eCommerce has grown a whole lot in the last few years with the help of emerging technologies. You can literally have anything at your doorstep within a couple of days with online shopping. Another form of eCommerce is video shopping, which has been resurrected and given a new form. People can tune in to these live streaming shopping apps and order in real-time.
Video shopping on demand has given a new perspective to the users as they can see the demo of a product live and decide on their needs in real-time. As per a report of eMarketer, the live commerce market is projected to grow more than 600 billion US dollars by 2023. Not only that, this significant projection of valuation has led several big corporations to jump into the field of live commerce. Firms like TikTok, Youtube, and more are soon planning to enhance their live commerce platforms, while Facebook and Instagram have already launched their live shopping platforms.
Let’s get to know this significantly new form of commerce in detail, along with the market’s top on-demand video shopping apps.
With live streaming video or events, live commerce increases internet business. As a result, any barrier is removed, and the personalized assistance of in-store buying encounters is combined with the convenience of internet shopping. Live commerce is extremely similar to how offline marketplaces display or embrace a product or service, the only difference is, it’s online. With a 36 percent share, clothing and design are the most commonly displayed item classes in live commerce, followed by excellent objects and food, each with about 7%. Purchaser gadgets account for roughly 5% of the total, with outfitting and home-style accounting for about 4%. Intelligent selections are improved with live commerce. Clients can interact and comment on live video streaming. Some memberships allow customers to learn more and purchase directly during the superstar show or visit. Direct shopping channels, using one-on-one video visits, etc., are just a few of the simple options offered to the users on these shows. The goal of the live commerce experience is to replicate the feeling of shopping at a store. When people are told to stay at home as much as possible, they appear to have nothing better to do than spend more time on their electronic gadgets and social media. When E-commerce companies and social networking apps discover the potential to find new ways to engage with customers, this is the time to act. Facebook attempted to capitalize on the opportunity to enter the e-commerce market. People can examine items on influencers and purchase directly through Instagram’s Shop section and more integrated checkout tool in its menu. TikTok, a popular Chinese social media app among Gen Z, teamed up with Walmart to host the first live shopping event in a long time, during which influencers promoted products by giving them a shot, and users could place orders directly through TikTok. After seeing social media apps like TikTok and Facebook enter the e-commerce market, Amazon, the e-commerce behemoth, couldn’t afford to be left behind; therefore, Amazon Live was born. Making a decent revenue is the ultimate goal of any business, regardless of the sector. Your live commerce platform should have more than one monetization model to facilitate streamlined cash flow. Here are some of the monetization models that you can consider. Users feel honored and extremely privileged by being a member of a specific community, be it a club, shopping app, or any other type of membership. You can derive a subscription model and charge for the same that allows users to get early access to the live shopping events, among other benefits. Businesses never miss an opportunity to promote their products on a popular platform. You can use your live shopping app for promoting the products of other brands as advertisements on your app and charge them for the same. Advertising is the most popular form of monetization model in the global market. When your live shopping app attracts many users and sales, brands seek these platforms to list their products on top. You can simply list the products of other brands as per their category on your app and charge them for the same. Live shopping app development presents a list of benefits to the users and the business in terms of business growth. Next-gen technology integration adds a zing to these benefits. Here are some of the top benefits of live video shopping apps. Interacting with a live audience enables your business to solve their shopping and item selection problems in real-time. Users can simply put up their questions, and your moderator of the live event can simply answer them instantly. Creating videos these days is extremely simple with all these photo and video editing apps. In fact, most of the time, you don’t need to create a video of products; you can simply come live and offer your services. Users feel the urgent need to buy a product at a great discount when you present your products on live shopping apps. This sense of urgency creates a butterfly effect that results in a significant increase in your sales. You have to wait for a certain period to get a detailed report to glean insights into online shopping apps. In the case of live video shopping apps, you can get instant reports after an event and get the projections for your next campaigns. Live video shopping apps need tie-ups with influencers, celebrities, and more to promote their products to bring more customers. Campaigning with influencers puts your app on the map of their user base, which certainly enhances your brand value. Sellers can use a live streaming e-commerce platform or a live shopping platform to list their products and develop an online marketplace. They can sell