The Growth of the Live Shopping Trend
eCommerce has seen exponential growth over the last few years. With the rising popularity of online shopping and exciting new trends like the direct to customer (D2C) eCommerce model, this industry has already established its place in the popular culture of the next decade.
The latest forecast from eMarketer is that the eCommerce industry will approach $5 trillion in revenue by 2023. In addition, eCommerce is likely to account for 16% of all retail sales worldwide as soon as 2020.
An emerging eCommerce trend that’s gaining in popularity is live shopping.
Forward-thinking companies like Cinematique are developing products that enable live shopping via “touchable video”. This lets viewers not only tap on different items in a video to learn more, but also buy the products that are featured.
For example, a clothing retailer or fashion designer could video their new range and use this new technology to encourage people to buy exactly what they see while they’re watching. This means a higher chance of engagement and sales from impulse purchases.
A single click on the video will take a prospective customer directly to the featured product, versus them having to take time to navigate away from the video to search for the website and then locate that particular item in a store catalog.
NBC Universal is pursuing a similar line of eCommerce, recently going live with Shoppable TV on their network. NBC’s ads and programs can now sync with viewers’ mobile phones by way of QR (quick response) code technology. This means that viewers wondering where to buy a presenter’s outfit, for example, now have the opportunity to do just that — in only a few clicks.
Simply by opening their phone camera and snapping the QR code on the TV screen, viewers are taken directly to the product they’re looking at on television. No extra phone apps need to be installed in order to make a purchase with Shoppable TV, which reduces purchasing friction and encourages sales.
Television networks need more agile, innovative solutions that help them tap into rapidly changing consumer demands, and live shopping technology is giving them this opportunity. Shoppable TV enables direct interaction with viewers in a way that hasn’t previously been possible. In addition, it’s giving networks access to a whole new revenue stream within the lucrative eCommerce market.
Changes in consumer lifestyles and online habits have caused a rise in the popularity of live stream media. Brands and influencers are taking advantage of this trend to grow their online presence, and also to increase their revenue by integrating eCommerce elements into their streams.
eCommerce has totally disrupted the retail industry, with billions of dollars being spent by consumers who are eager to find faster, easier, and more exciting ways to shop. With internet usage growing at 1 million new users per day, the combination of live streaming and live shopping has huge growth potential.
China is leading the livestream shopping craze, with a recent Deloitte report estimating this market alone to be valued at $4.4 billion, with 456 million viewers. Alibaba’s popular Taobao marketplace has a dedicated livestream channel where retailers and brands can broadcast live videos, or work together with influencers to stream and market their products.
Perhaps one of the biggest advantages of livestreaming is that viewers can interact with merchants and livestream influencers in real-time. Being able to ask questions and receive immediate responses has a positive effect for retailers. It also helps curious customers decide whether to purchase on the spot during these live broadcasts.
Using branded short links in your live shopping campaigns
Live shopping campaigns can potentially amass hundreds of thousands of viewers, many willing to purchase promoted products within a few seconds of appearing on screen.
If your product URL is displayed on a live stream or commercial, a strategically formulated branded shortlink can be the difference between a successful sell through for a promoted product, or a frustrating fail. Any link used should be keyword-rich, memorable, and short. These attributes speak to the buyer experience, but what happens on the back end of a branded link is equally important.
Branded shortlinks can help avoid lost revenue (e.g. running out of stock in a mad sales frenzy) by ensuring that your back end inventory management updates comparable items so users don’t get the ‘out of stock’ page.
With global reach come global audiences, meaning live streams are saved and also often viewed post stream. Any link mentioned or shown on-screen in a live stream can remain infinitely dynamic on the back end. This allows a streamer or company to ensure sales aren’t lost with bad links. Having relevant links also helps a user remember the featured product.
With BL.INK short links, campaign results and audience behavior are trackable from the very first interaction a customer has with your brand. Data-based reports enable brands to build stronger and more targeted live shopping campaigns in the future. BL.INK dashboard metrics also justify resource allocation as teams can view where the conversions are happening and the influential touchpoints.
The future of eCommerce is bright. If you’d like to learn more about how short links can help you manage your eCommerce campaigns, request a quote here.