Live Video commerce is the latest trend that’s taking over the entire eCommerce world, with the medium garnering attention from major brands and audiences alike. With the pandemic derailing brick and mortar stores, people have turned to more interactive and engaging online purchasing experiences. Combining the elements of live streaming and eCommerce, sellers can present their product through the stream, answer questions in real time, and encourage viewers to buy products.
Vajro – Global Live Video Commerce Space
Launched in 2018, Vajro is a no-code, mobile app builder currently operating in the Shopify ecosystem. Currently catering to over 1500 Shopify stores, Vajro is the leading Mobile App Builder for ecommerce stores and has simplified social selling for the US market. They are the first Mobile App Builder in the world to support in-app live selling – meaning store owners can use their native mobile app to do a live sale. Vajro supports selling on Facebook as well.
“We have evolved significantly since we launched Blynk, our Live Video Commerce feature, in Nov 2019. We originally launched Blynk as a live feature from within the app and provided buyers the opportunity to add the displayed products to their carts at the click of a button. Now we offer the ability for our clients to go live on their app and parallel stream that on Facebook. We have also automated reading comments from Facebook and auto-invoicing buyers based on the comments. We have hundreds of clients using our Live Video feature,” said Baskar Agneeswaran, CEO of Vajro.
Anyone watching the live sale can purchase the products without leaving the platform-be it Facebook, Instagram, YouTube, or even native apps. If you’re thinking this sounds similar to those late night infomercials, you’re quite right. The viewers get a glimpse of how the products look and how they work, as if they are shopping from a physical store, two aspects that make shopping an enjoyable experience, both of which were lacking previously in online shopping.
80% of the top Facebook posts were live videos and they drive at least 59% more engagement. It is the number one form demanded by people from their favorite brands and the numbers show no signs of slowing down. The US video streaming market is believed to be about $59 billion in 2021. Combined with the AR/VR in shopping, live selling has the potential to result in limitless possibilities.
Even before the pandemic, live video commerce was a rage in China. It was so popular among Chinese shoppers that it accounted for 16% of all online sales. And, the number shows no signs of slowing down. Today, the total sales from live streams stand up to a colossal 200 billion USD, with up to 80% attributed to Alibaba’s Taobao live. The trend was soon picked up by Korea. The US was late to the party and in 2019, Amazon started Amazon Live. Today, it’s one of the prominent selling strategies used by eCommerce giants and small brands alike.
“How we consume video content has evolved at a phenomenal rate and it has a decisive impact in our buying choices. Live selling makes it so easy for shoppers to buy. Watch your sale, click on the buy button (or comment during the live session). As simple as that,” Baskar quoted.
But, convenience and ease are not the only reasons why live sales are such a big hit among shoppers. People are looking to make authentic interactions and meaningful connections with the brands they love and follow. The “live sale” facilitates real-time conversations and so produces unique content every single time. It’s a cost-effective medium to sell products, ideal for fashion boutiques and cosmetic brands, but certainly not limited to them. It also taps into the shoppers’ FOMO with its element of immediacy. It takes the “limited time only” to the next level. Imagine you see the limited quantity available; others are commenting they want to purchase the product. The clock is ticking as the host moves on to display the next item. Fueled by this urgency, “anticipated regret” kicks in and their brain goes from view-only mode to I-want-this-now mode. The live sale accelerates the purchasing decision, with emotions driving it rather than rationale.
“Unlike other trends that fizzle away after a few glorious months, live video commerce is here for the long haul. It has proven itself as an explosive sales channel in China and now in the US. It’s all up for taking in India. It presents a huge opportunity for Indian eCommerce businesses to scale rapidly and keep their followers engaged,” concludes Baskar.