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Quivr, a beverage company started by brothers Ashley Crawford and Mukunda Feldman, has seen immense success using live shopping to promote its unique coffee and tea drinks. Let’s take a look at some innovative examples below. As mentioned before, live shopping experiences allow you to showcase and explain your products, leading to customers who are more sure and happy about their purchasing decisions.Įven though live shopping is a relatively new medium, businesses are already using it to promote products and build brand awareness creatively. Either way, it’s a win.Ĭustomers who bought products through live shopping experiences are 40% less likely to return those products compared to traditional ecommerce. This means that customers are willing to pay more for the product or will feel more satisfied with their current purchase. When customers know the story behind your products, it creates up to an 11% increase in its perceived value. During live shopping sessions, you have the unique ability to demo your products while building the narrative behind the product, creating a closer connection between your company and the customer. This is where live shopping can help you create the storytelling experience that helps people understand what your brand represents. The ability to create personalized interactions through live shopping with your customers leads to more confident buying and higher conversion rates.Ĭustomers often feel more connected to a brand with a story behind it, but it can be difficult for businesses to tell that story. This is especially true for luxury goods, for which Boston Consulting Group reported conversion rates of 70% on average. In fact, McKinsey reported that companies utilizing live shopping see a conversion rate of almost 30%-up to 10 times higher than traditional ecommerce. Not only do live shopping experiences lead to higher engagement rates but also higher conversion rates. In short, consumers can have a personalized shopping experience without having the nuances of traditional, in-person retail. So what’s the reason for this higher engagement rate? Live shopping allows businesses to showcase products and answer live questions while customers are in the comfort of their homes.
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In 2021, footwear retailer ALDO saw engagement rates of 308% and 17,000 website views during its first-ever live shopping stream. The interactive nature of live shopping allows customers to be more engaged in the shopping experience compared to traditional, on-demand retail experiences. The impact of live shopping can be a game changer for your business, taking your engagement and sales to the next level.
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However, unexpectedly, even as the pandemic slows down and retailers return in person, consumers still prefer a virtual, live shopping experience.īelow, we’ll explore some of the benefits live shopping has and look at unique examples of how businesses have already implemented live shopping. If on pace with China, this number could be as high as 10–20% of all ecommerce sales through live shopping by 2026.Īccelerated by the pandemic, live shopping was the obvious choice as companies turned virtual and consumers stayed home. However, recently, live shopping has steadily grown in the US, with the live shopping market reaching $11 billion in sales in 2021 and estimated to account for $35 billion in sales and 3.3% of all ecommerce in the US by 2024. Customers can view products, ask questions, and interact with the company all from home.Īlthough a relatively new concept in the United States (US), live shopping is already a massive industry in China, with companies doing almost $300 billion in sales through live shopping in 2021. Unlike traditional in-person retail, live shopping is a virtual experience through a hosted live stream. With live streaming technology becoming more accessible for businesses, live shopping has recently emerged as a new ecommerce for customer engagement.