8 Best Practices to Boost Sales with Live Commerce
China is a pioneer in the live commerce game and stats show that the gross merchandise value of live commerce in China amounted to 3.5 trillion Yuan last year, surging from 20 billion Yuan in 2017. Although live commerce is gaining momentum in other markets as well, there is a very visible gap. For instance, as per this Forbes article, in 2022 less than 2% of e-commerce sales came from live streaming in the US.
These numbers may seem grim in comparison to the Chinese counterpart, in reality, Live commerce has made considerable strides in the US market as well. It has become a formidable discovery platform for products and services. In addition to that, several big brands like Walmart, and Macy’s have successfully hosted live commerce events. Last year alone, US companies made estimated sales worth $17 billion through live commerce channels.
In India as well, live commerce is growing rapidly. As per a survey, “7 in 10 Indians feel that live commerce is excellent for product demos and pricing”. Live commerce is a great way for brands to acquaint their customers with their products and services in real-time. It also provides a platform to interact with potential customers. However, the ultimate goal of this channel is revenue generation.
Brands want live commerce to become a consistent and lucrative revenue channel because sales happen quickly and in real time. But a large volume of sales can only happen if more and more customers join the live session. This may be a challenging task, however, with advance planning and the right strategy it can be achieved. Here are 8 best practices to follow which will encourage more customers to tune into the live session and help boost sales -
Prepare in advance
Before going live, plan ahead of time. This includes choosing the products that will be showcased during the session, preparing the script and rehearsing the presentation. The purpose of live commerce is to boost sales, therefore the products chosen for the session should be adequately in stock. If collaborating with social media influencers for a live session, ensure that they have the right set of products available with them before the session goes live. This includes samples of products in different colours or sizes.
Offer tempting deals
Early bird discounts or doorbuster deals are a great way to attract customers to join the live commerce session. Create a sense of urgency in the customers with limited-time offers or exclusive deals which will encourage them to make purchases during the live session. Offer limited-time giveaways as well to create FOMO or fear of missing out. These are some great strategies to adopt for boosting sales during live commerce.
Promote the live streaming event
Promote the live stream in advance to build anticipation and increase the number of viewers. Use social media, email marketing, and other channels to reach potential customers. Allow customers to share the event invite with their friends and connections so that more and more people can join the live event.
Do not ignore email marketing
While social media is becoming a popular platform for promotion, do not ignore email marketing to promote live commerce events. Sending out an email to alert the potential participants about the event is a good way to start. This should follow with periodic reminders in the form of email notifications. The email should also carry out the message of the live event clearly. It should be shareable and highlight the product offering and discount clearly.
Audience engagement strategy
Live commerce has popularized the concept of “Shopentertainment”, which is an amalgamation of selling, entertainment and customer engagement during a live session. The influencer leading the live session relies on unique selling techniques, for example exhibiting a make-up tutorial or a styling session. The nature of the exhibit is very interactive and consumers are allowed to ask questions. This is a great way to form a connection with the audience and keep them engaged.
Use high-quality visuals
Use high-quality visuals, such as product photos and videos, to showcase the products effectively. This can help viewers to better understand the products and make a purchase decision.
Follow up with viewers
After the live stream, follow up with viewers to thank them for their participation and offer additional support or incentives to encourage them to make a purchase.
Analyze and optimize
Finally, analyze the results of your live stream and optimize your strategy for future sessions. Use metrics such as sales conversion rates, viewer engagement, and audience feedback to improve your approach and boost sales.
Live commerce has humanized the shopping experience all over again. It allows customers to view the product and leave feedback directly with the brand. From the brand perspective as well, it works very well. Brands can have a direct relationship with the customers and innovate and develop the shopping experience with time.
galleri5 is an award-winning technology company that facilitates brands and influencers to collaborate to bring about the best results.