To better assist customers with product discovery, retailers are discovering and leveraging innovative ways like live streaming. Live streaming commerce is an interactive social commerce tool that combines video streaming and TV entertainment formats like talk shows and chat. By Shantala Raman.
All the big retailers in China, like Alibaba, Douyin/TikTok and JD.com use live streaming commerce. The Chinese live streaming market is the biggest and is expected to reach USD 480 billion in 2022, making up for 16.5 percent of total retail sales. The phenomenon is catching on in the West too, with Amazon launching Amazon live in 2019 and luxury players like Gucci and Burberry live streaming their fashion shows. Pinterest has recently come up with Pinterest TV and TV Studio.
Author recommends building a compelling live streaming commerce proposition with the help of the following five foundational pillars:
- Customer engagement
- Powerful influencer/KOL network and content
- Seamless integration of commerce
- High quality viewing experience
- Reliable and fast delivery
As you embark on the live streaming commerce journey, carve out your vision beyond the thin slice and MVP to determine the space you would like to operate in. You could choose to be the digital destination for live commerce in the markets you operate in – build the platform to connect your customers to influencers for live interactions. Nice one!
[Read More]