Do you know how shopping online has been evolving? Well, these new live shopping platforms are making a big difference for both customers and businesses. Whether you’re a big brand or a small business owner, these tools can bring that in-store feel right to your online shop. The blend of online shopping, live streaming, and social media gives your customers a really special experience. Today, in this blog, we are going to see how Live Shopping will increase your e-commerce sales in 2024. Let’s delve into it.
So, before coming on how live shopping will increase your e-commerce sales in 2024, let’s see, what exactly live shopping platforms are:
What is a Live Video Shopping Platform?
Live shopping platforms are like a combination of an online store and live video streaming. Sellers or influencers get to show their products in real-time through live video, and viewers can chat with the hosts and buy stuff right there in the video. It’s all about seeing products live, asking questions, and buying instantly while watching. It’s like having a virtual shopping channel right on your device.
- Growing Significance in the e-commerce sector
Live shopping has become a game-changer in e-commerce lately. It’s all about connecting online shopping with real-time interaction, totally transforming how we connect with brands and products. This interactive way of shopping creates a space where sellers can chat directly with their buyers, building a real sense of community and trust. And it’s not just a passing trend; it’s a major shift in how people shop, demanding more personalized and exciting experiences. As social media and online shopping get even better, joining in on live shopping is getting easier, and that’s why it’s growing so fast. Live shopping to increase e-commerce sales; it’s also about keeping your customers loyal, retenting, and making the whole shopping experience top-notch. Live shopping isn’t just a feature, it’s a crucial part of how e-commerce works nowadays.
- Impact on Sales in the year 2024
Heading into 2024, live shopping’s impact on e-commerce sales is gearing up for high growth. Experts predict a major surge in sales because of live video shopping platform experiences. These live sessions make buyers feel like they should buy the product, creating a buzz and making more people hit that “buy now” button. Plus, cool tech stuff like trying on things using AR (Augmented Reality) and buying straight from the live stream is making it even easier to shop at the moment. Businesses that jump on this trend and create top-notch live shopping experiences are expected to see some big boosts in sales. Live shopping is becoming a major money-maker in the e-commerce world of 2024.
Features of Live Video Shopping
Exploring the advantages and unique features of live shopping for both consumers and sellers within the context of e-commerce sales in 2024 involves understanding the aspects and the significant impact it brings to everyone:
It’s not your usual shopping vibe. Live shopping lets us dive in, chat with the sellers in real time, get quick answers, and see products in action. It’s like being right there in the store.
No more waiting around for info. Live shopping gives us a brief on products right away, such as details, availability, promos, etc. It’s like having a personal shopper feeding us all the need-to-know stuff instantly. Saves time and provokes us to hit that “buy” button.
Live shopping isn’t just about buying stuff; it’s a social thing. We can talk to the sellers, sure, but we can also chat with other shoppers. It’s like being in a cool shopping hub where we can share thoughts, ask questions, and feel like part of a shopping community.
The best part of Live shopping is it gets personal. It’s not one-size-fits-all. Sellers can tweak their pitches on the spot, showing us stuff we’re actually into. It’s like having a shopping experience that’s tailor-made for each of us.
So, it is not wrong to say that live shopping is changing the game for us consumers. But as it has some awesome features for the Consumers, there are some fantastic features for the sellers as well. Let’s have a look:
Live shopping gives sellers a direct line to their audience. Chatting in real-time helps answer questions, give all the details about products, and build real relationships with customers. Plus, the instant feedback during these live sessions helps understand what customers want, so sellers can tweak their marketing tricks accordingly.
As a seller, you always want a higher conversion rate. Mylivecart Live shopping is where you will get this in an instant. Showing off products in action, answering questions right away, and throwing in limited-time deals creates that “gotta buy now” feeling. It’s like turning window shoppers into happy buyers.
These platforms aren’t just about the live show; they dish out valuable data too. Sellers get to see how customers behave, what they like, and how they shop in real time. This data is gold. It helps make marketing better, improve products, and make customers’ experiences top-notch.
Live shopping lets sellers bring their brand to life. That direct interaction makes the brand feel real and trustworthy. It’s like putting a face to a name and standing out from the crowd.
In 2024, live shopping’s unique features are a big deal. They’re all about giving buyers interactive experiences and real-time connections. That’s what’s driving higher sales, keeping customers loyal, and shaping the future of how we shop online!
Previous Growth Trends and Statistics for Live Shopping
The statistical growth of live shopping in recent years states its large impact on e-commerce and sets the stage for understanding its anticipated surge in 2024.
1. Historical Growth Trends
The evolution of live shopping has been nothing short of remarkable. Statistics from the past few years reveal a substantial surge in its adoption and popularity. For instance, in 2021, the global live commerce market was estimated to be around $60 billion, and by the end of 2022, it had skyrocketed to an estimated $170 billion. This threefold increase in just a year signifies the rapid acceleration and potential of live shopping.
2. Platform Adoption and User Engagement
Platforms dedicated to live shopping, such as social media channels (Instagram Live, Facebook Live, and Amazon Live Shopping App), e-commerce websites, and specialized live commerce apps, have witnessed exponential user growth. Live shopping sessions on major platforms saw a substantial percentage increase in participation, with viewership numbers surpassing billion hours globally.