their things while LIVE streaming them in response to the customer’s requests. A good e-commerce platform makes selling simple and buying appealing. It optimizes properly in order to provide the greatest results for both players. One of the most significant advantages of using live streaming in eCommerce is increased client conversion rates. Video is a popular pastime among customers. Furthermore, they anticipate a company shooting videos that define their product or service, demonstrate how to use it, or even sell it, similar to how live broadcasts do. During live shopping events, people buy a wide variety of things. After all, live stream shopping allows almost anyone to start their own shopping channel and sell their products. There are countless businesses dedicated solely to live streaming, live commerce, computerized commerce, and virtual selling with video as the centerpiece. As a result, the significance of live trade is highlighted for stores and any market where live commerce could be used. This demonstrates the significance of this well-known trend, which shows no signs of slowing down. Read More: An Ultimate Guide on Virtual Shopping Platform Live video shopping platforms come in various shapes and sizes. Whether you are a startup or a full-fledged business, these types of platforms can fit all forms of business. Let’s have a look. Businesses can record videos of their products and upload them to their platforms for the users to see and place their orders based on the nomenclature of the products described in the video. Users can’t connect to the businesses in real-time on this type of platform, but they can put down their comments and get replies. Users can get instant replies to their doubts and questions about a product in this type of live shopping platform. It features a live streaming service that demonstrates to the users about each product of the day. It helps in creating a highly engaging session. Users often find themselves in situations where they like a certain number of products but can’t decide which one to buy. Influencer-based video shopping platforms come in handy in those situations. Users trust them and rely on their reviews and comparison of different products. Influencers or collectors gather data from various websites and compile them in a video to get the users better insights. Live video shopping platforms that are delicately targeted towards a particular audience, place, and time are called dedicated video shopping platforms. Your business can target different eCommerce domains and the regions that draw more sales. On-demands shopping apps are an amazing medium to shop for your favorite items. The platform offers you a variety of products in real-time including the pricing. Let’s understand it with the mechanism behind the same. You’ve definitely seen an item page with little white dots on the products while browsing social media platforms like Instagram and Facebook. When you click on those dots, a price in your local currency appears. Additionally, you can tap on the item to purchase it in real-time. That is an on-demand video shopping application’s working. Instagram not only allows these things in its promotions section, but it also has a separate shopping section. An on-demand video shopping program is simple to use, and it allows you to purchase whenever and for anything you require. These apps will also offer you a live demonstration of the item if you are interested. AR/VR-based functionalities are available in several live video shopping apps. These capabilities allow users to try on clothing and other goods in order to improve their experience. Live video shopping can be considered a more sophisticated variation of live television shopping. It allows shopping networks would broadcast a live demonstration of an item and contact information. It was as simple as dialing the number and placing an order in real-time. The primary thing that has changed in this area of commerce is the expanded features and utility, and most importantly, it is now mobile so that you can live shop anything from anywhere. Read More: How to Build On-Demand Services App? Since the introduction of this new form of commerce, there are many brands that have introduced their live shopping apps and are doing so well. Here are some of the top live shopping platforms. Brands may host live, engaging shopping sessions and advertise things in real-time with Channelize’s platform. This could be utilized for new collection debuts, consumer Q&A sessions, coordinated efforts, Shoppertainment, and so on. After the show, you can look at the metrics from your stream. Baaz Shopify live stream allows your customers to shop in real-time from the comfort of their own homes. The advantages of in-person purchasing are combined with the speed of online shopping in these live shopping experiences. Customers can communicate with brand reps in a discussion room, and streams can be one-to-one or one to many. The augmented reality app from IKEA “IKEA Place” will revolutionize the way you shop for furniture. Point your smartphone camera to your front room using the IKEA Place app. The application then considers the room and makes recommendations for furnishings that will fit. IKEA’s app was one of the first to use Apple’s augmented reality technology, and it was one of the first to be released. A Virtual Artist is included in Sephora’s revolutionary smartphone application. Customers may take a careful look at products with facial recognition technology at the Virtual Artist. Customers can use the app to filter their faces. They can then experiment with different shades of makeup using the application. If buyers like their simulated look, they can quickly and easily purchase things using the