Missing Out on Live Commerce? You're Losing Big Bucks. 

Driving sales has always been top of mind for e-commerce brands and companies. But with live commerce, the spotlight on creating value by blending entertainment with instant purchasing, is brighter than ever. Live online shopping is predicted to become a $55 billion industry by 2026, triple the revenue generated in 2022. Say hello to e-commerce 4.0! 🎉

CEOs and marketers are looking for a new channel to accelerate conversion and improve brand appeal and differentiation. 

Daniel Chabert, Chief Executive Officer at PurpleFire, said: “Companies that don't address live commerce are likely missing out on a key opportunity to engage with customers and increase profits.”

No brand will stay unaffected while the e-commerce landscape changes, but for those operating in the B2B sector, navigating the rough waters can be an even more daunting challenge.

As competitors continue to grow and consumer expectations rise, companies report conversion rates approaching 30 percent with live commerce - up to ten times higher than conventional e-commerce.

Brands and companies are embracing live commerce to boost sales and enhance customer experience.

Those that aren't, are leaving money on the table.

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Live Commerce Benefits #1: Capturing the Attention of Millennials and Gen Z Consumers.

Let's face it: the future consumers will be very connected. Live commerce is gaining popularity and changing consumer shopping habits. With millennials and Gen Z dominating the live commerce market, brands are evolving their customer experience around more digital uses. 

The majority (88%) of Millennials and Gen Z say they are interested in live commerce; 97% of Gen Z say they use social media as their top source of shopping inspiration; and 83% of consumers browsing TikTok say seeing trending content has inspired them to buy. 

Live commerce is the right channel for brands that want to capture this audience’s attention. This is because it perfectly meets their desire for a rich customer experience, both digital and human.

As live commerce grows, retailers finds that incorporating livestream shopping into their digital strategies is critical:

• 17% of US consumers frequently watch influencer shopping livestream events.

• 70% of them are likely to buy products from the influencers they follow. 

• 15% of American consumers express general interest in livestream shopping. 

• 35% of US consumers have made a purchase after watching a live shopping event.

• Livestream shopping purchases saw a whopping 76% increase during the pandemic. 📊

These stats tell a story. They highlight a massive, engaged audience that retailers can't afford to ignore if they want to boost sales and customer experience.

Consumers are not only open to live commerce but also crave digital innovation from retailers. 66% of global consumers desire more digitally innovative retailers. Livestream shopping presents a fantastic opportunity for brands to capitalize on this desire and elevate their customers' shopping experience. 🌐

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Live Commerce Benefits #2: Establishing a Deeper Relationship with Customers

Brands constantly seek to create close relationships with consumers. Live commerce opens up a wide perspective by offering a channel that combines commerce and entertainment. In addition, human contact, a vector of emotions and values, is essential to a quality customer relationship. 

👉 Live commerce allows brands to gain visibility and value with consumers: information becomes instantaneous, consultable at a glance and at any time, which gives a whole new meaning to the customer experience. Customers thus move from a passive to an active position by getting real-time updates and information that bring peace of mind but also build consumer trust and respect. 

84% of customers say the experience a company provides is as important as its products or services. Being able to engage your audience and offer an additional service compared to competitors will completely change the game. 

👉 With real-time video streaming, companies can establish more immersive and personalized connections with their customer base. For some companies, it is a matter of setting up an appointment with their customers. This is an opportunity for a conversation about the brand and its products. Of course, they hope to win new customers, but they also seek to establish an innovative way of relating to current customers. In other words, it is also a customer relationship channel.

👉  Live shopping is also fully in line with social networks' trend: offering a privileged moment to your community and gaining notoriety by relaying your sessions on your social networks. Advice and support for purchases are also improved. 

Live commerce transforms how businesses interact with customers, providing an entertaining, informative, and commercial experience all at once. It's not just about selling! Live commerce boosts customer engagement.

Companies that adopt this tech see impressive increases in customer satisfaction, loyalty, and sales. As technology advances, integrating live commerce will become increasingly vital. This will enable businesses from all sectors to establish a closer connection with their customer base.

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Live Commerce Benefits #3: Taking on the Competitive Advantage 

Live commerce is revolutionizing industries beyond traditional retail, offering a competitive edge to businesses in various sectors such as Fintech, legal, SaaS, and real estate. These industries embrace live commerce to enhance customer engagement, improve conversion rates, and deliver personalized experiences.

In Fintech, firms like Avidia Bank use live video streams with finance professionals for Q&As, leading to higher customer engagement and loyalty. Legal organizations also adopt live commerce for virtual consultations and relationship-building with potential clients. 🎯

The SaaS industry taps into live commerce for product demos and real-time customer support, boosting satisfaction and retention rates. Real estate companies like Compass use live commerce for virtual property tours and immediate customer interaction, resulting in a more engaged and invested consumer base, ultimately leading to higher sales. 🏠

Even small-scale businesses benefit from live commerce by optimizing customer engagement. For example, a local bakery can use live commerce to showcase products and answer questions about ingredients or availability, fostering deeper, more personal connections with customers. This approach drives increased sales and customer loyalty. 🍰

Brands see live commerce as a valuable tool, capable of generating extra revenue and reducing dependence on physical sales channels. This strengthens their omnichannel strategy. However, effectively implementing live commerce remains challenging for some brands, as they navigate the complexities of this emerging technology and its integration into their existing sales and marketing strategies.

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🍋 To Sum It Up!

Brands can truly uplift customer experience and boost sales with live commerce by mixing entertainment and instant purchasing together.

Millennials and Gen Z are taking the lead in the market, so it's time for businesses to adapt their strategies, connect with them, and build deeper relationships. Live commerce not only enhances customer engagement but also gives businesses a competitive edge across different sectors, like Fintech, legal, SaaS, and real estate.

Although implementing this emerging technology has its challenges, the perks of live commerce are just too good to ignore. Companies need to keep up or risk falling behind!

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💡 Key Takeaways:

• Live commerce is set to hit $55 billion by 2026, with conversion rates up to ten times higher than conventional e-commerce.
• Businesses need to change gears to attract Millennials and Gen Z, who rule the live commerce market.
• Live commerce can boost customer engagement, strengthen customer relationships, and offer a competitive advantage across industries, including fintech, legal, SaaS, and real estate.
• Embracing live commerce has undeniable benefits, but effectively implementing this new technology can be a challenge for some brands.
• Companies that don't adapt to this emerging tech will be left behind. So, let's keep moving forward! 🚀