What is Livestreaming Ecommerce?
Livestreaming ecommerce is a new business model in which streamers (e.g. celebrities / KOLs ) sell and demonstrate products and services via online video streaming on digital platforms such as Facebook, Instagram, Tik Tok and Douyin.
Starting from 2020, livestreaming ecommerce became a new trend. According to Coresight Research, the livestream shopping market in US is expected to reach US$25 billion by 2023.
Meanwhile, livestreaming market in China has grown rapidly. Its sales have exceeded US$171 billion in 2020 and is predicted to reach US$423 billion in this year.
The greatest feature of livestreaming ecommerce is that it is highly interactive, as it allows consumers for real-time participation. Streamer can interact with consumers by using live chat, creating polls, asking questions, answering questions, and offering special discounts and giveaways. All these will help create connection and build relationship between streamers and consumers and finally, convert to incredible sales value.
The Benefits of Livestreaming Ecommerce
More and more brands and retailers integrate livestreaming ecommerce in their business marketing strategy, as this new selling channel provide a modern way for brands and retailers to boost their sales, build brand awareness and reach new customers, and here are some other benefits:
Reduced consideration period
Develop close relationship with customers
Highly Interactive
Able to collect first-hand market information
Sell anytime and anywhere
Reduce cost
Convenient shopping
Maximize the Effectiveness of Livestreaming Ecommerce
While livestreaming offers incredible opportunity, it brings challenges to retailers as well.
We all expect to generate substantial sales through livestreaming, but if this is the case, is your company ready to handle such huge number of orders at the same time?
Consumers all want to have a smooth shopping experience and get their purchase as quickly as possible. If the shopping process is complicated, they drop the order. If the payment process is not smooth enough, they abandon the shopping cart.
Even consumers complete the shopping, but finally receive an incorrect item or receive it with delay, they will leave you without giving you a second chance.
That’s why an efficient order fulfilment process is vital to ecommerce business. However, order fulfilment involves many areas of the business, including finance, warehousing, inventory, and logistics, and it often comes across several different platforms, which makes the process complicated, time-consuming, and costly.
In order to enhance the efficiency and reduce the costs of the fulfilment process in the long run, integrating all systems to one platform may be an option.
But how? Contact us today and we will provide you with professional consulting and technical assistance.
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