application. Customers can also participate in makeup tutorials within the application. Instagram live shopping allows you to show off your marked shoppable items during your Live, with viewers being able to navigate and buy on the spot. This is a strong tool that may help you boost your online sales and get a better return on investment from your influencer marketing efforts. Select marketers could show things in the live stream on Facebook live shopping, and viewers could buy them while watching. Facebook has never extended this feature, and there has been no news about it as it evolves. Features are the main attraction of any app or platform. Your users will stay on your app only if it solves their problems easily, and that can be done with efficient features. Here are some of the top features that you should consider integrating into your live video shopping apps. Allow users to connect with the seller on the platform and ask their questions regarding a product or a service. It also allows businesses to reply to their customers and enhance customer satisfaction rates. This allows users to spend more time on the app with things like emojis, voting options, bidding options, and more. Allow users to get instant recommendations of products based on their previous shopping history and browsing history. Allow businesses to deliver replies to certain questions to their users instantly, such as the price, product type, and other details associated with the product. It certainly delivers the FAQs of the app. It allows users to pay seamlessly for their products and offers different payment modes for easy transactions. Allow businesses to know their customers well and deliver them the appropriate product as per their choice. It also helps in analytics and projections. It allows businesses to get a real-time view of the business and project the data to form a strategy for future campaigns. Technology integrated into your live video shopping app or platform will power the functionality and the features. You can simply ask your live shopping app development company to integrate the best-in-class tech stack for your app. Here is a generic tech stack that most of the live shopping platforms use. Over the past three years, live streaming has seen a significant increase in sales in China. As more individuals get familiar with the live stream design, its capabilities expand. It’s also being utilized for brand building, showcasing new experiences, and developing gamified interactions with customers, in addition to straight purchases. Selling live and direct to internet customers has the potential to generate dynamic sales, particularly for discounted items. Brands can also experiment with item bundles and added-value enhancements that they might not be able to offer on e-marketplaces. Consumers may use their phones to discover new things and updates, whether they are at home or on the go. It allows non-local firms to evaluate consumer reactions in a new market before committing to a neighborhood presence, retail outlets, and marketing initiatives. It will enable shoppers to interact with sellers, brands, and other customers before, during, and after they make a purchase. Millennials and Gen Z don’t start their shopping trips on Amazon, Google, or their local retailer. They’re increasingly turning to Instagram and Snapchat, as well as shows like Tik Tok, to find their favorite goods. The world is changing because of live shopping. Bringing internet enterprises to market has never been done with caution. It’s about bridging the gap between online and offline experiences. It’s making superstars out of ordinary folks who have a strong desire to sell. It will continue to evolve, with more progress on the horizon. Live shopping has taken an innovative way to reach its prospects. Efficient apps based on next-gen technologies are making people like them with a list of features. If you wish to get in the field of live shopping, Matellio can help you develop a video shopping app. Our highly skilled developers and experts are well aware of the eCommerce industry and recent trends. We conduct diligent research before developing any project to understand your needs. With over a decade of experience in the mobile app development sector, we take your priorities seriously. Among all the mobile development companies, we have one of the shortest turnaround times and the best quality. Our high client retention rate can be used to judge our level of quality and service. If you wish to know more and turn your idea into a reality, feel free to reach out to our experts over a 30-min free consultation call.What is Live Shopping?
Live Shopping as a New Commercial Model
Ways to Monetize Your Live Shopping App
Subscriptions
Advertisements
Sponsored Listings
Benefits of Live Shopping App
1. Enhanced Engagement
2. Reduced Cost
3. Increased Sales
4. Detailed Analytics
5. Enhanced Brand Awareness
What is a Live Commerce Platform or Live Streaming Commerce?
Types of Live Shopping Platforms
Non-Live Video Shopping Platforms
Live Video Shopping Platforms
Influencer-based Video Shopping Platform
Dedicated Video Shopping Platforms
What is an On-Demand Video Shopping App?
Some Live Shopping Platforms/Apps List
Channelize.io
Baaz
IKEA
Sephora
Instagram
Facebook
Top Features of Live Shopping Apps
1. Live Chat
2. Interaction Builder
3. Recommendations
4. AI Chatbot
5. Instant Payments
6. CRM
7. Detailed Analytics
Tech Stack to Consider in Live Shopping App Development
Application and Data
JavaScript, jQuery, NGINX, Java, TypeScript, Bootstrap
Utilities
Google Analytics, Google Tag Manager, Hotjar
Business Tools
Gmail, WordPress, Intercom
Is Live Shopping the Future of eCommerce?
How can Matellio Help You in Building Your Live Shopping App?
