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How to Diversify your Sales Channels using Live Shopping on your E-commerce Website

Published

12 months ago

on

How to Diversify your Sales Channels using Live Shopping on your E-commerce Website


Ever wonder why some brands consistently outperform others?

It’s not just luck or a better product. These brands are successful in creating tailored strategies for the channels they sell through. You will achieve the best results by choosing high-performance sales channels that support the sale of your Products.

It has been proven that this strategy leads to better sales, better buyer relationships, and better yearly profits—a strategy not to be underestimated.

Live Shopping, also known as Live Video Shopping or Live Commerce, is an emerging trend revolutionizing eCommerce that can be an effective means to diversify your sales channels. This allows brands to take their power back and host Live Shopping Shows on their eCommerce Websites.

The goal of this article is to show you how you can diversify your sales channels by adding Live Shopping experiences within your e-commerce website & apps, using Live Shopping Platforms.

According to the statistics provided on this link, brands across industries are making the most of livestream shopping by generating 5x in Sales, 3X in engagement, and a 50 % reduction in return rate: https://channelize.io/why-channelize.io.

For eg:

       A leading Beauty Brand Successfully hosted 75+ Shopping Shows

Five of the brand’s most recent shows garnered: 

  • Average Live Engagement Rate of 25% approx
  • 150 Average Comments per show
  • 350 Average Reactions per show

    A leading Haircare Brand     Successfully hosted 55 + Shopping Shows

Five of the brand’s most recent shows garnered: 

  • 300 + Average Viewers per show
  • 200 + Average Comments per show 
  • 500 + Maximum Concurrent AudiencesA leading quilt brand Successfully hosted 25 + Shopping Shows


Three of the brand’s most recent shows garnered: 

  • 650 Average show Viewers per show
  • 300 Average Comments per show 
  • Average Live Engagement Rate of 35% approx


What is Live Shopping?

Livestream Shopping is the practice of selling products through live video streaming. It has become extremely popular as an effective sales channel as it transforms the buyer journey into an engaging experience.

The experience is part informational, part entertainment, and part shopping. Your shoppers will experience the same shopping experience as they would in a store. The result? 

Brands from all over the world are creating live shopping shows. From skincare and fashion to food and beverage and consumer electronics, brands use it to reach new buyers, boost sales, and create and increase loyalty.

A brand’s ultimate goal is to drive traffic to their website rather than building new strategies across multiple platforms. And live shopping on their website enables them to do so.

The Past and Future of Live Shopping

This new type of eCommerce originated in China and has rapidly made its way into the Western eCommerce markets when Back in 2016 Alibaba launched its live shopping platform. It was Alibaba’s Singles’ Day pre-sale campaign in 2020 that generated a total transaction value of $7.5 billion within 30 minutes. This made Livestream Shopping popular.

West has taken longer to adopt live shopping than Chinese eCommerce. But fast forward to 2023, and we can say that this new way of shopping has reshaped the eCommerce market globally. 

To prove it, here are the numbers:

As for last year, live selling experiences hit $20 billion in revenue. What is even more encouraging is the estimated growth of this trend. By 2025, the market is expected to grow almost three times, reaching $57 billion.

How does Live Shopping Diversify your Sales Channels?

Here’s how Live Shopping can help Diversify your Sales Channels:

Increases Engagement

Live shopping provides brands with an opportunity to interact with shoppers in real-time, answer their questions, and receive instant feedback. This can help brands build stronger relationships with their buyers and increase engagement.

Depicts Authenticity

Livestream Shopping allows brands to showcase their products through live video. As a result, buyers can gain a better understanding of products through a dynamic, personalized, and authentic experience. 

As a result of this dynamic showcase, many questions can be answered that otherwise would remain unanswered. They see how the products perform. And they see it from multiple angles. A live show ensures authenticity by eliminating the need for Photoshop and video editing.

Improves Brand Image

Live shopping can help brands improve their brand image by providing a unique and innovative shopping experience. This can help brands differentiate themselves from their competitors and create a lasting impression on their shoppers. As a result, Live Commerce is a fantastic way of growing brand appeal and differentiation. 