3. Global Market Expansion
Geographically, the adoption of live shopping isn’t limited to a specific region. Asia-Pacific, particularly China, has been at the forefront of live shopping’s growth, accounting for a significant portion of global live commerce sales. However, its influence is spreading rapidly across other regions, with North America and Europe experiencing substantial growth in live shopping adoption rates.
4. Consumer Spending Behavior
Consumer spending behavior in live shopping sessions has been a testament to its effectiveness. Conversion rates during live streams consistently outperform traditional e-commerce conversion rates. Statistics from various studies indicate that viewers of live shopping sessions are three times more likely to purchase those engaging with static online content.
5. Brand and Influencer Collaborations
The collaborations between brands and influencers in live shopping events have become a driving force behind its growth. Influencers, with their large and engaged followings, have leveraged live shopping to endorse products and directly engage with their audience. These collaborations have led to a surge in brand exposure, product discovery, and increased sales.
6. Technological Advancements
The integration of cutting-edge technology within live shopping experiences has played a pivotal role in its growth. Innovations such as Augmented Reality (AR) try-ons, shoppable live videos, and seamless checkout experiences have enhanced user engagement and convenience, further fueling the expansion of live shopping.
In the context of e-commerce sales in 2024, these growth statistics lay a robust foundation for predicting continued acceleration. The staggering rise in platform adoption, user engagement, consumer spending behavior, technological innovations, and its impact on traditional retail collectively indicate that live shopping is set for even more explosive growth in 2024. This growth trajectory will undoubtedly solidify live shopping as a driving force behind the next phase of e-commerce evolution.
Top 5 Live Video Shopping Platforms Will Increase E-commerce Sales in 2024?
Following are the best live video shopping platforms where you can start creating your online store and begin your new journey:
MyLiveCart is all about turning your online store into a vibrant virtual stage where you can showcase and sell your products in a captivating way. The best part is, that it’s super easy to get started—just a quick 3-minute integration of your live store, and you’re live. This platform helps you draw in more customers, make real connections, and achieve some pretty impressive results. My Live Cart allows you to integrate your Shopify and WooCommerce online store (Integration of Magento store is also coming soon) within minutes. My Live Cart is a game-changer for your online business. Tap here to integrate your store with My Live Cart.
2. Amazon Live Creator App
The Amazon Live Creator app is great for brands and influencers aiming to connect live with shoppers. It’s free and designed for US Professional Sellers in the Amazon Brand Registry, approved US Amazon vendors, and active Amazon Influencers with storefronts. If you fit the criteria, it’s a perfect way to engage with your audience through interactive live streams. Plus, your followers get notified through the Amazon mobile shopping app whenever you’re live. The only downside right now is it’s limited to iOS devices.
3. Facebook Live Shopping
Facebook tested Live Shopping for Creators toward the end of 2021, taking their Live Shopping feature to the next level. Now, it’s all about making it super easy for creators to team up with brands. If a seller has a Facebook Page, it’ll be a great use. Sellers can use live shopping to directly engage your audience and sell your stuff. Essentially, it’s like hosting a live show where you highlight and display your products. You can only show off one product at a time during your live session. But hey, it’s a great way to get your audience excited about what you’re selling!
4. Instagram Live Shopping
Instagram made a big move in September 2021. They announced that businesses in the US with checkout on Instagram could now sell products during live broadcasts. This cool new feature lets select businesses sell their stuff right through the app while they’re live. Not only that, they can chat with viewers in real time. Plus, even after the live broadcast ends, shoppers can still buy the products featured in the saved videos. It’s like extending the shopping fun even after the show’s over!
5. Comment Sold
CommentSold, with over 110 reviews, it’s among the most-reviewed software solutions in the B2B eCommerce Platform category. This tool lets you stream live video sales on platforms like Facebook. The platform claims you could rake in as much as $300 per minute using their Live Selling feature. Their real-time product count feature is good. It lets you show your product inventory in real time. You can set it up so customers can see exactly how many items are left.
In the ever-evolving landscape of e-commerce, the integration of live shopping stands as a beacon of innovation and potential for businesses seeking dynamic, engaging ways to connect with their audience. As 2024 unfolds, the prominence of live shopping in augmenting e-commerce sales is undeniable, and in this realm, MyLiveCart.com emerges as the quintessential choice for sellers aiming to seamlessly integrate their online stores.
MyLiveCart offers a transformative experience, swiftly converting conventional online stores into vibrant virtual stages. The platform excels in fostering customer engagement, nurturing genuine connections, and yielding remarkable results. Sellers leveraging MyLiveCart witness not just increased sales but a profound transformation in their online business dynamics.
To sellers seeking a catalyst for amplified engagement and sales, MyLiveCart is a game-changer. With plans to integrate Magento stores on the horizon, it promises expansive opportunities for sellers across various platforms. Embrace the transformative power of MyLiveCart to revolutionize your online business; it’s a decisive step towards a more interactive, lucrative future.