Video streaming is surpassing all other media in terms of popularity. Streaming trends show that this technology has reached new heights. Internet penetration, the convergence of new technologies and an increasing number of mobile users are the main driving forces behind this trend.
Video accessibility and improvement in video quality make streaming more and more popular among businesses and other organizations.
Live streaming has made an unprecedented leap in 2020 – with lockdowns leading to live events, functions and gatherings to moving online. A study by 99firms shows that 80 percent of the audience would rather watch a live video than read a blog, and video streaming should account for 82 percent of all Internet traffic by 2022.
Even after the pandemic is over, live streaming will still have a role in marketing strategy. Using platforms like YouTube Live, Facebook Live and Twitch is great for broadcasting live Q&As, interviews, product launches and showcases.
Livestream Supports e-Commerce
Live streaming e-commerce is a new medium for online shopping and a new battleground for retailers. As shopping becomes more digitized, livestream commerce is the main way to create a more entertaining, interactive experience that captures consumers’ interest.
However, those who want to sell and market their products online with live streaming will face some challenges. Firstly, it’s rather expensive to produce engaging, high-quality live videos with charismatic people to make the audience want to buy something and keep coming back for more. The live streaming functions currently offered by Instagram, Twitter and Facebook have limited capabilities for e-commerce. Companies will need to be creative to stay ahead of the curve as it becomes more widespread in the next two years.
With live video streaming, e-commerce will earn new sales by going live with their products and performing live event concepts like see-now-buy-now strategies. Going live with products will improve the online shopping experience for end-users, bringing brands and customers into closer contact.
The key trends in e-commerce and marketing you should be aware of are:
- Consumers are more likely to make a purchase after watching online videos.
- Many brands are introducing premium products through live streaming videos because it allows them to demonstrate how the product works and interact with the audience.
Livestream Increases Retail Sales
Live streaming videos benefit retailers by creating more authentic communication with customers, engaging the audience and attracting consumers. Through proper strategies, retailers can also improve their marketing efforts and increase sales by live streaming on social media platforms with influencers’ help.
Key trends to watch in the retail industry:
- Social media advertising is much more affordable compared to traditional platforms.
- Interactive shoppable videos have proven to be more effective in driving sales, increasing the popularity of live streaming in retail.
Cordes Owen is the CEO of Bake More Pies.
If you want to learn more about live streaming and how it can benefit your company, visit www.bakemorepies.com.