Generate Buzz

Live shopping shows can generate a lot of buzz and excitement, especially if they are promoted well in advance. This can help brands create a sense of anticipation and attract new shoppers to their products.

Increases Brand Awareness

Live shopping can help businesses to increase their brand awareness and reach a wider audience, as customers can share their experiences on social media and through word-of-mouth.

Shoppertainment

Live commerce is a fresh and exciting offering. Bringing shopping and entertainment together increases shoppers’ engagement and allows them to interact with fellow shoppers and influencers they enjoy. But Live Shopping is not just entertaining, it’s also informative. A live shopping show can help shoppers learn more about specific products by hearing from the experts.

All in all, live shopping helps to accelerate conversion, it is entertaining, informative, interactive, and immersive, keeping viewers watching longer and bringing the products to life as if they were in the store. Buyers can better justify how they would use, style, or enjoy a product. 

In a nutshell, all this leads to a boost in sales for brands, enabling them to diversify their sales channels.

How to get started with Live Shopping?

  1. Choose a Platform

The first step is to choose a platform to host your live shopping shows. Here are some of the Platforms you can choose from:

Channelize.io Live Shopping Platform

Channelize.io is an end-to-end Live Video Commerce enabler that enables E-Commerce Brands globally to add Live Shopping Experiences within their Websites and Mobile Apps. The Platform can be easily integrated within existing websites and apps with Pre-built integrations for Shopify, WooCommerce, Magento, PrestaShop, Wix, and more, and via API, SDKs, and UI Kits.

Bambuser

Bambuser is a Live Streaming Platform that specializes in interactive shopping experiences. It allows brands to showcase their products, answer customer questions, and offer real-time promotions during live shopping events.

ShopShops

ShopShops is a Platform that connects brands with customers all over the world. Brands can host live shopping events and sell their products directly to customers in real-time.

Livescale

Livescale is a Live Shopping Platform that offers a range of interactive features, including product demonstrations, Q&A sessions, and social sharing. It also integrates with popular e-commerce platforms like Shopify and Magento.

Talkshoplive

Talkshoplive is a Live Shopping Platform that focuses on the entertainment industry. It allows brands to showcase their products during live events featuring celebrity hosts and influencers.

CommentSold

CommentSold is a Platform that integrates with Facebook and Instagram. It allows brands to sell their products directly through social media by commenting “sold” on the post.

2. Plan your show: Once you have chosen a Platform, it’s time to plan your show. This includes deciding on the date and time, choosing products you want to showcase, and planning any promotions or special offers you want to offer during the show.

3. Promote your show: To ensure a successful live shopping show, you need to promote it to your audience. This can include promoting it on your social media channels, email newsletter, and website.

4. Prepare your products: Make sure you have all products you want to showcase ready before the show starts. You may also want to prepare any props or materials you will need during a show.

5. Practice: Before going live, practice and make sure you are comfortable with the platform and any features you plan to use during the show.

6. Go Live: Once you are ready, it’s time to go live. Make sure you have a good internet connection and a quiet, well-lit space for your show.

7. Engage with your audience: During the live shopping show, engage with your buyers by answering questions, offering product demonstrations, and providing any additional information they may need to make a purchase.

8. Follow up: After the event, follow up with your shoppers by sending a thank you message or offering any post-event promotions.

Wrapping-up

It’s no secret that Live Commerce also known as Live Video Shopping is on the rise. And it won’t be long before it doesn’t seem revolutionary anymore. Give your brand a leg up on the competition by producing Live Shopping Shows by leveraging an effective Live Stream Shopping Platform. We hope this guide helps you.

Navneet Bali

Content Marketer at Channelize.io with expertise in writing SEO-optimized and quality-driven content on trending topics like Livestream Shopping, e-commerce trends, and content for marketplaces like Shopify, Magento, and WooCommerce.

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Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

6 months ago

on

10/11/2023

By

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

Published

6 months ago

on

10/11/2023

By

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

6 months ago

on

10/10/2023

By

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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