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Shoppable Livestreams are the Future of Commerce
Live commerce removes the friction so viewers can check out right within the video they are watching. Live commerce is projected to triple by 2023.
The last several years have witnessed an explosion in live content creation. Now, people enjoy seeing their favorite creator in real-time. If a video used to take hours and days to film, creators can now amass millions of views by simply turning on their camera. Online gaming platforms such as Twitch amassed 6+ billion hours of content watched during the first quarter of 2022. Consumer behavior has been trending towards the live arena for years, which skyrocketed during the pandemic. Industries such as gaming, sports, and live entertainment are at the helm of this content explosion. One thing is clear: content is king, live content that is.
As the popularity of livestream content continues to grow, so does the demand for a more frictionless shopping experience. Today’s buyer is heavily influenced by their online interactions. Shopping cycles have become shorter as consumers are no longer relegated to weekly or monthly shopping trips to stock up on the items they need. From clothing to jewelry, from homeware to tech gadgets, today’s online shopper no longer solely wants to learn from their favorite digital content creators, they also want to purchase the same blender, the same necklace, the same protein powder – just to name a few – from those they admire.
This presents a massive opportunity to make shopping more streamlined and integrated with online interactions, benefiting consumers, content creators, and brands alike.
Live commerce is the future of online shopping, and it's changing the way consumers shop.
Modern Shopping Habits Have Changed
Digital marketing has placed an increasing emphasis on live video, with 80% of users claiming to rather watch a live video than read a blog.
Modern shoppers, armed with endless digital avenues and payment options for purchasing products and services, expect a seamless experience. For example, with the advent of Amazon Prime’s two-day shipping, a once normal shipping rate of five to seven days now feels too long. In addition to lightning-fast shipping and fulfillment, customers also expect to be able to check out in just a couple of clicks. Companies invest millions of dollars into the online shopping experience, as the more challenging the user experience is, the more abandoned carts and lost opportunities for revenue.
Ease of use in online shopping is no longer a “nice to have.”
Furthermore, the pandemic witnessed an unprecedented acceleration of online shopping behavior amongst all consumer demographics, with younger generations leading the way. A closer look into Millennial and Gen Z shopping habits reveals a lot about the future of commerce and shoppable content.
Both Millennials and Gen Z are mobile-first generations, but the strategies they use to make decisions differ. For example, Millennials are more likely to rely on online reviews, with 80% of millennials reading reviews and 82% relying on word-of-mouth to inform purchases.
On the other hand, 44% of Gen Z makes purchases based on social influencers (AKA content creators), compared to just 26% of the general population. What does this mean?
This reveals that as Gen Z has increasingly more buyer power in the market, they prioritize word-of-mouth and follow social influencers when it comes to purchases. This type of demand makes live shopping the perfect medium for content consumption and making purchases. Gone are the days of consumers scrolling through the website of their favorite brands to make purchases. Instead, shopping will converge more seamlessly with everyday online behavior.
Consumers are Looking for More Interactive and Innovative Content – Enter Live Commerce
As of the end of 2021, the global live commerce market is worth about $400 billion. Online streaming has touched nearly every aspect of entertainment, from virtual live music events ($31 billion industry) to collectible card games ($27 billion projected work in 2026), and sports streaming ($85 billion revenue by 2024) just to name a few.
Livestreaming shopping or live commerce uses live content on digital platforms to promote and sell products in real time with just a couple of clicks and without ever having to leave the content they are consuming.
With the live shopping technology, users can purchase any product or acquire any offer they see streamed immediately. This simplifies and speeds up the buying process.
Now, brands and creators are faced with the next evolution of digital marketing. Live commerce will enable consumers to obtain direct access to products while interacting with their favorite videos (or livestreams, images, etc).
Live commerce combines the best of all worlds – the convenience of online shopping paired with enjoying livestream entertainment and other forms of digital content.
The Future of Commerce
The pandemic accelerated massive shifts in how consumers are purchasing online.
With consumer tastes and trends changing lightning-fast, retailers must meet the customers where they are or else their brand will get left behind. As ecommerce and the explosive popularity of livestream content converges, shoppable livestreams will become an integral part of the future of the digital economy.
In the future of online commerce, shopping and scrolling will be synonymous. As more brands, websites, affiliate marketers, and content creators offer live commerce options, they will be more likely to make the sale at the exact moment they capture the consumer’s attention.
The future of live commerce will be an exciting place for consumers, brands, and content creators alike, creating endless opportunities for brands to find everyday ways of creating brand loyalty and extending their customer base.
Meet Stream Sage
Stream Sage is a revolutionary live commerce platform that is redefining the online shopping experience. The Stream Sage platform also helps brands and content creators make all of their content shoppable – from videos and livestreams to blogs, articles, and photos. To learn about how Stream Sage is helping businesses convert content consumers into customers, visit www.streamsage.io.
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