Livestream shopping is the use of streaming technology to sell a product. Major retailers have employed it as a marketing tool and it is growing in popularity. Livestream shopping is nothing new, but the technology to do this in a better and more engaging way is.
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In the days of satellite television, there was a TV shopping channel called QVC. People would tell you about a product, demonstrate it, and viewers could phone in to buy it.
This is the same concept but with the added bonuses that streaming brings. In this article, we discuss how to get started with livestream shopping.
What is Livestream Shopping?
A seller will set up in a studio and livestream to their audience. They will talk about a product, display it, use it, and answer questions about the item.
People can then interact, inquire, and decide whether to make a purchase. The live streamer can also offer incentives like sales and discounts.
The trend began in Asia, where it has remained huge. Yet, in the West, it has a chequered history. It took off during the pandemic and then settled back down.
Despite the many facilities that are available to get it out there, the use of live streaming by major retailers is still quite sporadic. However, it is set to take off in the next few years.
Getting Started with Livestream Shopping
Before starting with livestream shopping, there are a few considerations to make. This may impact the type of equipment you need and the platform you end up deciding to livestream on.
Accepting Payments
Many people are increasingly choosing to pay with cryptocurrency. This is for several reasons.
Firstly, the borderless nature of crypto means that you are unlikely to be charged the fees banks and other financial institutions do. If you are also in an area where banks and payment transfers take time or are unstable, it is also a much quicker and more secure choice.
Finally, there is a security in cryptocurrency that is not available when working in fiat. This will only increase with the recent surge in the price of cryptocurrency.
As of last week, the cost of ETH to USD is up, with many believing the price is heading towards a $3600 high. This is due to an all-round rally in the price of cryptocurrency. Of course, not all platforms for live shopping have crypto payment integration, so if this is something you desire, you must choose your platform carefully.
Getting the Right Products
If you already have a company or business set up, then your products could be a new range or even sale items you want to clear from your inventory. If you don’t, then you will need a social media audience.
Think about the types of products they would like and relate them to why they follow you. Is it fashion, make-up, or tech, or are you in a microniche? Once you know, pick no more than five favorite products to sell on each stream.
Prepare the Stream
A little preparation goes a long way. Start by setting up an area that will be great as a streaming environment. It could be your shop or a studio.
Get the right lighting to give the products the look they deserve. Do some research into the tech you will need, and invest in a quality web camera, a tripod, and any necessary software.
To streamline your livestream shopping event, consider using OneStream Live. This platform allows you to broadcast your multistream to 45+ social media channels simultaneously, maximizing your reach.
OneStream Live supports real-time streaming as well as pre-recorded videos, giving you flexibility in how you present your products. Its user-friendly interface makes it easy to schedule streams, engage with your audience through live chat, and monitor viewer analytics.
By integrating OneStream Live into your setup, you can enhance customer interaction and make your livestream shopping experience more professional and engaging.
The Benefits of Livestream Shopping
As a seller, there are several benefits to livestream shopping as opposed to your usual sales channels. Firstly, livestream shopping should be an event. Advertise it, create invites, and channel your customers towards the time and date it happens. As they can watch from home or a device, it takes very little for them to tune it and make it a success.
This also increases engagement. Customers are not buying from a faceless website or simply making small talk with a checkout assistant and leaving. A live stream can be a chat, almost like a social event, which creates an unparalleled level of brand awareness.
When you are online, you also reach a bigger audience. This results in traffic and, ultimately, if your live stream is done correctly, an uptake in conversions. You can fast-pass customers through the sales funnel, having a positive impact on your profits.
As a customer, you are getting much more than someone trying to sell you a product. You are viewing real-time demonstrations, getting to see and hear the product in action.
This recreates much of the tactile feeling lost when internet shopping. If the stream has exclusive offers, customers can also grab themselves a bargain.
Livestream shopping is not the golden ticket. You may need a few practice runs, and you may not be the person to host the stream at all. It can be daunting, but with the proper setup and preparation, livestream shopping can put you ahead of the competition and increase your sales.
OneStream Live is a cloud-based live streaming solution to create, schedule, and multistream professional-looking live streams across 45+ social media platforms and the web simultaneously. For content-related queries and feedback, write to us at [email protected]. You’re also welcome to Write for Us!
