Online retailers continue to leverage live streaming to stay ahead

The retail industry has been evolving due to the rise of the internet and changing buyer habits. Online retailing has particularly caught fire even as more people gravitate towards digital shopping.

As such, more retailers have been offering online services, with Markinblog.com suggesting that the number of e-commerce sites grew from 9.2 million to 26.5 million between 2019 and 2023 globally.

With more people turning to the internet for shopping, retailers have even more opportunities to stand out. Live streaming, for example, has been one of the crucial ways businesses in this industry increase their competitiveness. 

Virtual experiences have become more engaging

Watching live broadcasts before purchasing has become a predominant part of consumers’ purchase journey. Video streaming has rapidly become popular over the last couple of decades alone due to technological shifts and the rise of platforms like GoLive. 

Multi-media videos give life to the digital store, while real-time interactions ensure active engagement between customers and sellers. Even though the customers cannot touch or smell the products, they are granted the power to see and even seek real-time clarification about the products.

Online retail live streaming mirrors a broader trend that is shaping user experiences in many virtual businesses, including online entertainment.

For example, in the music industry, musical festivals leverage platforms like SoundCloud to allow audiences who can’t get to physical locations to participate from their homes. In the movie industry, you no longer need to worry about missing a movie theater as you can still follow the event online.

Plus, in iGaming, players at online casinos can now participate with live dealers in real-time, thanks to technological advancements. This allows players to access offerings like online live bingo, where they get to interact with real presenters in a virtual environment.

By offering such live streaming options, online casinos can bring near physical experiences of bingo halls and brick-and-mortar casinos that enhance players’ experience.  

Live streaming shopping spreading across the globe

In 2016, Alibaba launched its first livestream shopping event via TaoBao Live, which was a great success.

Within the first 30 minutes of the event, over $7.5 billion worth of transactions were made. In 2021, the famed ‘Lipstick King’ Li Jiaqi sold goods worth over $1.9 billion on Singles Day while attracting almost 250 million viewers. 

With products like skincare, jewelry, and fashion accessories majorly dominating the live e-commerce scene, industry goods, like farm inputs, have also found their way into this space.

According to Karen Hao, an MIT Technology reviewer, farmers now sell 90% of their products online, though they once sold 90% offline. With live streaming, sellers have found a way to expand their businesses and keep them running for years.

In summary, online retailers are working hard to enhance user experiences as more customers turn to virtual shopping. With live e-commerce, retailers can convert more customers because of the authenticity and engagement capabilities that live streaming brings.

Sellers from different industries worldwide are jumping into this trend, ensuring they are making the most out of the digital world.