By David Malone, VP of Sales, ShowMeNow
COVID-19 has undoubtedly changed shopping habits. Some even say they have changed forever, tossing retailers into an adapt or die scenario. There is more incentive than ever to focus and invest in taking your digital retail strategy to the next level. One innovative and simple way to do that and to make your business stand out from the competition is to incorporate live stream shopping. Here are some examples of live streaming growing revenue for major retail industries:
Rollingstone.com calls live streaming a music industry trend that is here to stay. With a ban on live events (that is still in place in parts of the country) local and major label musicians alike took to live streaming to keep fans engaged and to make money. One musician in the Northeast even found some mental health benefits with that digital fan engagement proving that there is something special about the live connection.
Makeup retailer Maybelline experimented with live stream selling with a Chinese video-sharing app and sold 10,000 lipsticks in two hours by combining live streaming with real-time chat and one-click purchases to create seamless digital shopping experiences and generating nearly $100,000 in revenue. In two hours. If that figure is unimpressive, how about this: During the annual discount festival in China,” Alibaba Taobao Live ” sold nearly $ 740 million worth of products in the format in just one day.
German Auto Auction Buchbinder recently announced they are live broadcasting all vehicle auctions for online participants. Buchbinder’s adoption of live streaming makes auction offerings even more user-friendly, saving auction surcharge, eliminating reservation, and renegotiation.
Kia Motors launched a ‘Live Stream Showroom’. An online platform that offers customers access to personalized virtual viewings in select Kia dealerships. The platform was introduced in the Middle East. Live Stream Showroom offers customers live video sessions with Kia dealers designing a digital experience tailored to meet individual needs. Customers can receive a one-on-one consultation with live responses to questions, and even explore the design and features of their vehicle of interest and see demonstrations in real-time.
Shopstreaming (as it is known all over the world) has been a wildfire of a retail trend in Asia for a few years now. Mandated closures and capacity limits on re-opening have made consumers accustomed to shopping and purchasing everything from toothpaste to real estate from the safety and comfort of home. Retailers need to bridge the gap between physical and digital shopping experiences and what better way to do that than by providing a fully interactive visual experience by utilizing live stream capabilities to the fullest.
About the Author
As an Automotive specialist, David Malone is The VP of Sales for InteractiveTel. He comes with a lot of experience running large and strong organizations starting out in 1990 on the Auto Finance space.