic world of live commerce.
Step into the forefront of brand evolution with Bluebash's transformative E-commerce livestreaming development. Embrace innovation in social commerce and live shopping trends. Our dynamic solutions redefine brand engagement and loyalty, setting new benchmarks in interactive experiences. Experience the future of customer connections and sales strategies, navigating the dynamic world of live commerce with Bluebash by your side.