The livestream Revolution is taking over retail by storm. Cloudraker explains how brands can tap into this power, leverage its influence, and build sustainable growth.

New sales channels are constantly evolving - from e-commerce to social commerce to the emergence of livestream shopping. In essence, live commerce connects a livestream digital broadcast with an e-commerce store to allow viewers to shop in real-time as they watch. It's often initiated by brands and hosted by individual brand ambassadors, influencers or knowledgeable employees. Its goal? Incite participation through reaction buttons and chat functions, and give consumers a reason to purchase items/products. Amazon, YouTube, Instagram, and Facebook are some of the platforms leading the way in livestream shopping. Brands such as Sephora and Petco are also already leveraging these platforms' new functionalities by frequently hosting shoppable livestream events.

But what are live commerce's benefits? It not only enables brands to increase conversion rates but also improves their brand image and positions them as in the know with the latest trends. This contributes to the brand-consumer experience and helps build more meaningful relationships. As technology and the pandemic have changed the way people shop, consumers value novel experiences more than ever. By using live commerce, brands can entertain consumers, keep them engaged, and provide them with unique & memorable experiences. This new sales approach gives brands the flexibility to go beyond typical sales marketing. They can actually showcase the ease of use, describe product production and demonstrate creative ways to use the items. Best of all, as consumers are fully immersed in the livestream, brands can easily guide them through a typical customer journey - from awareness to purchase - in a way they’ve never experienced before.

This also gives brands a point of differentiation, as it not only strengthens their existing customer base by offering new experiences but also attracts new shoppers. As Gen Z is most attracted to innovative shopping features and unique brand experiences, live commerce can prove to be especially valuable to brands planning on targeting younger audiences. The potential power and influence of livestream shopping are endless. Here are three tips on how brands can best leverage the live commerce revolution:

1 - Effectively use influencers

Influencers are often seen as more trustworthy and credible than brands themselves. Think of using an influencer in your next livestream shopping event that echoes your brand’s vision.

2 - Adjust how you track KPIs over time

Think about how you can track your KPIs over time to take into account the immediacy of a direct connection between a livestream shopping event hosted by an influencer and viewership rates, number of completed orders, revenue generated, etc. Being able to track ROI immediately means KPIs should be focused on optimization and improvement over time.

3 - Strategically apply exclusivity tactics

People often desire what is more scarce and hard to get a hold of. Creating exclusive products or promotions, such as shopping codes only valid for purchases made through the livestream shopping channel, can boost conversion rates tremendously. Live commerce is opening a new era of sales and has the potential to change the way consumers interact with brands and build sustainable brand growth on long-term growth. Strategically
leveraging the right tactics for live commerce can help your business gain traction, significantly drive website traffic, increase overall sales, and create meaningful connections.